February 5, 2020
Sherman Oaks, CA-based-based Cardinal Industrial acquired a 346,062-square-foot fulfillment center in Iowa City, IA, that’s 100% leased to Amazon. Cardinal reportedly paid $13.4 million for the property, which formerly housed a Procter & Gamble distribution center.
The property is situated on 25.99 acres of land at 2500 Heinz Rd. in Iowa City. The 28’ clear ceiling height building has 40 dock doors, one drive-in door, T5 lighting, an ESFR sprinkler system and 725 parking spaces. It’s slated to reopen as an Amazon delivery station this coming spring.
CBRE’s Peter Rogers, Greg Loichinger, Andy Lubinski and Justin Felix brokered the sale. The seller wasn’t disclosed.
Cardinal, which owns and manages approximately 12 million square feet of industrial product across the United States, has acquired 5,750,000 square feet since 2018.
Connect Industrial Midwest is coming to Rosemont, IL on March 4. For more information, or to register, click here.