In a clear signal that the Midwest remains a hotspot for supply chain infrastructure, TVS Supply Chain Solutions in September cut the ribbon on a 225,113-square-foot, build-to-suit logistics facility in Waterloo, Iowa.
The new facility in Waterloo, about 55 miles from Cedar Rapids, will mark TVS’ second logistics facility in Iowa following the construction of an earlier facility in Iowa City.
The project was executed in partnership with ElmTree Funds and Ryan Companies US, Inc.
At a Sept. 25 ribbon-cutting, TVS executives, state and city officials, along with the project’s development partners, praised the facility as a strategic stepping stone in expanding the company’s U.S. reach, especially across the manufacturing belt that spans Iowa, Illinois and beyond.
“We’re excited to expand our U.S. operations with this new facility in Iowa,” said Brad Dyer, chief commercial officer for TVS. “Being in Waterloo strengthens our commitment to supporting manufacturing and supply chain needs while positioning ourselves for continued growth in North America.”
With 6,800 square feet of office space, a driver’s lounge, 30 loading docks and two drive-in doors, the Waterloo site is tailored for heavy logistics and manufacturing flows. The project is a natural fit for Ryan Companies. Ryan is also building a nearly identical 225,000-square-foot facility in Davenport, Iowa, set for completion in October.
“Ryan Companies is proud to partner with TVS and ElmTree to deliver this important project in Waterloo,” said David Wilson, senior vice president of real estate development at Ryan. “This facility is a prime example of how thoughtful development and collaboration can create lasting value for the community and key industries.”
During the groundbreaking ceremony, James Koman, chief executive officer and founder of ElmTree Funds, praised the investment and the development.
“We are pleased to support TVS’s continued expansion in the U.S. Midwest through this investment, which will help support critical supply chain needs in the region,” Koman said. “ElmTree is honored to partner with TVS and Ryan Companies on this initiative.”
Iowa Gov. Kim Reynolds and Waterloo Mayor Quentin Hart joined in celebrating the project, framing it as a milestone in Iowa’s evolving identity as a manufacturing and logistics hub.
Why Iowa — and why now?
The Waterloo facility adds heft to TVS’s regional network, filling a gap between its Iowa City operation and anticipated operations in Davenport. For manufacturers serving regional markets across the Midwest, having closer, efficient logistics nodes is increasingly critical in a tight labor and real estate environment.
In Iowa more broadly, industrial real estate remains constrained. Developers citing Midwest industrial trends say demand for big-box and warehouse space still outpaces supply, even amid rising construction costs and interest rate pressures.
In Cedar Rapids, the industrial market has been remarkably tight. According to GLD Commercial, Cedar Rapids’ industrial inventory clocked in near 14.1 million square feet in 2024, and the vacancy rate — which began 2024 at just 1.25% — rose through the year to end it near 3.97% as older space came online. For comparison, in the 2023 reporting period, vacancy in Cedar Rapids held at 1.25%.
Cedar Rapids recently attracted a major investment: in February of this year, the city and Alliant Energy announced the development of a $750 million data center by Quality Technology Services, the largest economic development project in the city’s history.
What’s next — and what this means
For TVS, the Waterloo facility ushers in immediate scaling capability in the Midwest. For Iowa, it provides jobs, strengthens logistics infrastructure and bolsters the state’s argument as a distribution crossroads.
For the broader industrial market — especially in places like Cedar Rapids — the move serves as another signal of how logistical real estate is under mounting pressure, particularly in infill and second-generation markets where supply is limited and rents are rising.
