Local Community Leaders Celebrate Ground Breaking of New Market Rate Luxury Lofts Project in Downtown Davenport
John G. Ruhl, President of NAI Ruhl Commercial Company, and John Carroll of Carroll Law, along with their investment and development partners are pleased to announce the ground breaking of Pershing Hill Lofts, a market rate luxury loft redevelopment in Davenport, Iowa.
The Pershing Hill Lofts will consist of 62 market rate loftapartments, located at the corner of Pershing Avenue and East 5th Street in the historic Crescent Warehouse District of Davenport Iowa. The building will accompany 1, 2 and 3 bedroom lofts with large square foot layouts, some with 2 story vaulted ceilings and alarge amount of off street parking.
“The concept is designed to appeal to a younger generation that enjoys a more cultural experience as opposed to a suburban living environment as well as “empty-nesters interested in amenity-rich worry free environment close to the exciting new developments in downtown Davenport” said John G. Ruhl, President of NAI Ruhl Commercial Company. “With world-renowned Palmer College of Chiropractic, St. Ambrose University and the Rock Island Arsenal all within close proximity, there is always a constant stream of individuals looking for quality and fun apartment living. The region of east downtown Davenport is particularly suited for this type of housing.”
The Crescent Lofts, Seig Iron Lofts, Crescent Macaroni, and Forrest Block are prime examples of historical warehouses in downtown Davenport that have been successfully renovated as loft apartments; all of which are at full occupancy with waiting lists and demand beyond capacity.
“We are excited to see this $15,000,000 investment in downtown Davenport which rounds out what is now known as the ‘loft district’. Our 100% local investor group is anxious to make their mark on a newly revitalized downtown.” commented John M. Carroll.
Construction will begin immediately by Bush Construction, and units are expected to be available within 12 -18 months.
Many local organizations, financial institutions and government leaders played a role in developing this project. A special thank you should be noted to Northwest Bank and Quad City Bank and Trust for being preliminary lenders in this project as well as to Bank of Springfield, Bank of Labor, Blackhawk Bank and First State Bank of Illinois all of whom worked extremely hard to make the development a reality.
For leasing information contact:
John G. Ruhl
Chris Wilkins Represents WCT Properties Inc. in the $1,025,000 Sale of the Former Ruby Tuesday Restaurant Location to Natural Grocers
Chris Wilkins announced today his representation of the Seller the sale transaction of the former Ruby Tuesday Restaurant, located off East 53rd Street and I-74 in Davenport. The property will become a home to Natural Grocers, a specialty retailer providing organic and natural groceries, body care and dietary supplements at affordable prices.
“The Iowa Quad Cities has been under served with organic grocery options, so this will be a great addition to the community,” said Chris Wilkins, Vice President/Director of NAI Ruhl Commercial Company.
The former 5,941 SF property will undergo construction beginning this fall and is expected to be completed in late summer of 2017. The Buyer also purchased the ravine between the road and building, which will become part of the development.
The Ruby Tuesday building was originally put on the market in the summer of 2012, when the company closed a number of locations regionally. In late 2014, WCT Properties, Inc. purchased the property only to immediately put it back on the market. The property was on the market for a total of 18 months before closing.
For more information, please use the contact information below:
563 355 4000
Sale of Sam’s Highland Park Bowl in Moline, Illinois to owner of Quad City Family Entertainment Center, who will Re-open the Bowling Alley
In 1959 Sam Gnatovich opened his bowling center, Sam’s Highland Park Bowl, on 23rd Ave in Moline, Il., which has been a staple in the Quad City community for years. It was not only one of the best bowling centers in the Quad Cities, it also was near the top in league bowling membership in the Midwest.
With the addition of the Fargo Lounge, with great live music, and reception hall facilities, Highland Park Bowl became one of the premier entertainment facilities in the Quad Cities. The bowling entertainment complex is now closed and the bustling parking lot now is quiet.
