h digitalfootprint web 728x90

NOTABLE TRANSACTIONS: Hubbell sells four warehouses in Grimes for $28.5 million


Hubbell Realty Co. has sold four Grimes warehouses to out-of-state entities for $28.25 million, Polk County real estate records show.

The entities that bought the properties are BTG Iowa LLC, managed by Kansas City-based Burlington Associates LLC, and TPRF V/Grimes LLC, managed by Thackeray Partners, a Dallas-based real estate investment firm. TPRF V/Grimes has an 85% interest in each of the properties and BTG Iowa a 15% interest, real estate records show. 

The Grimes properties sold by Hubbell all are 110,00-square-foot warehouses and all were valued at $5.8 million, records show. The properties are:

• 1300 S.E. Gateway Drive, which includes a warehouse built in 2008 on 6.8 acres. 

• 1350 S.E. Gateway Drive, which includes a warehouse built in 2013 on 7.4 acres. 

• 1300 S.E. Little Beaver Drive, which includes a warehouse built in 2016 on 6.9 acres. 

• 1400 S.E. Gateway Drive, (photo, courtesy of Polk County assessor), which includes a warehouse built in 2014 on 8.2 acres. 

The transactions were recorded April 10.

Other transactions: 

Tierney Properties LLC, based in Omaha, paid Summerplace Apartments LLC $4.1 million for properties at 5201, 5205 and 5209 S.W. Ninth St. in Des Moines, records show. The apartment complex, built in 1972 on 3 acres, include three three-story buildings, each with 28 units. The complex in 2019 was valued at $3.1 million. The transaction was recorded on April 8.

Rock Equity Holdings II LLC paid Absolute Farms LLC $577,856 for 6 acres at Northwest State and Northwest 36th streets in Ankeny, records show. The property was included in the more than 170 acres Slater-based Absolute Farms bought in March. Rock Equity Holdings II LLC is managed by Greenland Homes, based in Ankeny. The property, zoned multiple family residence district, was valued in 2019 at $11,020, records show. The transaction was recorded on April 6. 

Jeffrey Bryant and Colby Bryant paid Buena Vista Partners LLC $531,400 for property at 114 S.E. Sharon Drive and 812 N.W. Chapel Drive, both in Ankeny, records show. The property on Sharon Drive includes a two-story apartment building with four units. The structure was built in 1979; the property is valued at $348,000, records show. The Chapel Drive property includes a duplex constructed in 1974; the property is valued at $183,400. The Bryants, both of Ames, transferred the properties to Douglas Development LLC. Both transactions were recorded on April 6.

Aust Real Estate LLC paid Kurtz Group LLC $500,000 for property at 1201 Keosauqua Way in Des Moines, records show. The West Des Moines real estate group plans a $4.8 million renovation of the brick structure, which was built in three phases between 1910 and 1928 on a triangle-shaped parcel on the north side of Keo Way. For years, the building was home to Reliable Rug and Carpet Cleaning Co. The property in 2019 was valued at $162,000. In March, Des Moines’ Urban Design Review Board approved the project’s final design. Renovation of the property is expected to be completed by mid-2021. The transaction was recorded on April 9.

Aust Real Estate LLC has purchased a long-abandoned building at 1201 Keosauqua Way. The structure will undergo a $4.8 million renovation. Architectural rendering special to the Business Record

Facebook Notice for EU! You need to login to view and post FB Comments!

americanequity web 040123 300x250