DealPoint Merrill, LLC, an owner and operator of value-added real estate opportunities and sponsor of real estate investment offerings, acquired a 103,906-square-foot former Kmart Shopping Center on 12 acres located in the retail corridor of Urbandale, Iowa.
The property has excellent visibility and is located within a dense population and easy access to all major highways, I-35 and I-235 Freeways. It is also located next door to the Des Moines Buccaneer NHL Hockey Arena and close to Cobblestone Market Mall, AMC Theatres and two major event centers, Agora and Sherwood Forest.
DealPoint Merrill plans to redevelop the property into a 131,000-square-foot redevelopment and two outparcels for future consideration.
DealPoint Merrill’s executive David Frank, chief executive officer, negotiated the transaction, and Sterling McGregor, president, handled the due diligence and financing for the sale. Jason Limbert, director of acquisitions, and Tyler Bendicksen, head of investment underwriting, participated in DealPoint’ s acquisition.
