NOTABLE TRANSACTIONS: Parcels at former AIB campus sold, records show
KATHY A. BOLTEN Mar 17, 2020 | 11:36 pm
3 min read time653 wordsAll Latest News, Real Estate & Development
The activities center (pictured) at the former AIB College of Business and 3 acres of vacant ground at the former campus have been sold, Polk County real estate transactions show.
The activities center was sold to a group that includes the owner of Competitive Edge Advertising Specialty Manufacturing Co. for a little over $1 million, records show. Developer Bill Kimberley bought the vacant ground at 2710 Fleur Drive for $700,000, real estate records show.
Last July, Tina Smothers of Stuart and Jason Grove of Adel bought the former college campus for $7.5 million. The 14.5-acre site includes seven buildings and an undeveloped 3.1-acre parcel. Smothers and Grove renovated Fenton Hall East and West, located along the south side of Bell Avenue, and are leasing the 93 one- and two-bedroom units.
Smothers and Grove have said they had offers to buy two other parcels, all contingent on rezoning approval, which has occurred.
David Greenspon, Competitive Edge’s owner, told the Business Record last September that he planned on buying the center. At the time, he said the Iowa Wolves, an NBA G League Team, would use the facility to practice in; residents of nearby apartment complexes would be able to use the 25,000-square-foot activity center when the Wolves weren’t using it, he said. The center was built in 1999.
In other transactions:
Bondurant Commercial LLC paid the Robert H. Parker Trust $552,032 on March 9 for vacant ground at 6062 N.E. 72nd St. in Bondurant, records show. The 6.2-acre tract is directly south of where an Amazon fulfillment center is under construction. Bondurant Commercial is managed by David I. Hansen, records show. The land is valued at 8,000, records show.
EPC LLC paid East Village Park LLC $2.7 million on March 10 for apartment buildings at 1400 E. Walnut St. and 1419 Capitol Ave., records show. The East Walnut property, valued at $1.1 million, includes a 19,629-square-foot building with 30 apartment units. The building was constructed in 1977. The Capitol Avenue property, valued at $1.3 million, includes a 22,806-square-foot building with 37 units. The building was constructed in 1976.
5670 Beaver Drive LLC paid Golden Enterprises LLC and Golden Enterprises Ltd. $1.85 million on March 7 for property at 5670 N.W. Beaver Drive in Johnston, records show. The property, valued at $1.36 million, includes a 20,000-square-foot warehouse constructed in 2001. 5670 Beaver Drive LLC is managed by John Nieland of Urbandale.
2100 NE 60th Ave LLC, based in Granger, paid the Norman Walen Revocable Trust $1.48 million on March 9 for property at 2100 N.E. 60th Ave., Des Moines, records show. The 3.1 acres includes a 25,000-square-foot building constructed in 2001. The building, located in an area zoned for heavy industrial, is occupied Barrett Plating Inc., which specializes in zinc plating. The property is valued at $935,000.
Regal Plastic Supply Co., based in North Kansas City, Mo., paid Jodon Realty Co. $2.1 million on March 4 for property at 1851 S.E. Destination Drive in Grimes, records show. The 2.8 acres includes a 25,600-square-foot warehouse built in 2002. Carlson Systems, one of the nation’s leading fastener, tool and packaging distributors, occupies the building. The property is valued at $1.8 million, records show.
QTC Investments LLC of Des Moines paid Engman 3100 LLC $2.9 million on March 4 for property at 3100 Dixon St. in Des Moines, records show. The 11.2 acres includes a 27,498-square-foot building constructed in 1988. The property is valued at $1.9 million.
Hope K Farms LLC, a West Des Moines development and real estate holding group, paid $1 million on Jane 14 for 158 acres of Dallas County farm ground, located northwest of Granger, records show. The land, between S Avenue and 170th Street, was owned by the Spellman family. Hope K Farms was begun by Reza Kargarzadeh, president and CEO of Engineered Plastic Components Inc.
Runway Park LLC, based in Perry, paid James and Nicole McCune $2 million on March 11 for 10 acres at 15495 170th St. in Dallas County, records show.