Upon the death of Sam Gnatovich in 2006, Sam’s daughters Sandra and Susan Gnatovich continued to operate the Family business successfully for many years. Their poor health and Susan’s untimely passing made it necessary for Sandra to step away from operating the business, and sell the family business. Other members of the Gnatovich family, Uncles George and Dr. John Gnatovich, long affiliated with Highland Park Bowl, assisted Sandra in the process.
John J. Corelis of NAI Ruhl Commercial Company is pleased to announce the sale of Sam’s Highland Park Bowl to FM3 Holdings, LLC . The new ownership group will be evaluating the facility’s needs for improvements over the next few weeks with hopes to reopen by the end of July. John J. Corelis was the sole broker in this transaction.
Sandra Gnatovich, representing Sam’s Highland Park Bowl Entertainment Center as the Seller, and Frank Miroballi, representing FM3 Holdings, LLC as the Purchaser, made the announcement of the sale together. With such a rich heritage and strong bowler following, the 59,000 SF Highland Park Bowl has been considered “THE FIRST” true family entertainment center in the QCA, and the community wanted the establishment to remain. Miroballi further stated that he recognizes the importance of Sam’s Highland Park Bowl for the League Bowlers and families that have been creating memories there for generations. He and his team are excited to have the opportunity to provide many more memories for future generations. He has committed to reinvest in the bowling facility with a location regionally accessible to continue to serve the entire QCA bowling community. We recognize the level of care and the contribution Sam, Sandra and Susan made over those years to the community and are very pleased and honored to carry this tradition forward for them and keep the friendly, hard working tradition alive for the entire community.
Rob Bowers, General Manager of Quad City Family Entertainment Center said “we are in the ’get it up and going’ phase now by re-opening quickly. After re-opening, we will continue with a complete planning study. Our hope is to be operational in time for the fall leagues. We realize many bowlers were displaced after this past season ended, as they were not sure where they would be bowling next season. By using many good things that the Gnatovich family had in place and applying synergies from our other facility in Moline, we believe the two locations will be a great complement for each other.” “Bowling is a wonderful family sport and we want to make sure the bowling community as well as future bowlers have the right kind of atmosphere and opportunity to enjoy the sport and our other related amenities for the family.”
“The possibilities for theSam’s Highland Park facility are tremendous. Once we evaluate our options, a realistic plan can be put in place that may include a restaurant, lounge, live music and updated party/meeting rooms. We know our first big projects will be to repair the roof, HVAC and update the kitchen facilities so we can feature some of the great food we offer at QC Family Entertainment, like Miroballi Pizza and so much more. We will also be reaching out to some of Highland Park Bowl’s long time employees. When people come back in they will see some familiar faces for sure. We will close on the purchase and get as much going as possible to “open for business” for the fall leagues and open bowling for the entire community to enjoy, including seniors, families and the young bowlers looking to return to HPB. This all happened very quickly.”
Bowers said of the Sam’s Highland Park Bowl transaction, “We were shocked to hear Highland Park might close forever and I knew this would not be good for our bowling community. I believe Mr. Gnatovich was ahead of his time when he built this facility.” With our strong staff in place at the John Deere Road Quad City Family Entertainment Center and the addition of Highland Park, our company and staff now have the opportunity for continued growth in the QCA entertainment business. We want Sam’s Highland Park Bowl and QC Family Entertainment to be top of mind when families have fun together. We will maintain an exciting place for committed bowlers to participate in league bowling and to retain bowling as a major recreation sport for the entire community. As mentioned before, we will be combining several things that the Gnatovich family did so well with a few things we have been successful at with hopes that our guests love it.. Lastly, we are very excited the Sandra has entrusted us to continue their legacy and we will do our very best to not let her or the rest of the family down.
For more information, please contact:
John J. Corelis
Senior Vice President
NAI Ruhl Commercial Company
We wanted to first thank all of those who attended the event and of course our sponsors that helped make this event possible!
