Construction is expected to begin by late June on a 265,200-square-foot structure planned near Northeast 62nd and Hubbell avenues in Altoona. The speculative warehouse is part of a 75-acre development called Altus Commerce Center.
At least three more flex buildings are planned on the property, Altoona city officials said.
“I think this is further confirmation that with all of the industrial activity out there and demand in the market, that out-of-state investors are looking at Central Iowa as a good place to invest their money,” said Marcus Pitts, managing director for JLL’s Des Moines office.
JLL has been selected to market the Altus Commerce Center, which is less than a mile from Amazon’s fulfillment center in Bondurant.
“We’re excited to be entering this new market and expanding our portfolio into Iowa,” Grant Harrison, director of real estate development at VanTrust, said in a prepared statement. VanTrust’s ownership and capital base are associated with the Van Tuyl Cos., whose investments include public and private securities and real estate development.
The Altoona City Council in December approved a development agreement with the group that provides up to $2.7 million in tax increment finance money to the project over a 10-year period.
The city is working with VanTrust to make improvements to Ziegler Drive Northwest, including adding turn lanes and traffic signals where the street intersects with Hubbell Avenue. A pedestrian crossing is also planned that will cross Hubbell.
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