Mesirow Financial Sells Amazon Facility for $326M

The price sets a record for CRE deals in this county.

Amazon fulfillment center at 500 32nd St. SW in Bondurant

500 32nd St. SW. Image courtesy of Avison Young

Mesirow Realty Sale-Leaseback Inc., a division of Mesirow Financial, sold an Amazon-leased asset in Polk County. Capital Square 1031 has acquired the single-tenant net-lease industrial property totaling 2.7 million square feet in Bondurant, Iowa, for $326.2 million, public records show.

Avison Young’s Capital Markets Group brokered the sale. The transaction marks the highest recorded sale price in Polk County’s history, according to the Business Record. Based on the same source, the long-term lease is set to expire in 2041. Amazon has options to renew the agreement as well as extend the lease term.

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Ryan Cos. led the development team and Wells Fargo provided construction financing for Amazon’s first fulfillment center in Iowa. Located on 167.1 acres at 500 32nd St. SW, the 2020-built facility is within a mile of Highway 65 and Interstate 80. Downtown Des Moines is within 13 miles southwest.

It takes a village

The Avison Young team working on behalf of Mesirow was led by Jonathan Hipp, principal & head of Avison Young’s U.S. Net Lease Group, James Hanson, principal, and Richard Murphy, senior vice president. Co-Managing Partner of 9thGreen Advisors, Earl Webb advised the seller.

The same team also brokered the $570 million sale of two other Mesirow-owned industrial assets totaling 2.5 million square feet. Those transactions closed in 2020 and included a 1.1 million-square-foot, Amazon-leased property at Fort Worth’s Alliance Airport in Haslet, Texas, according to The Dallas Morning News.

In November, the e-commerce giant continued to expand its industrial portfolio with approximately 3.3 million square feet in Minnesota and Alabama. Amazon opened a sortation center in Maple Grove, Minn., and two other facilities in Birmingham, Ala., and Huntsville, Ala., with plans for another two industrial buildings that are scheduled to come online this year.

Recently, an Amazon-occupied industrial complex traded as part of a 4.5 million-square-foot industrial portfolio. CRG sold the five fully leased properties for a combined $425.2 million.

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