The event was attended by over 400 local investors, property owners, bankers, government officials, business leaders and community professionals in the Quad Cities region. The presentation showcased the findings from our annual market report including recent sales and leasing activity, vacancy rates, lease rates and trends in our marketplace. Those in attendance were able to participate in a unique opportunity to gain insight into what is happening in commercial real estate and how that affects the Quad Cities region.
In its third consecutive year, attendance has nearly doubled since 2013!
The Quad Cities Commercial Real Estate market is strong but lack of inventory is not keeping up with property demand. “It is not that there aren’t properties in every category available, but in many cases, they might be functionally obsolete,” John G. Ruhl, President of NAI Ruhl Commercial Company said.
Many dated office spaces are being repurposed into Class A office space and other uses, Shawn Langan, Commercial Sales Associate, said. While prices are returning to pre-recession levels, “There has been a paradigm shift where many of the incentives available a few years ago are no longer available.”
Richard Weinstein, Vice President and Director, said retail activity was down in 2015 “not because of a lack of demand, but a lack of spaces available.” Quick absorbtion of big box stores demonstrates the confidence investors have placed in the Quad Cities market. Retail investment properties were in high demand as nine Quad-City shopping centers changed hands, creating $34 million in sales volume in 2015.
Charlie Armstrong, SIOR, Vice President and Director presented, “There were no industrial building developments in the Quad Cities region in 2015, forcing buyers and tenants to compromise due to the lack of available product.”
“New residential growth in Scott County remains strong,” Thomas P. Dalton, Broker Associate said. Some of the areas for continued or new growth potential include Veterans Parkway, Devils Glen Road, Forest Grove Road and Middle Road in the Iowa Quad Cities.
John G. Ruhl stated, “Competition for investment property has driven cap rates down in our market, and continues to remain a strong investor solution locally and nationally.”
Download the digital report and presentation slides by clicking here.
We are pleased and honored to announce that our very own, Richard Schaefer, Vice President and Director, has been inducted into the 2015 Midwest Commercial Real Estate Hall of Fame. The award honors the Midwest’s most prestigious real estate professionals – those who have the vision and leadership to attain significant achievements in the industry and reshape their respective communities.
In 2015, Schaefer was also awarded NAI Ruhl Commercial Company’s Customer Service Award and continued his position in the Million Dollar Club honoring his consistent high production.
Rick joined the company in 1991 and has been a consistent top producer and contributor. He readily provides his expertise to his colleagues when asked for advice, and is a superb mentor. Feedback from his clients, customers and co-workers demonstrates that his professionalism and knowledge are of the highest caliber. He maintains a work ethic that enables him to succeed. Rick is also on the Board of Directors of NAI Ruhl Commercial Company and holds the title of Vice President. In addition to his many professional accomplishments Rick enjoys an active family life with his wife and children.
Throughout his career, Rick has received various awards including Commercial Associate of the Year in 1994, 1998, 1999, 2009, 2012 and 2014; Top Producer in 1999, 2010 and 2012; Top Company Lister in 1997, 1998, 1999 and 2006; Multi-Million Dollar Producer in 1993-2015 (each and every year); and Excellence in Customer Service Award 2001-2015 (every year the award has been given).
Schaefer gives back to the community through serving professionally on various Board of Directors and memberships including Quad City Area REALTOR Association, NAI Global Healthcare Team Member and Representative for NAI Ruhl Commercial Company, Davenport Family Homes, City of Davenport Building Code Review and Appeal Board which was appointed by the Mayor of Davenport, Family Resources Housing Corporation, Scott County Condemnation Appraisal Jury which was appointed by the Scott County Board of Supervisors, Quad Cities Morning Optimist Club, and the Vera French Housing Corporation; a development and management company providing safe and affordable housing for people with long term mental illnesses.
