Particular website plans unknown as growth in ‘early phases’
The previous Transamerica website, 4333 Edgewood Rd. NE, in Cedar Rapids, was lately bought for $7.02 million. Actual Property Agent Kerry Panozzo mentioned it was bought by EOP Growth LLC a few month in the past. Plans for the way forward for the 51-acres website are nonetheless within the early phases. (Jim Slosiarek/The Gazette)
The previous Transamerica website, 4333 Edgewood Rd. NE, in Cedar Rapids, was lately bought by EOP Growth LLC for $7.02 million. (Jim Slosiarek/The Gazette)
CEDAR RAPIDS — A purchaser has stepped ahead to redevelop the 51-acre Transamerica property at a major location close to Freeway 100, however particular particulars about what is going to take form on the website stay to be seen.
Actual property agent Kerry Panozzo — the proprietor of HomeSmart worldwide, which has workplaces within the Quad Cities — mentioned Friday his firm closed on the acquisition of the property at Edgewood Street and forty second Road NE a few month in the past. EOP Growth LLC bought the location for $7.02 million, in accordance with Panozzo.
There is no such thing as a timeline established but for growth. Panozzo declined to touch upon particular plans and makes use of, resembling whether or not a mixed-use industrial growth is anticipated for the location.
“We’re nonetheless within the early phases,” Panozzo mentioned. “We don’t have any plans regarding the land at this level.”
He mentioned his firm plans to maintain up the Edgewood Pointe Towers to be used as multitenant workplace area subleased or leased as skilled or medical workplaces, or different multitenant area. The 2 class-A workplace towers embody greater than 200,000 sq. ft.
“It’s proper off Freeway 100,” Panozzo mentioned. “It hasn’t seen growth in 50 years since Transamerica’s been there. It’s an important location and there’s quite a lot of development in that space.”
The campus is zoned for versatile and mixed-use growth, together with industrial workplaces, retail, residential, parks, strolling trails and sports activities courts.
Transamerica relocated its Cedar Rapids operations to the previous Hibu website in southwest Cedar Rapids beginning in 2016.
The property had been on the market since March 2021. It was marketed internationally and bought via California-based Ten-X in a two-day on-line public sale occasion in June. The beginning bid was $1.75 million.
Hunter Corporations, a industrial developer in Cedar Rapids, was underneath contract to purchase the location final yr, however in November backed out of plans for a mixed-use growth after lots of of neighboring residents mobilized over issues with site visitors, stormwater administration and tree removing.
Cedar Rapids Metropolis Supervisor Jeff Pomeranz beforehand mentioned the land is a “essential website” to Cedar Rapids, and the town will collaborate with the brand new proprietor to “make sure that it’s a top quality growth that may profit our metropolis.”
“It’s our hope,” he mentioned, “that that website and the brand new proprietor of the property are dedicated to growing the highest-quality growth doable — one that gives facilities to the group but additionally creates jobs and financial alternative for this key space and for the way forward for your complete metropolis.”
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