116 3rd St SE
Cedar Rapids, Iowa 52401
Industrial spaces in Cedar Rapids, Iowa City sold for $54 million to undisclosed buyer
Records show properties were owned by founders of North Liberty-based Heartland Express
Chicago-based commercial real estate company JLL sold industrial properties in Iowa City and Cedar Rapids previously owned by Heartland Express’ founders for $54 million to an undisclosed buyer, the company said in a news release this week.
The Iowa City property, located at 2561, 2570 and 2610 Independence Rd., is almost 1 million square feet. JLL also sold property at 5404 and 5507 Ely Road, which totaled 410,000 square feet.
The founding family of Heartland Express sold the property using the entity 2570 Independence LLC, according to information from the Iowa Secretary of State’s office and local city assessor’s offices.
Without naming the party, JLL said a single buyer purchased all five addresses. The sales were not listed yet in records kept online by the Cedar Rapids and Iowa City assessor’s offices.
“Based on the locations, sizes and growing need for warehouse space throughout the region, we knew we had an opportunity to position this portfolio as a desirable option for a variety of users,” said Michael Minard, a vice president of JLL, in the news release.
JLL said the space is 80 percent occupied, and the buyer expects it to be 100 percent occupied by the end of 2021.
Comments: (319) 398-8394; john.steppe@thegazette.com
The Iowa City Heartland property, located at 2561, 2570 and 2610 Independence Rd., is almost 1 million square feet. JLL also sold property at 5404 and 5507 Ely Road, which totaled 410,000 square feet. Above, one of the buildings on the Iowa City campus. (JLL)
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