One of our Commercial Real Estate Agents, Meg Halligan, was presented the William E Stradt. Sr. / Bud Hill Distinguished Service Award at the 2015 Quad City Area REALTOR Association Holiday Party and Installation Dinner on Friday December 4, 2015. 833 nominees of this prestigious award were sent in by fellow realtors to a panel of past award recipients and then voted on to determine the winner. Her consistent determination and willingness to serve the community and fellowman, quietly and outside of the limelight, allowed her to be recognized with this Distinguished Service Award.
Meg is involved with United Way and the Quad City Chamber of Commerce as well as a member of the Hill Top Economic Restructuring Committee.
As President of the Board of Directors of Project Renewal, an organization founded in 1974, a constant presence in the Inner City of Davenport for Children and Families, fondly known as the “Treat House”, she presented the City of Davenport and Mayor Gluba the completed Revitalization of Sister Concetta Park on 6th and Warren Streets. This group bought and installed brand new park equipment, leveled ground and upgraded the landscaping. Project Renewal provides educational and recreational activities to help create a safe and loving environment for our community.
In addition, she works at St Anthony’s assembling Thanksgiving and Christmas baskets for the needy and volunteers tirelessly at the Sister Ludmilla Kitchen serving meals for the homeless and disadvantaged families. She is also a member of the Commercial Women’s Connection, and in 2014 and 2015, volunteered her time to the State of Iowa/Department of Transportation with her professional expertise on land for the new I-74 bridge.
Congratulations Meg! We are blessed to have you on our team and within the Quad Cities community. Keep up the great work!
NAI Ruhl Commercial Company is pleased to announce the lease of office space on the Brady Street corridor, to Health Markets Insurance Agents, a group of local agents that are a part of a national company that sells affordable health, Medicare and life insurance.
The Owner of 3546 Brady Street in Davenport Iowa, was represented by Shawn Langan of NAI Ruhl Commercial Company. The property is in a prime location on Brady Street, south of Kimberly Road, across from Brady Street Stadium.
“High traffic counts, competitive lease rates and quality of the property all added up to a successful lease transaction,” Shawn Langan said. “It is great to see a national brand find value in the area. I encourage other businesses to re-evaluate the area and determine if it is right for their company.”
Health Markets Insurance opened their doors for business on October 1st, 2015
For More Information, please contact Shawn Langan
2,700 SF of retail/office space available inside property, view more info here.
We had a wonderful turnout at the press conference this morning announcing the details of the property, and some of the potential uses the property could be converted into.
- 58,489 SF University Campus
- Located on 10 acres with private drive in secluded park-like setting
- Scenic wooded overview of John Deere Road – beautiful natural landscaping and wildlife
- Technologically updated to 2015 standards
- Circle drive with 200 car parking lot
- Close to Airport and I-74 as well as John Deere World Headquarters
- Class A Office Complex
- Tech College or Educational Campus
- Arts and Entertainment
- Conference or Convention Center
- Call Center
- Conversion to Hotel
For more information, please click here.
DeAnn Soults remembers the vacancy, the ugly perception, and distaste for the area and how she was determined to be a part of the change that turned the Hilltop Campus Village around into a new up and coming area.
As founding President of the Main Street hilltop Campus Village, I remember when. When boards were at the front doors and crime crept around the back doors. I have been a business and property owner since the 80’s and I can tell you that I wanted to be a part of the idea to change the perception and reality of the area. I cannot give enough credit to the City of Davenport, St. Ambrose University, Palmer College of Chiropractic and the Hilltop Business Association who had the foresight and the fortitude to do the first investments, and continue to invest.
Main Street Iowa is god-sent and without their structure, guidance, and hand holding, we would not be where we are today. Thank you Scott Tunnicliff, Director of the Hilltop Campus Village (501-C3 organization), for slaving day-in and day-out towards our goal. The close network of “hands on” reality in the hilltop is felt by all ages, both the young and young at heart. The original board, committee members, and countless volunteers “MAKE” this happen. And it is because of their hard work that this area is once again beginning to thrive.
