H
urd Real Estate's founder and president, Richard Hurd, continues to invest heavily in hometown grocery giant Hy-Vee Inc., acquiring stores at a pace similar to how most people stuff ears of corn into their shopping bags during the summer months.
Recently, Hurd closed on a multi-state portfolio deal worth nearly $24.6 million for a 91,186-square-foot grocery store and a 6,755-square-foot gas station built in 2015 on over 11 acres of land at 16150 and 16144 Pilot Knob Road in the Spirit of Brandtjen Farm community retail center in Lakeville.
Hurd confirmed that the Lakeville acquisition was the only one in Minnesota as part of the sale-leaseback deal, but declined to disclose the total number of properties or their cost. The company's website indicates that its portfolio includes 190 properties across various market sectors in 20 states.
In related news, Hy-Vee has also been in acquisition mode. In April, Hy-Vee acquired Strack & Van Til Food Market (also known as Indiana Grocery Group, LLC), which operates 22 stores throughout northwestern Indiana.
Hy-Vee has its roots in a small general store opened in Beaconsfield, Iowa in 1930 by Charles Hyde and David Vredenburg. Today, Hy-Vee is owned by its 75,000 employees who manage more than 570 business units across nine Midwestern states, generating annual sales of over $13 billion. These business units include grocery stores, drugstores, pharmacies, restaurants, and convenience stores.
Place: 16150 Pilot Knob Road, Lakeville
Price: $20,776,030
Down Payment: $5,194,645
Mortgage: New 20-year mortgage
Price per Square Foot: $227.84
Buyer: Hurd HV Lakeville CS LLC, West Des Moines, Iowa
Seller: Hy-Vee Inc., West Des Moines, Iowa
Date: August 8, 2024
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Place: 16144 Pilot Knob Road, Lakeville
Price: $3,791,938
Down Payment: $948,101
Mortgage: New 20-year mortgage
Price per Square Foot: $561.35
Buyer: Hurd HV Lakeville CS LLC, West Des Moines, Iowa
Seller: Hy-Vee Inc., West Des Moines, Iowa
Date: August 8, 2024
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