The property on which Atlantic Coca-Cola Bottling Co.’s corporate headquarters are located has been sold for $31.5 million. Photo courtesy Polk County Assessor's Office

 

Out-of-state investor buys property on which headquarters for local Coca-Cola bottling company is located

A Texas real estate investment firm has purchased Des Moines property on which Atlantic Coca-Cola Bottling Co.’s corporate headquarters are located, Polk County real estate records show.

AIC Income Fund II Army Post LLC, managed by AIC Ventures of Austin, Texas, purchased the 27-acre parcel at 3600 Army Post Road for $31.5 million, records show. The property includes a two-story, 407,938-square-foot office and warehouse facility constructed in 2002.
 
The Army Post building will be home to our Des Moines branch for many years to come,” said Rob Feeney, president and COO at Atlantic Bottling Co. “We are looking forward to continuing our relationship with AIC Ventures through a long-term lease agreement and plan to stay here in DSM.”

The property is valued at $17.3 million.

Atlantic Coca-Cola Bottling is a privately owned, independent bottler and distributor of Coca-Cola products. It distributes the beverages in Iowa and parts of Minnesota, Wisconsin, Illinois and Missouri, according to its website.

The company began as an ice cream and ice business in 1905 in Villisca. It expanded its offerings to sodas and in 1915 acquired a creamery in Clarinda.

According to the company’s history, the company’s owners found a franchise contract for Coca-Cola in a safe at the creamery, and they began making the beverage. The company expanded its bottling business, acquiring additional franchise rights to bottle and distribute Coca-Cola. In 1975, Atlantic Coca-Cola Bottling purchased the Des Moines area Coca-Cola franchise, according to the website.

AIC Ventures, founded in 1990, has acquired over $2 billion in U.S. industrial real estate assets through sale lease-back transactions and existing net lease investments, according to its website. The Des Moines transaction was recorded on Dec. 21.

In other transactions:
Better Way Investments Des Moines LLC, based in Appleton, Wis., paid DRA Properties $7.65 million for property at 6450 N.E. Industry Drive in Des Moines, records show. The property includes 13.2 acres and an 110,600-square-foot warehouse constructed in 2015. The property in 2019 was valued at $6.55 million. The transaction was recorded on Dec. 18.

An investment group has purchased a West Des Moines office building and adjacent semi-improved land for $13.85 million, records show. The properties purchased from 4300 Westown LLC and Hurd Office LLC are located at 4300 and 4310 Westown Parkway in West Des Moines. The properties were purchased by MCR Investments VIII LLC, GSL LLC and MCR Holdings 4300 LLC. MCR Investments, which has an 84.5% stake in the purchase, was organized by Ryan Haaland, records show. The one-story office and warehouse building, with more than 107,000 square feet of space, was constructed in 1973. The combined valued of the properties is $6.5 million, records show. The transaction was recorded on Dec. 18.

Hurd Waukee 2 LLC paid JSV Community Properties Inc. $1.26 million for property at 801 S.W. 63rd St. in Des Moines, records show. The property includes a 5,000-square-foot retail building that houses NAPA Auto Parts. The transaction was recorded on Dec. 16.

Hurd Real Estate Services Inc. paid JSV Community Properties Inc. $2.43 million for property at 901 S.W. 63rd St. in Des Moines, records show. The 1.4 acres includes a 4,514-square-foot retail building that currently houses a convenience store and gas pumps. The transaction was recorded on Dec. 16.

Horizon Hotels Iowa LLC, managed by Dennis Patel, paid KE Mezz LLC and Exit 142 LLC $1.4 million for property at 2602 S.E. Hulsizer Road in Ankeny, records show. The 2.1 acres of semi-improved ground are west of Walmart Supercenter. The transaction was recorded on Dec. 16.

Jill Hagenkord paid Ryan and Shannon Woods $1.2 million for property at 10508 N.W. 74th Place in Johnston, records show. The property includes a single-family house constructed in 2014. The transaction was recorded on Dec. 16.

Michael and Jennifer Ferrari paid Mark and Janet Jacobs $1.47 million for property at 4131 Plumwood Drive in West Des Moines, records show. The property includes a two-story house constructed in 1995. The transaction was recorded on Dec. 16.

