Two prominent and historic office tower properties in the Quad Cities have been acquired by a national real estate investment firm, marking a significant transaction in the regional commercial market.
The properties, formerly owned by the Slavens family and long-time home to the former Northwest Bank & Trust, now Time Bank, include:
- The Davenport office tower, located at 100 E. Kimberly Road, a nine-story building totaling 67,839 square feet.
- The Bettendorf office tower, located at 2550 Middle Road, a six-story building totaling 45,588 square feet.
Both properties are considered regional landmarks and offer tenants strong visibility and accessibility. The buildings have historically served as key business hubs in the region.
The assets were sold to the Avalair Group, a privately held vertically integrated real estate company. The Avalair Group owns and manages a portfolio of over 5 million square feet of commercial real estate spanning 9 states across the U.S.
“This marks our second major acquisition in the Quad Cities,” said Martin Zaks of Avalair Group. “Following our successful purchase in 2022 of 5000 Business Park at 5000 Tremont Avenue in Davenport, a 120,500 SF corporate business park. We have been very pleased with our investments in Davenport and are excited to expand our presence in the market.”
Avalair Group maintains strategic partnerships with leading national property management firms, including CBRE, Newmark, JLL, Cushman & Wakefield, and NAI, ensuring best-in-class service and expertise across its portfolio.
Avalair Group was represented in the acquisition by Charlie Armstrong, SIOR, and Alex Kelly of NAI Ruhl Commercial Company. Charlie Armstrong, SIOR, commented, “These are significant, iconic trophy assets within the Quad Cities and we were proud to represent Avalair Group in the acquisition of these outstanding properties.”
The two buildings collectively house approximately 60 business tenants, representing a diverse mix of business uses including banking, legal services, accounting, medical practices, and counseling services.
Joe Slavens, President of Northwest Investment Corp., reflected on the legacy of the towers, stating, “Our family developed the towers as symbols of, and contributions to, the foundational strength and long-term potential of the Quad Cities region. We could not be prouder of what they represent.” The seller, River Cities Development, LLC, a subsidiary of Northwest Investment Corp., was represented by Bobbie Slavens of Hawkeye Commercial Real Estate. Tower Trust & Investment Company and Centennial Tax & Accounting, both subsidiaries of Northwest Investment Corp., will both continue as full-floor tenants of the NorthPark Tower.
Leasing for both properties will be handled by Charlie Armstrong, SIOR, and Alex Kelly of NAI Ruhl Commercial Company. Property management services will be provided by NAI Ruhl Commercial Company’s property management division.
