A California-based commercial real estate investment management company has acquired a newly built warehouse in Ankeny that will be occupied by Amazon Inc., documents show.

PAC West Diversified LP, a limited partnership managed by Buzz Oates, located in Sacramento, paid Four Mile Distribution I LLC, managed by Hubbell Realty Co., $18.5 million for the property at 6910 S.E. Four Mile Drive in Ankeny, according to Polk County real estate records. The property is valued at $12 million.

Construction of the 157,500-square-foot speculative warehouse was completed in mid-2023, a spokeswoman for Hubbell said. The building includes 15 bays and 26 dock doors.

A building permit was issued in March for tenant improvements in the facility, Amy Baker, Ankeny’s communication director, wrote in an email. She wrote that the facility will be occupied by Amazon. The permit valued the improvements, which include installation of racks, conveyor belts and office space, at $10 million.

Improvements, which are being overseen by Ryan Cos., are underway at the facility. Baker wrote that it’s not known when the improvements will be completed or what type of Amazon facility will be located in the building.

Amazon opened a delivery station in Grimes in early 2020. It opened a second delivery station in Ankeny in late 2023. The e-commerce giant has fulfillment and sortation facilities in Bondurant.

Amazon officials did not respond to a request for comment; neither did officials with Buzz Oates, whose website indicates that Amazon is one of its clients.

The transaction between Buzz Oates and Hubbell Realty was recorded Aug. 2.

In other transactions:

Synergy Real Estate LLC, located in Urbandale, paid Bennett Bay Investments LLC $3.6 million for 13 residential properties with houses in Grimes, real estate records show. The properties, all with two-story houses, are located in northeast Grimes along Northeast 19th Street. The transaction was recorded July 31.

Eternity Church, located in Clive, paid Spirit SPE Loan Portfolio 2013 2 LLC $4.47 million for property at 5233 Stoney Creek Court in Johnston, records show. The property includes a 62,276-square-foot building that was last occupied by AMC Classic Johnston 16. Pictured at right.) AMC closed the theaters in November. The property originally opened as Wynnsong Cinemas in the late 1990s. The property, which includes 10.7 acres, is valued at $5.8 million. The transaction was recorded Aug. 2.

Grimes Heritage Partners LLC, based in Wichita, Kan., paid Hope K Farms LLC and Hope K Farms LC $1.6 million for three undeveloped commercial lots in Grimes, records show. The lots, with a total of 2.62 acres, are located on the southwest corner of Northeast Fifth Street and Northeast Gateway Drive. The transaction was recorded Aug. 2.

Dallas County
Ryerven Properties LLC, located in Adel, paid KLK Events LLC $1.9 million for nearly 12 acres southwest of Adel, Dallas County real estate records show. The heavily treed parcel is east of Prospect Circle and about one-half mile south of Iowa Highway 6. The transaction was recorded July 31.

Christopher and Mary Ewing paid Custom Holdings LLC $1.1 million for property at 14816 Persimmon Drive in Urbandale, records show. The property includes a 2,786-square-foot newly constructed house. The transaction was recorded July 31.