A joint venture between Alex. Brown Realty Inc. and Sydney Partners LLC has acquired the Merchants Distribution Plaza Industrial Park in Des Moines, Iowa, for an undisclosed amount.
ABR Chesapeake Fund III, a value-added real estate investment fund sponsored by ABR, provided an equity commitment of $1.6 million to the venture.
The property, which was constructed in 1980 on a 15-acre parcel, includes two single-story concrete block buildings totaling 260,000 square feet. Located in a western suburb of Des Moines, the park is less than one mile from both Interstate 80 and Interstate 35.
The joint venture plans to implement $500,000 in capital improvements to enhance the property’s value and overall marketability.
This is the second in an expected series of transactions between ABR and Sydney, who plan to invest up to $25 million in a portfolio of small to mid-sized industrial properties located throughout the Midwest. Prior to acquiring the Merchants Distribution Plaza, the joint venture acquired a 365,750-square-foot industrial park in Indianapolis, Ind.
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