A Bettendorf-based commercial real estate development company has purchased the former Pearson offices in Iowa City and already has new tenants lined up.
Geifman Group — listed on the deed as GSD North Dodge LLC, according to the Iowa City assessor — bought the nearly 40-acre commercial property at 2510 N. Dodge St. for $4.2 million on May 29, a “milestone investment that sets the stage for a major revitalization effort,” said Edward O’Connor, Geifman Group’s vice president of operations, in a June 3 LinkedIn post.
The property currently houses a 37,500-square-foot warehouse, two office buildings totaling 255,000 square feet and a 20,550-square-foot data center. Iowa City Assessor records indicate the property’s value at $9.9 million, nearly half its 2020 assessed value.
According to Mr. O’Connor’s LinkedIn post, Geifman Group has secured a large office user and data center tenant for the property, but did not disclose specifics.
“We’ve partnered with Shive-Hattery to lead the design process, bringing their renowned expertise to ensure innovation, functionality, and lasting quality,” he wrote, of renovations planned for the property.
According to Mr. O’Connor, those changes include:
- A full exterior transformation featuring modern architectural upgrades, enhanced landscaping, updated facades and improved lighting.
- Creating a “bold” contemporary look that’s highly visible from I-80 that “sets a new standard for the corridor.”
- Expansion with new warehouse and retail space.
- Ground-up development to “enhance community access and long-term value.”
The property sits in close proximity to Interstate 80, part of its appeal to Geifman Group.
“The site offers unparalleled accessibility with two dedicated entry points: one designed specifically for office users and the other for truck traffic,” Mr. O’Connor’s LinkedIn post stated. “The access and location are truly one of a kind – a major advantage for both tenant experience and operational efficiency.”
According to its website, Geifman Group started as a retail grocery store business in 1921, experiencing several iterations over the years until it transformed into a commercial real estate development and management company.
The company has redeveloped and sold numerous commercial properties in the Quad Cities, including multiple grocery store chains such as Hy-Vee and Fareway.
Phone calls to Geifman Group were not immediately returned.
