Auction starts June 20 after previous attempts to sell campus failed
Debris is cleared from the former Transamerica campus in October 2019 at Edgewood Road and 42nd Street NE in Cedar Rapids. The 51-acre site and its remaining buildings are being internationally marketed and will be auctioned off later this month. (Jim Slosiarek/The Gazette)
Debris is cleared from the former Transamerica campus in October 2019 at Edgewood Road and 42nd Street NE in Cedar Rapids. The 51-acre site and its remaining buildings are being internationally marketed and will be auctioned off later this month. (Jim Slosiarek/The Gazette)
CEDAR RAPIDS — Transamerica is looking to auction off its 51-acre campus at a prime location near Highway 100 this month.
The site on Edgewood Road and 42nd Street NE has been for sale since last March. Coldwell Banker Hedges Realty is brokering the sale.
Three structures remain on the land at 4415 N. River Blvd. NE:
- Two class-A office towers with more than 200,000 square feet that could become a general or medical office or be converted to another use.
- A 14,000-square-foot day care facility that could be rebooted with assistance from the new Childcare Business Incentive Grant, according to a Transamerica news release.
The campus has more than 1,500 feet of Edgewood Road frontage and two signaled intersections. It is zoned for flexible and mixed-use development, including commercial offices, retail, residential, parks, walking trails and sports courts.
Transamerica relocated its Cedar Rapids operations to the former Hibu site in southwest Cedar Rapids starting in 2016.
The property is being internationally marketed and sold through California-based Ten-X in a two-day online auction event beginning June 20. The starting bid is $1.75 million.
Due diligence materials — including title commitment, environmental reports, property condition reports and CAD files — are available now to potential bidders.
The arrangement offers potential closing as soon as the end of July.
Hunter Companies, a commercial developer in Cedar Rapids, was under contract to buy the site last year, but last fall opted not to move forward with a mixed-use development after hundreds of neighboring residents mobilized over concerns with traffic, stormwater management and tree removal.
Cedar Rapids City Manager Jeff Pomeranz said the land is a “critical site” to Cedar Rapids, and the city will collaborate with the new owner to “ensure that it’s a quality development that will benefit our city.”
“It is our hope,” he said, “that that site and the new owner of the property are committed to developing the highest-quality development possible — one that provides amenities to the community but also creates jobs and economic opportunity for this key area and for the future of the entire city.”
Comments: (319) 398-8494; marissa.payne@thegazette.com