A California investment company has bought a former Procter & Gamble distribution facility in Iowa City, where Amazon this year plans to open a last-mile delivery station.
Tamshazon LLC, which shares a Carlsbad, Calif., address with Cardinal Industrial, on Jan. 10 paid $13.4 million for the 26-acre property, including the 341,521-square-foot building at 2500 Heinz Rd., according to city property records.
The records show an $8.1 million assessed value for the land. Previous listings with the Iowa City Area Development Group and ICR Iowa priced the property at $104 million, touting its “great connectivity to all of the major markets in the Midwest.”
Founded in 1985, Cardinal invests in single-tenant, warehousing and distribution properties “that benefit from excellent access to major transportation modes, strong underlying tenancy and long-term leases,” according to its website.
The company “invests money on behalf of high net-worth individuals, professional athletes and coaches,” with a portfolio of mostly industrial warehouse assets, amounting to 29 million square feet acquired across 24 states, valued at $1.8 billion, its website and LinkedIn page show.
Amazon plans to use nearly three-quarters, or 247,591 square feet, of the Iowa City facility, mostly for warehouse storage with loading areas, according to project building plans.
The Seattle e-commerce giant hopes to complete the station by mid-May, a construction schedule from Ryan Cos. shows.
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Wendy Ford, Iowa City’s economic development coordinator, in November confirmed plans for Amazon to lease the former P&G site.
Amazon in November confirmed plans in 2020 to open an $8 million last-mile delivery station in Grimes. There, the company will occupy a 110,000-square-foot warehouse built by Hubbell Realty Co.
Ryan Cos., Amazon’s developer in Iowa City, also is handling Project Bluejay, an apparent $250 million, 780,000-square-foot Amazon fulfillment center in Bondurant.
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