(For more retail coverage, click GlobeSt.com/RETAIL.)
WEST DES MOINES, IA-Stonemar Properties LLC and Kimco Realty Corp. have purchased Bridgewood Plaza, a 53,500-sf shopping center in this rapidly expanding part of the Des Moines metro area. The sale price was $11.5 million, or about $215 per sf.
Linda Gibbs, vice president of investment properties with CB Richard Ellis/ Hubbell Commercial in Des Moines, tells GlobeSt.com that the property drew an "overwhelming" response from both local and national buyers. Gibbs, and her partner Tim Sharpe, represented the seller, Bridgewood Plaza LC, in the transaction.
Gibbs says that Bridgewood Plaza, which was built in 2004, benefits from its prime location in one of the "hottest" markets in the state of Iowa. The area is surrounded by recent and ongoing office, retail and residential development, including General Growth's two-million-sf Jordan Creek Town Center and a four-building, 960,000-sf Wells Fargo office complex. Opened in August 2004, Jordan Creek Town Center--a major regional destination that combines a two-level enclosed mall and lifestyle center--attracts about 17 million visitors each year.
Bridgewood Plaza's location at a highly visible access point to Jordan Creek Town Center allows the smaller center to capitalize on the traffic driven by its much larger neighbor, according to Stonemar. Bridgewood Plaza is currently about 85% occupied by a mix of regional and national tenants, including Fidelity Bank, Nick and Willy's Pizza, Krieger's Pub and Grill, Planet Beach Tanning and Spa, Scooters Coffeehouse, Iowa Realty, TR Wireless, Panchero's Mexican and Z'Mariks Noodle Café.
Emmet Austin, chief investment officer at Stonemar, tells GlobeSt.com that the new owners plan to re-tenant the center. He adds that the growth in the area provides an opportunity to "massage" the rents upward over time. CB Richard Ellis/Hubbell Commercial is brokering the space.
Gibbs says that in recent years more and more investors from across the nation, who see the state as a stable market, have been looking to buy in Iowa. Along with Sharpe, she has managed the CB Richard Ellis Private Client Group practice for the state of Iowa since 1990.
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