Private Buyer acquires 380K SF of industrial space in Davenport, Iowa, becoming one of the biggest area sale transactions over the last 20 years
News release
22 May 2024
JLL sells $42.6M buildings in Russell Industrial Park.
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DES MOINES, Iowa (May 22, 2024) – JLL announced today that it has closed the $42.6M sale of Buildings 1 and 6 in the Russell Industrial Park totaling 380,000 square feet on behalf of Russell, an Iowa-based construction and development firm. A Private Buyer acquired the 100% leased buildings.
The 95-acre industrial park is located at 8730 Northwest Blvd. in Davenport and consists of six buildings totaling nearly 1.5 million square feet. Notable tenants in this transaction include Nestlé Purina, PODS, Crescent Electric and Tube and Solid Tire.
JLL’s Michael Minard, Senior Vice President, Marcus Pitts, Senior Managing Director, Austin Hedstrom, Executive Vice President and Tanner Hedstrom, Vice President, represented the seller, Russell, in the transaction.
According to JLL Des Moines’ 2024 Q1 Industrial Outlook, the industrial real estate market is experiencing robust momentum, exemplified by the completion of several significant projects in Q1. In Q2, the market can anticipate a surge in leasing activity as multiple major warehouse users are actively searching for available space.
“A premier destination for companies to build their warehousing and logistics operations in, this industrial portfolio takes full advantage of the market’s comprehensive transportation network,” said Minard. “The sale demonstrates one of, if not the biggest, sale transaction in the Quad Cities in the last 20 years.”
“We are proud to be at the forefront of the industrial expansion that has taken place in the Quad Cities region in recent years,” stated Damen Trebilcock Vice President at Russell. “Our partners on this project keep pushing us to do more. Building 3 is ready for lease and will be delivered this fall.”
Adjacent to Davenport Municipal Airport and Quad City International Airport, the Russell Industrial Park offers immediate access to the region’s interstates, river barges and distributor facilities. The site sits within a couple hour drive to major metropolitan cities, including Chicago, Des Moines, St. Louis and Iowa City. The buildings feature 34 docks, 28-to-36-foot clear heights and LED warehouse lighting.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 108,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.