Marcus & Millichap is pleased to present the opportunity to acquire the property located at 319 Washington Avenue in Bondurant, Iowa. The subject property consists of approximately 40,000 square feet of warehouse space and is situated on 2.96 acres of land. The metal-constructed asset features one grade-level door, three dock-high doors, and a 24’ clear height. Situated along U.S. Route 65 and in proximity to Interstate 80, the subject property is located less than 20 miles from the Des Moines International Airport. Positioned within the growing Northeast industrial submarket, the vacant sale of the property offers an attractive opportunity for value-add investors and owner-users alike.
Northeast is a relatively large submarket, containing 35.3 million square feet of industrial space. The submarket is predominantly made up of logistics space, which accounts for about 67 percent of the existing inventory. Other subtypes include specialized and flex space, representing 23 and 9 percent of the inventory respectively. The submarket has experienced rapid growth in recent years with the inventory expanding by 31 percent since the start of 2020, attracting the likes of Amazon and Meta. The effects of this increase in supply can be seen in the market vacancy rate, which hit 7.2 percent during Q4 2023, up 170 basis points since the end of 2022. Despite the rise in vacancies, annual rent growth continues to outpace the Consumer Price Index, up 5.4 percent in Q4. With only 310,000 square feet of industrial space under construction at that time, the inventory is set to expand by more than 1 percent. As a result, the vacancy rate will largely be unaffected by new supply for the foreseeable future (CoStar).
Located on the Des Moines River, Des Moines is a thriving city that serves as the capital of the state of Iowa. The metro area is home to a population of about 688,000 people, including over 214,000 residing within city limits. With a median household income more than 6 percent above the national average, metro Des Moines is an attractive location for businesses and individuals alike. Historically, Des Moines’ economy has been anchored by agriculture and remains a top producer of corn, soybeans, pork, and eggs. John Deere and Corteva Agri-science are major employers with more than 5,000 workers combined. Named the third-largest “insurance capital” of the world, Des Moines is a major center of the U.S. insurance industry, with many insurance companies headquartered in the city, including the Principal Financial Group and Wellmark Blue Cross Blue Shield. Des Moines is perhaps most popular for its role in U.S. presidential politics, serving as the host of the first caucuses of the presidential primary cycle (Marcus & Millichap, Wikipedia).
BROKER OF RECORD
JON RUZICKA
Iowa Broker of Record
1601 Utica Ave South, Suite 301
Minneapolis, MN 55416
Tel: (952) 852-9700
Jon.Ruzicka@MarcusMillichap.com
License #: B63379000
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2023 Marcus & Millichap. All rights reserved. (Activity ID: ZAE0370606)
