Global Des Moines
Global Des Moines is a former Menards home improvement store in Des Moines, Iowa. Menards moved to a larger location across the street and we believe this former big box location is an ideal area for self-storage. During the negotiation period, Global Storage Partners (”GSP”) was able to outpace a reputable self-storage owner-operator and get the property under contract for $2,650,000. We closed on the acquisition in May 2021.
The property consists of approximately 14.7 acres and the total square footage of the buildings on the property is 116,109. Located on the property is an active Dollar Tree, a Boost Mobile store, a Twisted Bean Coffee Shop, as well as a few smaller leases that GSP was able to negotiate and obtain when they acquired the property. The Dollar Tree lease is effective until 2024 and GSP plans to work with Twisted Bean to see if they would like to expand the square footage of their store and the duration of their lease.
The average household median income in the area is approximately $68,500. The population count within a 5-mile radius is 100,000 people and the property’s traffic count is approximately 27,000 cars per day. The economic growth market in Des Moines looks positive. Des Moines and the City’s suburbs have accounted for 50% of the population growth in the entire state of Iowa since 2010. According to the Des Moines Register, several suburbs, including Ankeny and West Des Moines, have boomed between 48% to 74%. In fact, while a large majority of towns in Iowa have lost residents, Des Moines has continued to grow. Over the past decade, the number of high-tech jobs in Des Moines has increased by nearly 60%, faster than traditional technology centers. Cities like Des Moines are attracting and keeping millennials at higher rates due to the low cost of living, high-tech job growth, and sense of community.