NOTABLE TRANSACTIONS: Out-of-state buyer purchases property on which headquarters of bottling company is located
KATHY A. BOLTEN Dec 30, 2020 | 2:17 pm
6 min read time
1,394 wordsAll Latest News, Real Estate and DevelopmentThe property on which Atlantic Coca-Cola Bottling Co.’s corporate headquarters are located has been sold for $31.5 million. Photo courtesy Polk County Assessor’s Office
A Texas real estate investment firm has purchased Des Moines property on which Atlantic Coca-Cola Bottling Co.’s corporate headquarters are located, Polk County real estate records show.
AIC Income Fund II Army Post LLC, managed by AIC Ventures of Austin, Texas, purchased the 27-acre parcel at 3600 Army Post Road for $31.5 million, records show. The property includes a two-story, 407,938-square-foot office and warehouse facility constructed in 2002.
The property is valued at $17.3 million.
Atlantic Coca-Cola Bottling is a privately owned, independent bottler and distributor of Coca-Cola products. It distributes the beverages in Iowa and parts of Minnesota, Wisconsin, Illinois and Missouri, according to its website.
The company began as an ice cream and ice business in 1905 in Villisca. It expanded its offerings to sodas and in 1915 acquired a creamery in Clarinda.
According to the company’s history, the company’s owners found a franchise contract for Coca-Cola in a safe at the creamery, and they began making the beverage. The company expanded its bottling business, acquiring additional franchise rights to bottle and distribute Coca-Cola. In 1975, Atlantic Coca-Cola Bottling purchased the Des Moines area Coca-Cola franchise, according to the website.
AIC Ventures, founded in 1990, has acquired over $2 billion in U.S. industrial real estate assets through sale lease-back transactions and existing net lease investments, according to its website. The Des Moines transaction was recorded on Dec. 21.
In other transactions:
|
||
|
Editor’s note: This story was updated to include a comment from Feeney about Atlantic Bottling Co.’s intention to enter a long-term lease with AIC Ventures.