Des Moines, IA – Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, completed the sale of a Midwest grocery-store chain Hy-Vee for $19.2M located at 2510 Southwest State Street, Ankeny, IA. The transaction was brokered by Senior Associate Robert Goldberg, Executive Vice President and National Director Ben Snyder, and Market Leader Bill Pedersen.
Matthews™ represented the buyer and seller in the deal. The seller, a New York-based publicly traded REIT, was sourced through the firm’s robust shared database. The seller was first interested in selling the property in 2020 but due to the global pandemic, held onto the store. After several months, the REIT decided to take advantage of the current strong net lease market and sell.
“The deal has been in the making for a long time due to the complications during the pandemic,” Goldberg said. “But we didn’t let COVID-19 hinder our determination and by maintaining relationships and effectively communicating with our clients, we were able to get this deal across the finish line at a great price point and cap rate.”
The buyer, a private client based out of Iowa, was on the market for a single tenant grocery store to complete a 1031 Exchange. With over 265 locations nationwide, Hy-Vee has reported strong sales in the last year and recently announced a multi-year agreement with Google to integrate the technology giant’s cloud platform into the in-store and online customer shopping experience.
“Investors’ interest in grocery store investments and grocery-anchored centers is only increasing post-COVID-19 and many large chains are evolving to cater to a more digital world,” Snyder said. “This location fit our client’s criteria and posed to be a great long-term investment. The buyer also won by achieving maximum value for the disposition of their asset.”
Matthews Real Estate Investments Services™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Founded in El Segundo, CA, and strategically positioned with over 400 agents and support staff in over 13 offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.
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