CB Richard Ellis/Hubbell Commercial Advises REO-Cedar Ridge on $1.65M sale of 46,215 SF Shopping Center
WEST DES MOINES, Iowa (June 15, 2009) – CB Richard Ellis/Hubbell Commercial, Iowa’s largest commercial real estate broker, announced today that Income Property Specialists Rick Krause and Vice President Jan Berg advised REO-Cedar Ridge in the sale of Cedar Ridge Shopping Center at 7501 Douglas Avenue in Des Moines, Iowa to Ridgeway Properties LLC for $1.65 million. The property is a 46,215 square foot shopping center that was built in 1980. According to Berg, this is only the second multi-tenant neighborhood shopping center to be sold in Polk County this year. Krause noted that in 2008, there were nine multi-tenant neighborhood shopping center transactions within Polk County that totaled over $27 million in value. In 2007, nineteen transactions that totaled over $50M in value were sold. According to Krause, this illustrates the reduction in velocity within the income property market in Central Iowa. "With the reduction in capital available to investors, it is more difficult to complete these types of transactions," states Krause. "Deals are coming together but at a slower rate." The first transaction in Polk County in 2009 was the Westdale Shopping Center at 8661 Douglas in Urbandale that sold to Hy-Vee for $4.6 million. According to Berg, Hy-Vee plans to raze the existing retail space west of the existing Hy-Vee in order to remodel and expand at this location.