Two buildings in the Russell Industrial Park in Davenport have been sold for $42.6 million to an undisclosed private buyer. One real estate official called it one of the biggest sales transactions in QC history.
The commercial real estate and investment management company JLL announced this week that Russell Buildings 1 and 6 have been sold. Those buildings, located in the 95-acre industrial park at 8730 Northwest Blvd., total about 380,000 square feet.
The industrial park consists of six buildings totaling nearly 1.5 million square feet. Notable tenants in this park include Nestlé Purina, PODS, Crescent Electric and Tube and Solid Tire.
Last fall, Russell representatives told the QCBJ that Nestle Purina would temporarily lease Building 6 in that park starting Dec. 1, 2023.
JLL’s Michael Minard, senior vice president; Marcus Pitts, senior managing director; Austin Hedstrom, executive vice president; and Tanner Hedstrom, vice president; represented the seller, Russell, in the sales of the two buildings.
“A premier destination for companies to build their warehousing and logistics operations in, this industrial portfolio takes full advantage of the market’s comprehensive transportation network,” Mr. Minard said. “The sale demonstrates one of, if not the biggest, sale transaction in the Quad Cities in the last 20 years.”
“We are proud to be at the forefront of the industrial expansion that has taken place in the Quad Cities region in recent years,” stated Damen Trebilcock, vice president at Davenport-based Russell. “Our partners on this project keep pushing us to do more. Building 3 is ready for lease and will be delivered this fall.”
Last fall, Mr. Trebilcock told the QCBJ that the deal with Nestle Purina illustrates that the industrial park has been a good business venture for Russell as “leasing activities have been very high” in the business community.
“The roadways here are upgraded for semi traffic. … It’s all designed well for truck traffic circulation,” he added.
Adjacent to Davenport Municipal Airport and in close proximity to the Quad City International Airport, the Russell Industrial Park offers immediate access to the region’s interstates, river barges and distributor facilities. The site sits within a couple hour drive to major metropolitan cities including Chicago, Des Moines, St. Louis and Iowa City. The buildings feature 34 docks, 28-to-36 foot clear heights and LED warehouse lighting.
