3DUN)DLU0DOO 1RUWKVKRUH2IILFH&RPSOH[8UEDQGDOH 'HV0RLQHV STRONG & SOLID 1$QNHQ\%OYG$QNHQ\ -RKQVWRQ6WDWLRQ It's true of our buildings and relationships. Steel and concrete anchors our buildings. However, our relationships are built on trust and respect. Clients trust us because we do what we say we'll do. They respect us because we're honest with them. Discover fi rsthand why we've grown to more than four million square feet of space and serve nearly 900 tenants. Chris Blake Jon Bill David Maria Dan Darcy Michael Carson Murray Brown Lowman Gardner Kinsley Schuessler Corron Gill Billings Hughes TO LEARN MORE, CALL 515.964.1587 VISIT www.DennyElwellCompany.com Licensed to sell real estate in the state of Iowa. ,19(670(17 '(9(/230(17 +85'5($/(67$7(6(59,&(6 )8//(552$'bɽb:(67'(602,1(6,$bɽb ZZZ+85'5($/7<FRPb ART & PRODUCTION ADMINISTRATION SENIOR GRAPHIC DESIGNER BPC VICE PRESIDENT Brianna Schechinger Jason Swanson ANNUAL REAL ESTATE MAGAZINE BUSINESS MANAGER LEAD GRAPHIC DESIGNER Eileen Jackson Lauren Hayes ACCOUNTING SPECIALIST 8 GRAPHIC DESIGNER Becky Hotchkiss Danielle Miller OFFICE MANAGER PHOTOGRAPHER Laura Stegemann Duane Tinkey INSIDE SALES REPRESENTATIVE COPY EDITOR Alison Damon Kurt Helland SENIOR STAFF WRITER 23 Kent Darr LEADERSHIP BPC CHAIRMAN Connie Wimer ADVERTISING BPC PRESIDENT DIRECTOR OF ADVERTISING Janette Larkin Ashley Holter PUBLISHER ANNUAL REAL ESTATE MAGAZINE Chris Conetzkey SALES MANAGER 40 Maria Davis SENIOR ACCOUNT EXECUTIVES Lori Bratrud Katherine Harrington MARKETING COORDINATOR Catherine Skepnek 64 The Annual Real Estate Magazine is published at Business Publications Corporation Inc, an Iowa corporation, 89 at The Depot at Fourth. Contents ©2017. All rights reserved. Reproduction or other use, in part or in whole, of the contents of the magazine without written permission of the publisher is prohibited. Business Publications Corporation, Inc. cannot guarantee the accuracy of all information or be responsible for 104 any errors or omissions. Additional copies may be obtained by calling (515) 288-3336. The Depot at Fourth, 100 4th St. Des Moines, IA 50309 (515) 288-3336 www.businessrecord.com/AREM 122 4 annual REAL ESTATE magazine MARKET OUTLOOKS OFFICE 8 RETAIL 12 INDUSTRIAL 14 LAND 18 MARKET FACTS DES MOINES AND THE SURROUNDING AREA OFFICE ROUNDTABLE Q&A 40 LISTINGS FOR SALE 46 LISTINGS FOR LEASE 52 RETAIL ROUNDTABLE Q&A 64 LISTINGS FOR SALE 70 LISTINGS FOR LEASE 76 LEADERS IN REAL ESTATE DES MOINES REALTOR PROFILES INDUSTRIAL ROUNDTABLE Q&A 104 LISTINGS FOR SALE 111 LISTINGS FOR LEASE 116 LAND ROUNDTABLE Q&A 122 LISTINGS FOR SALE 129 LISTINGS FOR LEASE 144 INDUSTRY TRENDS 50 74 114 142 Commercial Real Estate Experts As Iowa’s largest locally-owned bank, Bankers Trust has committed to delivering exceptional service to customers for 100 years. Our professionals do this by working with you to understand your needs. We have the resources to bring you creative, flexible commercial real estate financing that keeps your project moving forward. OUTSTANDING SERVICE Your call to Bankers Trust Commercial Real Estate is answered by responsive lenders who offer: • Long-term market relationships in our market areas • Significant experience (several team members with over 20 years) • Same-day return calls on inquiries about loans or deposits • Minimal to no turnover in the past decade Your relationship manager will work with you to develop proposed terms as efficiently as possible for the project size and complexity. It is our best practice to honor those terms through detailed underwriting, approval and closing. Convert your project’s potential by letting Bankers Trust’s Commercial Real Estate Division help you build success. Jennifer Cooper, CCIM Vice President and Manager (515) 245-2401 Victoria Facto, CCIM Vice President (515) 245-2888 Joel Hanson, CCIM Vice President (515) 248-1344 Commercial Mortgage Broker Jenny Leonard Assistant Vice President (515) 245-2995 Cole McClelland Portfolio Manager (515) 247-2132 BankersTrust.com LOCAL ADVANTAGE. CBRE|Hubbell knows Greater Des Moines. Through our industry leading perspectives, scale and local connectivity, we deliver outcomes that drive business and bottom-line performance for every client we serve. How can we help transform your real estate into real advantage? For more information contact or visit: Kyle Gamble, Managing Director +1 515 224 4900 cbre.com/desmoines Part of the CBRE affiliate network IN THE HUNT FOR WORKERS, EMPLOYERS HOPE OFFICE SPACE CAN WIN OVER PROSPECTS 8 annual REAL ESTATE magazine OFFICE BY KENT DARR Offices are changing at a rapid pace. employers in Greater Des Moines. inform their decision that much better In an effort to recruit and Employers are desperate for talented on that space,” Bruns said. “It's unique, retain workers, companies want to workers to fill a range of positions. I think.” accommodate the suit-and-tie crowd Johansen pointed out that one Companies want longevity of along with the T-shirt and sneakers local employer decided to expand in design, even though the offices are crowd, even if they need to separate Colorado rather than