Recent real estate transactions in the Des Moines area and surrounding counties reveal a steady flow of commercial and residential investment, signaling continued economic activity. A notable transaction involves a significant industrial property in Ankeny, purchased by a New York-based asset management firm, even as a series of smaller deals point to ongoing development and residential demand across Polk and Dallas counties. These transactions, recorded in late March, offer a snapshot of the current market dynamics and investment trends in central Iowa.
The largest deal of the period saw Blue Owl Capital, operating as Syania001 LLC, acquire the property housing Sysco Food Services of Iowa at 1 Sysco Place in Ankeny for $22.7 million, according to Polk County real estate records. Blue Owl Capital is a publicly held alternative asset manager with over $307 billion in assets under management as of December, investing in private credit, real assets, and other long-term holdings. The 25.6-acre parcel features a 291,855-square-foot cold storage warehouse originally built in 1984, with expansions including office space added in 2011. The property is currently valued at $14.4 million.
Sysco Iowa’s Long History in the Region
The acquisition marks a shift in ownership for a property with deep roots in the Des Moines area’s food distribution network. Sysco Iowa, a major wholesale supplier to restaurants, healthcare facilities, and schools, has evolved significantly since its origins as Hoxie Fruit and Produce Co. In the early 1900s. Hoxie Fruit was acquired by Continental Food Services in 1973, and then by Sysco Corp. In 1988. The company relocated to Ankeny in 2001, establishing its current presence at 1 Sysco Place.
Further Investment in Ankeny and Altoona
Beyond the Sysco property, several other transactions demonstrate ongoing development in the region. Nelson Development 1 LLC, based in Des Moines, purchased an undeveloped 2717 NE Threshold Drive in Ankeny for just over $2 million on March 23. The property, located east of Interstate Highway 35, suggests potential for future commercial or industrial development. Premiere Real Estate Holdings III LLC, of Columbia, Missouri, invested $1.6 million in two adjacent undeveloped parcels totaling 4.2 acres at 2439 20th Ave. NW and 1995 21st St. NW in Altoona, recorded on March 26.
Agricultural Land and Residential Sales
The market isn’t limited to commercial and industrial properties. Shivers Family Farms LLC, located in Altoona, expanded its holdings with the purchase of 160 acres of farmland south of Northeast 110th Avenue and west of Northeast 64th Street for $1.4 million on March 26. This transaction highlights the continued value placed on agricultural land in the area. Residential sales also remained active, with Richard and Jennifer Miller acquiring a 4,455-square-foot home at 1177 Burr Oaks Drive in West Des Moines for $1.1 million on March 26.
Apartment Complex Changes Hands
A significant residential transaction involved the sale of the Trailside Apartments in Ankeny. Calia 9 LLC, based in Costa Mesa, California, purchased the 72-unit complex at 1115 W. First St. For $5.8 million on March 27. The 2.6-acre property, built in 1983, was valued at $5.4 million at the time of sale.
Dallas County Activity
Across the county line in Dallas County, transactions continued at a brisk pace. Thomas and Michelle Huenecke purchased a 2,010-square-foot home at 16109 Goodman Court in Urbandale for $1.1 million on March 27. Similarly, Erick and Kristin Brady invested $1.2 million in a 3,796-square-foot home at 815 S. Kingswood Court in West Des Moines, closing on March 26.
These transactions collectively paint a picture of a robust real estate market in central Iowa, with activity spanning industrial, commercial, agricultural, and residential sectors. The continued investment from both local and out-of-state entities suggests a positive outlook for the region’s economic growth.
Looking ahead, Polk and Dallas County property owners can expect updated property assessments to be released in the coming months, providing a more current valuation of their holdings. Further details on property tax rates will be available from county assessors’ offices in the fall. Stay informed about future developments and market trends by visiting the Polk County Recorder’s website and the Dallas County Recorder’s website.
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