JLL Arranges $54M Sale of Industrial Portfolio in Eastern Iowa rebusinessonline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from rebusinessonline.com Daily Mail and Mail on Sunday newspapers.
Lossner, Pitts honored by SIOR for industrial deal
BY BUSINESS RECORD STAFF Justin Lossner and Marcus Pitts,
both managing directors of JLL’s Des Moines office, have been recognized by the Society of Industrial and Office Realtors for an industrial real estate transaction involving three warehouses in northeast Des Moines. The transaction, which involved more than 730,000 square feet of space, was cited as one of the Top 50 Industrial transactions of 2020. The transaction ranked 22nd on the list; it was the only top industrial transaction from Iowa. Both Pitts and Lossner have been with JLL since 2014. They will be recognized at SIOR’s 2021 TransACT 360 virtual conference April 28-29.
Spruce Properties Expands to Iowa with $57M Portfolio Buy
The six communities comprising some 500 units are scattered across suburban Des Moines, in Ankery, Waukee and Polk City. Dec102020
Lake Shore
BBK Apartments has sold a six-property residential portfolio in suburban Des Moines, Iowa, for $56.8 million. The transaction marks Spruce Properties’ first buy in the state. JLL Capital Markets represented the buyer and arranged a 10-year, 2.8 percent, fixed-rate Fannie Mae acquisition loan. JLL Real Estate Capital LLC will service the financing.
The portfolio includes the 239-unit Lake Shore, the 122-unit Lake Shore Park, the 12-unit Lake Shore Place and the 16-unit Peachtree communities, all located in Ankery. The 54-unit Sunrise Meadows in Waukee and the 52-unit Saylorville Lakeside in Polk City were also part of the deal.