The Iowa Finance Authority has sold properties it owned along Grand Avenue for $1.6 million, Polk County real estate transactions show.

In 2018, the state agency moved out of its former office building at 2015 Grand Ave. and into leased space at 1964 Bell Ave. Last summer, the agency’s board voted to buy the Bell Avenue building for $7.59 million, 67% more than the three-story structure’s 2019 assessed value of $4.54 million.

The finance authority on Feb. 26 sold property at 1923 Grand Ave. to the Community Foundation of Greater Des Moines for $525,000, records show. The property, a surface parking lot, abuts the western property line of the Community Foundation’s headquarters at 1915 Grand Ave.

The finance authority sold its former office building to 2015 Grand LLC for $1.1 million on March 5, records show. Jeff Young, owner of We Can Build It, is a co-owner of the limited liability company. Also involved is Landmark Cos., a Clive-based commercial development, construction and brokerage firm.

Young has said he plans on leasing space in the building to office tenants.

The two-story, 20,033-square-foot building was constructed in 1927. In 2019, it was valued at nearly $2.3 million, records show. 

In other transactions:

Destination Market LLC of West Des Moines paid Top Tract Corp. of Johnston $1.89 million on March 24 for property at 2411 and 2491 E. First St., Grimes, records show. The property at 2411 E. First St. includes 1.3 acres and is valued at $510,000. The property at 2491 E. First St. includes 1.6 acres and is valued at $624,000. Kurt Mumm and Mark Hanrahan, who manage Destination Market, are planning a 20,000-square-foot commercial development on the property, Mumm told the Business Record. “It’s a great location and we are huge fans of all the growth and momentum that Grimes has going on,” Mumm wrote in an email. Mumm is president and CEO of Cushman & Wakefield Iowa Commercial Advisors; Hanrahan is a broker with the firm.

PRKG 1465 LLC paid Transcredit LC $1 million on March 13 for property at 4338 Hubbell Ave. in Des Moines, records show. The property, valued at $919,000, includes a 13,520-square-foot auto services building constructed in 2000. PRKG 1465 is managed by West Des Moines-based Iowa Equity Exchange, records show.

JDS Real Estate Investments LLC paid Walnut Creek Realty Inc. $600,000 on March 25 for 5.6 acres in the 2100 block of Northwest 108th Street in Clive, records show. Part of the undeveloped property is in a flood district; the remaining is zoned for light industrial.

Tanam Des Moines LLC paid D&M Partners LLC $4.5 million on March 30 for 17 acres of semi-improved ground at 4756 N.E. 20th Lane, records show. The property, valued at $493,600, is immediately south of Interstate Highway 80-35.

Denny Elwell Family LC paid MD Holding IV LLC $750,000 on March 24 for 5 acres at 5208 S. E Rio Court in Ankeny, records show. The undeveloped land is east of Carney Marsh Nature Preserve.

WWL Properties fulfilled its contract payment to CF Investors LLC for the purchase of property at 1658 E. Euclid Ave. in Des Moines, records show. WWL Properties, managed by Jeff Devries of Pella, paid $2.2 million for the property that includes a 57,974-square-foot office and warehouse built in 1958. The building sits on 4.1 acres, records show.

Compounding Capital Holdings LLC paid KT Properties LLC $3.8 million on March 24 for property at 2500 N.W. 128th St. in Urbandale, records show. The property, valued at $2.16 million, includes a 17,484-square-foot building constructed in 2006. Koality Time Child Care is located in the building, records show.

Penta Partners LLC paid 3700 Beisser LLC of Adel $1.3 million for property at 3700 and 3800 S.E. Beisser Drive in Grimes, records show. The property at 3700 S.E. Beisser Drive is valued at $684,000 and includes a 9,400-square-foot warehouse built in 2004. The property at 3800 S.E. Beisser Drive is valued at $331,000 and includes a 6,000-square-foot warehouse built in 2005. Penta Partners has offices in West Des Moines, records show.

South Story Bank & Trust of Huxley paid Williams Turf Farms Inc. $820,000 on March 27 for property at 6139 Ashworth Road in West Des Moines, Dallas County real estate records show. The property, valued in 2019 at $1 million, includes a 4,962-square-foot building constructed in 2002. The building previously was a branch office for Central Bank, records show.

Greenland Homes Inc., based in Ankeny, paid Standbros Development LLC $737,000 on March 24 for 11 residential lots along Napoli Avenue and Primo Lane, west of 84th Street in West Des Moines, records show. Stanbros Development is managed by Jeff Stanbrough of Stanbrough Development LLC.