NOTABLE TRANSACTIONS: Property that includes Spare Time Entertainment sold to NYC group

A New York City-based real estate investment trust purchased property in West Des Moines that includes Spare Time Entertainment, Dallas County real estate transactions show.

Spare Me (Multi) LLC, managed by W.P. Carey paid GDL Trust $17.1 million for the property at 340 Jordan Creek Parkway. W.P. Carey bills itself as “one of the largest diversified net lease REITs, specializing in the acquisition of operationally critical, single-tenant properties in North American and Europe.”

The 6.4-acre parcel includes a 46,453-square-foot building whose construction was completed in 2021. The property is valued at $9.7 million.

Related, Bowl New England Inc. which operates Spare Time Entertainment, signed a long-term lease with Spare Me Multi LLC. The lease is for two 10-year periods. The entertainment venue, which includes bowling alleys, opened in January.

The real estate transaction was recorded Aug. 15.

In other transactions:

Iowa Trust & Savings Bank paid KG Store 156 LLC, managed by Kum & Go, $1.6 million for property at 15551 Hickman Road in Clive, records show. The property includes 2.28 acres of undeveloped ground. Iowa Trust & Savings Bank has a branch office at 12035 University Ave. in Clive. The transaction was recorded Aug. 16.

The Karyl J. Weiland Living Trust paid Paramount Destination Homes Inc. $1.38 million for property at 32571 Westwood Lane in Adel, records show. The property includes a single-family house built on 3.3 acres. The transaction was recorded Aug. 16.

PRKG 2357 LLC, managed by West Des Moines-based Jordan Creek Capital Resources Inc., paid the Earl and Ardis Anderson Trust $1.43 million for 57.4 acres of undeveloped land south of Van Meter, records show. Specifically, the property is north of 360th Street roughly between R Avenue and Richland Road. The transaction was recorded Aug. 18.

Ashley Acres LLC, located in Urbandale, paid Temple Holdings LP $963,600 for about 31 acres generally located north of Northwest Douglas Parkway and east of North 10th Street in Waukee, records show. The Waukee Planning and Zoning Commission in early August approved the preliminary and final plat and site plan for development of a villa-style townhouse subdivision. According to a city document, 76 detached townhouses (photo above), ranging from 1,500 to 2,000 square feet in size, are planned. The units, which won’t have basements, will be owner-occupied.

The Salvation Army, located in Hoffman Estates, Ill., paid the Kim Ruetter Trust and Kim Rueter Co. nearly $1.75 million for property at 1400 N.W. 100th St. in Clive, Polk County real estate records show. The 2-acre parcel includes a one-story, 13,621-square-foot office building constructed in 1989. The property is valued at $1.59 million. The transactions were recorded Aug. 15.

Max Properties LLC, based in Polk City, paid ReMax on University LLC $2.9 million for property at 6600 University Ave. in Windsor Heights, records show. The property includes a two-story, 23,212-square-foot office building constructed in 2003. The property is valued at $3.1 million. The transaction was recorded Aug. 15.

Onespeed DSM LLC, based in Waterloo, paid Earl Crouch $1.77 million for property at 303 Scott Ave. in Des Moines (pictured), records show. The property includes a 9,207-square-foot, one-story structure built in 1975. Earl’s Tire Pros occupies the building. The property is valued at $405,000. The transaction was recorded Aug. 15.

PRKG 2200 LLC, managed by West Des Moines-based Jordan Creek Capital Resources Inc., paid Heidi Fatland $1.18 million for 39 acres of farmland located northeast of Bondurant, records show. Specifically, the property is east of Northeast Morgan Drive and about one-fourth mile south of Northeast Santiago Drive. The transaction was recorded Aug. 15.

Zoya Voronovich and Kai Larsen paid the Marylou Tyler Revocable Trust $1.2 million for property at 2814 Forest Drive in Des Moines, records show. The 1-acre parcel includes a two-story, 2,119-square-foot house constructed in 1905 and renovated in 2011. The transaction was recorded Aug. 15.

6450 LLC and Harc LLC paid A E Farms Inc. $3.7 million for property at 2100 Delaware Ave. in Des Moines, records show. The 4.5-acre parcel includes an 88,188-square-foot warehouse built in 1956. The property is valued at $2.8 million. The transaction was recorded Aug. 16.

CF KL Assets 2019 2 LLC paid Gold Star Villas and Townhomes LLC just over $1 million for property at 6916, 6920, 6924 and 6928 Holly Court in Johnston, records show. The properties include townhouses. The transaction was recorded Aug. 18.

Clamshell Properties LLC, located in Mount Juliet, Tenn., paid FRG Des Moines LLC $9.5 million for property at 3104 University Ave. and 1134 31st St. in Des Moines, records show. The property includes a Kum & Go convenience store and fuel pumps. The transaction was recorded Aug. 18.

Natalie Lamarque paid Ryan and Holly Smidt $2.7 million for property at 1738 S. 40th Court in West Des Moines, records show. The property includes a two-story, 5,336-square-foot house built in 2017. The transaction was recorded Aug. 18.

Penta Partners LLC, based in West Des Moines, paid Resco Rural Electric Supply Coop $2.1 million for property at 933 S.E. Shurfine Drive in Ankeny, records show. The property includes a 21,000-square-foot warehouse built in 1996. The property is valued at $1.2 million. The transaction was recorded Aug. 18.

Berkshire Properties LLC, located in Clive, paid Stacey and David Lyman $3 million for property at 2300 Delaware Ave. in Des Moines, records show. The property includes a 78,962-square-foot building that includes office and warehouse space. The building was constructed in 1965. The property is valued at $2.88 million. The transaction was recorded Aug. 19.

Cass Bay LLC and Oakwood Partners LLC paid Best Properties and Bestland Commercial Plat No 2 LC $2.8 million for property at 4630 86th St. in Urbandale, records show. The property includes a neighborhood shopping center with more than 17,800 square feet of space. The center was built in 2000. The property is valued at $2.85 million. The transaction was recorded Aug. 19.

The Steven Brau Revocable Trust and Susan Brau Revocable Trust paid Brenner Built LLC $1.2 million for property at 6012 N.E. Briarwood Drive in Ankeny, records show. The property includes a 2,316-square-foot house whose construction was completed in 2022. The transaction was recorded Aug. 19.

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