A warehouse built during the pandemic in the Des Moines suburb of Ankeny, Iowa, was sold to a family real estate investment firm based in New York City for $21 million in a deal selected as the sale/acquisition of the year by CoStar's 2024 Impact Awards, as judged by real estate professionals familiar with the market.
The 200,494-square-foot industrial facility on Southeast Delaware Avenue sold at $104 per square foot, and at the time of the sale in August 2023 was fully leased and occupied by Rapids Warehousing, an agricultural-focused warehouse and supply-chain manager. Rapids had approximately 5.5 years remaining on the lease, according to the CoStar sales record.
The warehouse project broke ground in November 2021, and construction concluded in the spring of 2022. It sits on a 16.7-acre parcel and features 15 loading docks and two drive-in bays. The buyer, private investor Kokot Realty Enterprises, "reported that the opportunity to acquire new-build construction in a growing market was the primary motivator to acquire the property," according to the CoStar sales record.
JLL represented the land owner, Steve Chapman, on the sale. JLL's relationship with the owner as well as landlord Ryan Companies from the project's conception was an advantage in overcoming challenges, which included underwriting it as speculative construction.
About the Deal: The industrial warehouse at 5950 Delaware Ave. in Ankeny, Iowa, was sold to a private investor based in New York City for $21 million.
What the Judges Said: "Responsiveness and market knowledge along with Ryan Companies' approach to the entire leasing and sales process — including complementary in-house space planning/design, construction and technology services as well as sprinkler consultants and in-house legal — were definite differentiators."
They Made It Happen: Austin Hedstrom, vice president, JLL; Marcus Pitts, managing director, JLL; Eric Land, research manager, JLL.