Greater Des changing rapidly, Hermann said. The the two. Moines because it could not staff a need is for office spaces that can be That’s all part of an effort to larger local operation. upgraded with ease over a longer get to “cool,” said Bill Wright, an “More and more companies are period of time. office specialist with CBRE|Hubbell competing for talent, so they're using “How can you build to try and Commercial. And the fact of the their space as a way to attract and help future-proof those spaces matter is clients spend a lot of time retain employees,” she said. against having to change? There are on the search, seeking out architects, Other changes are occurring. some good strategies out there to do furniture suppliers and contractors Office users are placing an emphasis that, but it just boils down to a lot of who can deliver the goods. on furniture, to the point that those flexibility,” she said. “And I think that speaks a lot considerations outweigh hard Construction companies are to the rate of change. I believe construction costs in an office rehab, reacting to the need for flexibility. companies want to see something Bruns said. “You're into a very flexible space that, while it's changing rapidly, is “The furniture companies, or the that could be reconfigured over time,” a bit proven, to know that it works, big furniture companies, are starting Bruns said. “If you can make that to be able to talk to someone who to actually provide more services space cool, and it fits the culture, go has maybe made the transition and because they understand the role that for it, right?” understand what challenges they they're playing in the process, and And speaking of time, Wright also faced, what worked, what didn't have in the last decade probably led pointed out that the time-honored work, what would they change, the way in the research around the tradition of signing a long-term lease even if they're only a year into it,” workplace,” Hermann said. — 10 years, let’s say — at a fixed rate said Danielle Hermann with OPN And companies are not shy is losing favor to leases with annual Architects Inc. about sharing their innovations with escalators, as has been common for Wright and Hermann competitors, at least so far as office some time in larger cities. participated in a video roundtable on innovations that are intended to “With the real estate prices the office market that the Business attract workers. rising, and seeing that kind of annual Record hosted earlier this year. They “In spite of this competition for escalator, foreign or coastal-type real were joined by Ben Bruns of Weitz talent, companies are open to bringing estate investors are taking a hard look Co. and Jackie Johansen of R&R others through their space and sharing at Des Moines,” Wright said. Equity Partners. their ideas and how they got to where The search for cool is key to they got to from a decision-making a challenge confronting many perspective, so the next company can THE ROUNDTABLE Q&A PAGE 40 ISSUES DISCUSSED 7KH%XVLQHVV5HFRUGKRVWHGDJURXSRIIRXUFRPPHUFLDOUHDOHVWDWHDQG 7KHJURZLQJLQŶXHQFHRIIXUQLWXUH FRQVWUXFWLRQSURIHVVLRQDOVIRUDYLGHRURXQGWDEOHRQWKHWRSLFRIRIŵFHVSDFH FRPSDQLHVLQZRUNSODFHUHVHDUFK .H\WRSLFVIURPRXUGLVFXVVLRQDUHIHDWXUHGLQDQDUWLFOHNLFNLQJRIIWKHRIŵFH &KDQJHVLQOHDVHWHUPV VHFWLRQRIWKLVPDJD]LQH 8VLQJRIŵFHVSDFHDVDUHFUXLWPHQWWRRO WATCH THE VIDEO :DQWWRZDWFKWKHURXQGWDEOHLQLWVHQWLUHW\"*RWREXVLQHVVUHFRUGFRP$5(0 annual REAL ESTATE magazine 9 Pro Forma Financing Design and Contractor Agreements Marketing RISK MANAGEMENT PLAN…? The construction and real estate world moves fast, and a practical RISK MANAGEMENT STRATEGY is too often an afterthought. Or worse, poorly planned and executed after the table is set and contracts signed. In an industry with little margin for error and complex business relationships, why let a prudent approach to insurance and risk management take a back seat? After all, it’s your profi tability on the line. Plan in advance. Integrate a smart risk strategy into the discussion early to avoid the unwelcome surprises that can occur during the course of construction or once a project is complete. At LSB Insurance, we support our clients so they can focus on doing what they do best. Whether you own, design, develop, build, or sub-contract, we are your partner to a practical, well thought out approach to insurance and risk management. 10 annual REAL ESTATE magazine Lincoln SAVINGS BANK mylsb.com PROTECT THE BALANCE SHEET. LEAD THE RISK MANAGEMENT PROCESS. THAT’S MY BUSINESS. JED J GAMMELL VP Risk Management LSB Insurance NOT A DEPOSIT | NOT FDIC INSURED NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY NOT GUARANTEED BY THE BANK | MAY GO DOWN IN VALUE annual REAL ESTATE magazine 11 JORDAN CREEK IS THE TORCH LEADING RETAILERS TO GREATER DES MOINES 12 annual REAL ESTATE magazine RETAIL BY KENT DARR Retail in Greater Des Moines is Stafford agreed: “You can have the my mind, retail is easier because I get beginning to reap the rewards from other conversation about the other a longer-term lease.” a national retail spotlight that beats parts of town.