NOTABLE TRANSACTIONS: Properties along Des Moines' Ingersoll Avenue sold

NOTABLE TRANSACTIONS: Properties along Des Moines’ Ingersoll Avenue sold

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BPC Staff | Jan 6, 2021 | 2:06 pm |

5 min read time

Mike Hutchison, who owns and operates Star Bar, has purchased that property at 2811 Ingersoll Ave. as well as an adjacent parcel at which an upscale furniture store is located, Polk County real estate records show.

Peachtree Properties Inc., managed by Hutchison, bought the properties at 2801, 2809 and 2811 Ingersoll Ave. for $1.2 million in a transaction that was recorded on Dec. 28. The properties had been owned by John Croat and Karen Croat.

The property at 2809-2811 Ingersoll Ave. is a one-story, 7,742-square-foot brick building constructed in 1946 (pictured above). Star Bar, which opened in 2005, is located in the building.

The transaction also included the purchase of property at 2801 Ingersoll Ave. (pictured), in which Artis Furniture is located. The one-story building, with a distinctive white exterior, was constructed in 1955 and includes 3,041 square feet of space.

The properties in 2019 were valued at $778,000.

Hutchison could not be reached for comment.

In other transactions:

AMD II Properties LLC, based in Urbandale, paid MAT Properties LLC $1.17 million for property at 100th St. in Urbandale, records show. The property includes a 10,000-square-foot office and retail building constructed in 1993. The property in 2020 was valued at $1.1 million. The transaction was recorded on Dec. 30.

Walnut Properties LLC, based in Des Moines, paid Kirkwood Commons LLC $900,000 for three retail properties at 400 Walnut St. in downtown Des Moines, records show. Two of the properties are on the street level and the third is a mezzanine. The three properties have a combined total of 8,554 square feet of space and in 2019, had a total value of $799,500. The transaction was recorded on Dec. 28.

MidAmerican Energy Co. paid Lemar Koethe and Jennifer Koethe $906,155 for 18.5 acres of farm ground at Indianola Avenue and Bloomfield Road, records show. Lemar Koethe acquired the property in November for $374,000, records show. The transaction with MidAmerican Energy was recorded on Dec. 30.

Voyager Investments LLC of Des Moines paid Thompson Properties LC $900,000 for property at 3100 Delaware Ave. in Des Moines, records show. The property, valued at $655,000 in 2019, includes 4,382 square feet of office space and 18,118 square feet of warehouse space. The transaction was recorded on Dec. 22.

Standard 36 LLC paid DRA Properties LC $2.5 million for 6.5 acres at 3611 N.E. Otterview Circle in Ankeny, records show. The vacant ground, zoned for general retail and highway commercial, was valued at $1.97 million in 2020. The transaction was recorded on Dec. 22.

SKJ LLC, based in Urbandale, paid Kool Storage LLC $1.89 million for property at 800 New York Ave. and 2814 Seventh St., both in Des Moines, records show. The property at 800 New York Ave. includes a 35,870-square-foot cold storage warehouse constructed in 1967. The Polk County assessor lists the condition of the structure as “below normal.” The property in 2019 was valued at $1.24 million. The property on Seventh Street also is a cold storage warehouse. The 103,194-square-foot structure was built in 1937. The building is also listed as in “below normal” condition by the assessor. The property in 2019 was valued at $957,000. The transaction was recorded on Dec. 22.

FRG Des Moines LLC, a group based out of New York, paid Kum & Go LC $7.5 million for property at 3104 University Ave. in Des Moines, records show. The property includes a newly constructed convenience store with eight fueling pumps located in the Drake Neighborhood. Kum & Go redeveloped the site in 2020, tearing down an aged store and adjacent apartment building. The building permit for the new project (pictured above) was valued at $1.35 million. The transaction with FRG Des Moines was recorded on Dec. 30.

Iowa Natural Heritage Foundation paid the Ochylski Family Foundation $1.5 million for 83 acres east of Northeast 80th Street in northeast Polk County, records show. The farm ground is north of the Chichaqua Wildlife Area. The transaction was recorded on Dec. 23.

Wellington Plaza LLC, based in Waterloo, paid Wellington Square LLC $6.45 million for property at 225, 245 and 265 50th St. in West Des Moines, records show. The property at 225 50th St. includes a 3,888-square-foot bank building with a brick veneer that was constructed in 1994. The property in 2019 was valued at $1.38 million. The property at 245 and 265 50th St. includes a 36,283-square-foot, one-story neighborhood shopping center constructed in 1999. The property in 2019 was valued at $3.93 million. The transaction was recorded on Dec. 23.

Real Estate Holdings III LLC, based in Urbandale, paid One Site Development LLC $1.69 million for property at 6105 Merle Hay Road in Johnston, records show. The property, valued at $1.36 million in 2019, includes a 10,636-square-foot retail building constructed in 1998. The transaction was recorded on Dec. 22.

Acadian Ingersoll LLC paid Blue Heron Properties $1.2 million for properties at 3103 and 3117 Grand Ave. in Des Moines, records show. The property at 3103 Grand Ave. is a two-story structure constructed in 1913 that now has eight apartment units. The property in 2019 was valued at $358,000. The property at 3117 Grand Ave. includes a three-story, 12-unit apartment building constructed in 1966, records show. The property in 2019 was valued at $543,000. The transaction was recorded on Dec. 21.

Gholds LLC, based in Altoona, paid Blackhawk Land Ltd. $1.15 million for 130 acres of farm ground in eastern Polk County, records show. The land is west of Northeast 120th Street and north of Iowa Highway 163. The transaction was recorded on Dec. 16.

Lakeland Investors Inc., based in St. Cloud, Minn., paid Pan-O-Gold Hills Co., also of St. Cloud, $1.01 million for property at 5207 S.E. Rio Court in Ankeny, records show. The 3-acre parcel includes a 12,800-square-foot warehouse constructed in 2002. The property in 2019 was valued at $1.1 million. The transaction was recorded on Dec. 31.

Sterling Acquisitions LLC, based in Des Moines, paid August Holdings LLC $20.16 million for property at 10509 Dorset Drive in Johnston, records show. The property includes a recently completed condominium development with seven buildings and detached garages. The transaction was recorded on Dec. 31.

Stahan Partners LLC, based in West Des Moines, paid 8550 Birchwood LLC $1.37 million for property at 8550 Birchwood Court, records show. The property includes a 3,993-square-foot building in which a Burger King restaurant is located. The property in 2019 was valued at $1.33 million. The transaction was recorded on Dec. 31.

DRB Land I LLC, based in West Des Moines, paid Penta Partners LLC $1.2 million for property at 2544 Hubbell Ave. in Des Moines, records show. The 3.3-acre parcel includes a 15,983-squre-foot auto showroom, sales office and service area that was constructed in 2000. The property in 2019 was valued at $1 million. The transaction was recorded is valued at $1 million in 2019. The transaction was recorded on Dec. 31.

Ankeny JJ LLC, based in Pella, paid Veridian Credit Union $459,122 for 2 acres at 1101 S. Ankeny Blvd., records show. The land is adjacent to a Veridian Credit Union branch office. The transaction was record on Dec. 31.

Threshold Capital LLC, based in Des Moines, paid Krause Holdings Inc. $2.66 million for 7.1 acres along V Place, about one-half mile north of Booneville Road in Dallas County, Dallas County real estate records show. The ground is valued at $83,410. The transaction was recorded on Dec. 29.

BPC Staff

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