News release

91,588-square-foot Grocery-anchored retail center in eastern Iowa trades

JLL Capital Markets closed the sale of the Hy-Vee-anchored retail center in Dubuque, IA

August 24, 2021

CHICAGO, August 24, 2021 – JLL Capital Markets announced today that it has closed the sale of Warren Plaza, an approximately 91,588-square-foot retail center anchored by Hy-Vee in Dubuque, Iowa.

JLL marketed the property on behalf of the seller, The DESCO Group. A private investment fund based in the midwest purchased the asset.

Warren Plaza is anchored by Hy-Vee, the No. 1 grocer by market share in Iowa, and home to a dominant lineup of diverse national and regional tenants, including UPS, SuperCuts, Jersey Mikes, Miracle Ear, Grand River Medical Group and OneMain Financial. The center also features a Target shadow anchor and non-owned Chick-fil-A. Completed in 1979, the center expanded the Hy-Vee store in 1994 and 2013.

The property is located at 3500 Dodge St. on the southeast corner of Dodge Street (U.S. Highway 20) and Wacker Drive along the main retail corridor in Dubuque, a suburban community in the tri-state MSA that encompasses eastern Iowa, northwestern Illinois and southwestern Wisconsin. Customers can easily access Warren Plaza via signalized entry. The center pulls from a trade area that includes nearly 73,539 residents with an average annual household income of $73,587 living within a five-mile radius.

The JLL Retail Capital Markets team that represented the seller was led by Managing Directors Clinton Mitchell and Amy Sands, Associate Michael Nieder and Analyst Kirstey Lein along with Managing Director Marcus Pitts.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About The DESCO Group

Founded in 1993 in St. Louis, Missouri, DESCO is a vertically integrated real estate operating company that acquires, develops and manages neighborhood shopping centers. DESCO manages a portfolio of over 40 shopping centers on behalf of its investment partners.