NOTABLE TRANSACTIONS: Hubbell Realty sells spec warehouse property for $19.3 million
BPC Staff Jul 5, 2022 | 10:48 pm
4 min read time1,051 wordsAll Latest News, Real Estate & Development
Hubbell Realty Co. has sold its speculative industrial project in Ankeny’s Crosswinds Business Park to out-of-state investors. Screen grab courtesy Hubbell Realty Co.
A speculative industrial project that Hubbell Realty Co. began building a year ago in Ankeny’s Crosswinds Business Park has been sold to a group of investors, Polk County real estate transactions show.
The property at 7305 S.E. Crosswinds Drive in Ankeny was sold for nearly $19.3 million. The 23-acre parcel includes a 221,520-square-foot multi-tenant warehouse. A building permit valued at $12 million was issued for the project in June 2021, records show.
Construction of the warehouse was completed earlier this year. The warehouse includes a clear height of 32 feet, 30 dock-high doors, and a 136-foot truck court.
Investment groups that purchased the property include KBK Pomona Properties LLC, based in Santa Barbara, Calif.; Knight Street Associates LLC, based in Ashaway, R.I.; Swanson Developments LP, based in Murfreesboro, Tenn.; and Lucorp Oil & Gas LLC and Sealy SE Crosswinds Drive LLC, both based in Shreveport, La. Sealy SE Crosswinds Drive LLC is managed by Sealy Real Estate Services, a real estate brokerage and management firm founded in 1946. Swanson Developments is an 85-year-old real estate development and management company.
Hubbell Realty has had two projects in Crosswinds Business Park. The first was a speculative warehouse at 7310 S.E. Crosswinds Drive that in March 2021 was leased by Amazon Inc. and in July 2021 was sold to out-of-state investment groups. The project at 7305 S.E. Crosswinds Drive was Hubbell’s second development in the business park.
The transaction was recorded June 27.
To see a video of the completed project, click here.
Related article:Construction of spec industrial space continues its strong pace in Des Moines area
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