There are only a few locations left in this new up-and-coming neighborhood! If you are interested in becoming a part of this dynamic network of strong willed businesses, please let us know!
- 1426 Brady Street: Historic Free Photography built in 1875 – Perfect for multi-family, retail or office use
- 1524 Harrison: Previously Big Daddy’s Bar – perfect 1st floor retail/office space with 2nd story residential units leased monthly.
- 1706 W Locust: Midtown Plaza – great location for professional offices with exceptional parking
Check out some of the local area businesses:
- Iron Lion Disc Golf Supply
- East Side Bakery
- M & M Pawn
- Ascentra Credit Union
- Winnie’s Wishes
- The Estate Sale Shop
- Jimmy’s King Gyros
- Kongs Thai Bistro
- Redband Coffee
- Greatest Grains
- L & L Guttering
- Hilltop Law
- Rock’s Anchor Grill
- Mary Sue’s Café
- Photo Frog
- Brady Furniture
- Rocket Resale
- 97X & B100
- Brady Law Office
- Celebrity Style Wigs
- Reiser-Jennings CPA
- Donuts & More
- Hats, Hair & Wigs
- Hilltop Grocery
- Hilltop Bars
- Military Cost Cutters
- Superstars & Superheroes (comic books)
- Blacklist Comedy
- Priester Law
- The Book Bindery
- The Silver Key Tatoo
- Wells Fargo Bank
- The Center
- 3D Skin Lab Tatoo
- McButt’s Tavern
- Coming soon…. Sanitary Cleaners & Ascentra’s New Location!
Hilltop Campus Village Organization is located at 122 E 15th Street in Davenport.
Make sure to follow their facebook page for updates about the area by clicking here.
If you have any questions or concerns, please contact myself or any of our commercial real estate agents at NAI Ruhl Commercial Company.
DeAnn Soults is a Commercial Sales Associate at NAI Ruhl Commercial Company. After 25 years of business ownership and management, she decided to follow her interest in land and commercial real estate. Her passion for superior customer service was founded on the dedication, honesty and hard work she provided to Iowa and Illinois clients for more than 25 years. DeAnn currently serves as the Economic Development Committee Chair of the Hilltop Campus Village and has also been recognized as the Main Street Iowa Outstanding Volunteer of the Year.
NAI Ruhl Commercial Company has officially launched a new website redesign (www.ruhlcommercial.com) providing users with service enhancements that will allow greater connectivity and understanding of the Quad Cities Commercial Real Estate Market. It will be of tremendous value to entrepreneurs, investors, business professionals and small businesses that are looking to enter the market or existing area businesses.
“Our new website redesign provides a strong representation of what is happening in the commercial real estate market, which will help buyers, sellers, tenants and landlords make informed and effective business decisions,” said NAI Ruhl Commercial Company President, John G. Ruhl. “We recognize the importance of adapting new ways of doing business and consistently strive to provide the most innovative resources for our clients.”
The website redesign offers a fresh, new look with improved functionality that heightens the website experience on any device. Simplified site navigation and enhanced search capability allow users to quickly and easily find all active listings in the Quad Cities commercial real estate market, based on criteria that suit your needs. Users can save and name multiple search criteria, get email updates on new listings and price reductions, save favorite properties and make notes on the properties shown on our website.
Individual property pages are enriched with community data including nearby restaurants and retail establishments. Users can compare key features on preferred listings side-by-side and can access driving directions directly from the site. Additional features are planned for Phase II development, to ensure the new website continues to be a valued resource.
“This website redesign does not in any way replace the responsive customer service that we have been known for since 1862,” Ruhl said. “Our goal is to provide an online resource for businesses and individuals to learn about the market here in the Quad Cities and allow us to enhance their commercial real estate experience.”