Marcus & Millichap closes $11 million deal in Iowa

Property dates back to 1990

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Marcus & Millichap negotiated the sale of the 105,000-square-foot Tower Park office complex in Waterloo, Iowa. The value of the transaction was approximately $11.1 million. Iowa-based Lockard Development Inc. sold the property to DBSI Tower Park, a Meridian, Idaho-based investment group. Tower Park is located at 131 Tower Park Drive on 7.5 acres. The first phase of the complex was completed in 1990 and the second in 1995. The property was 100 percent leased at the time of sale to a number of national credit tenants with long-term leases. Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage. *** What's your opinion? Send your Letter to the Editor to newsroom@inman.com....