Fitzsimmons Holdings LLC, based in West Des Moines, paid Forselles II Partners LLC $1.15 million for property at 650 S. 50th St. in West Des Moines, records show. The property includes a 5,120-square-foot retail shopping center constructed in 2012. The property in 2019 was valued at $1.26 million. The transaction was recorded on Dec. 17.

LKC Investments LLC, based in Cedar Falls, paid KG Store 185 LLC $7 million for property at 3015 Oxbow Court S.W. in Bondurant, records show. The 3.9 acres include a 5,650-square-foot Kum & Go convenience store and gas pumps. Construction of the store began in July. The store is located about one-half mile west of the Amazon fulfillment center that recently opened. Kum & Go bought the ground in June for $2.23 million. The most recent transaction was recorded on Dec. 17.

Burns Electric Inc. paid William and Evelyn Kruse $1.5 million for property at 1467 N.E. 66th Ave. in Polk County, records show. The property is located in an area zoned for light industrial. The transaction was recorded Dec. 15.
 
 
 
Greenland Property LLC, managed by Xinhui Xiao of Urbandale, paid RJW LLC $2.75 million for property at 2075 N.W. 94th St. in Clive, records show. The property includes a 41,140-square-foot retail and warehouse building (pictured) that previously was home to Nebraska Furniture Mart. The building was constructed in 1999. The property is valued at $3.03 million, records show. RJW purchased the property in 2018 for $3.17 million, records show. The transaction was recorded on Dec. 15.

K and N Holdings LLC paid DRA Properties LC $2.87 million for property at 1201 S.W. State St. in Ankeny, records show. The property, located on 2.5 acres, includes a 17,487-square-foot office building constructed in 2018. The property is valued at $1.7 million. The transaction was recorded on Dec. 14.

Chamby’s Holdings II LLC, based in Ankeny, paid Ankeny Market Village LLC $270,000 for nearly half an acre that abuts the west side of the High Trestle Trail in Ankeny, records show. The vacant ground at 617 S.W. Third St. is in Ankeny’s Uptown business district. The transaction was recorded on Dec. 14.

An Iowa Falls investment group paid Newlin Properties LLC of West Des Moines $4.41 million for 230 acres of farm ground south of Adel, Dallas County real estate records show. The group, CNC Ventures LLC, paid $19,185 per acre for the ground located south of 315th Court and West of N Avenue. The property is valued at $338,770, records show. The transaction was recorded on Dec. 18.

Midwest Oilseeds Inc. of Adel paid Goldsberry Century Farm LLC of Minburn $1.68 million for nearly 150 acres of farm ground east of Minburn, records show. The ground, located east of Pioneer Avenue and north of 195th Street, was sold for $11,511 per acre. The property is valued at $212,930. The transaction was recorded on Dec. 18.

KDC Investments LC, based in Ankeny, paid Lassaux Waukee LLC $1.65 million for property at 350 S.E. University Ave. in Waukee, records show. The property includes a Kum & Go convenience store and gas pumps, developed in 2005. The property is valued at $1.5 million. The transaction was recorded on Dec. 21.

Thomas and Felicia Crocker paid Neighborhood Builders LLC $1.01 million for property at 17415 Berkshire Parkway in Clive, records show. The property includes a newly constructed house with a swimming pool. The transaction was recorded on Dec. 16.

The city of West Des Moines paid Daniel Stanbrough and Hope Development & Realty LLC $500,000 for property at 7630 Ashworth Road, records show. The property includes a 2,131-square-foot house built in 1965. The land is nearly 1 acre. West Des Moines purchased the land in conjunction with the extension of 76th Street, which will connect with Ashworth at that location, according to a spokesperson for the city. The transaction was recorded on Dec. 18.

Westwind Church of Waukee paid B.D.L. Properties Inc. for property at 1115 S.E. Westbrooke Drive in Waukee, records show. The 2-acre parcel includes a steel-frame metal manufacturing and warehouse building with a brick veneer front. The 12,543-square-foot building was constructed in 2006. The transaction was recorded on Dec. 23.

Editor's note: This story was updated to include a comment from Feeney about Atlantic Bottling Co.'s intention to enter a long-term lease with AIC Ventures.