Perry Plaza, LLC Home / Perry Plaza, LLC

401-413 First Avenue / Perry, Iowa, 50220 

  • CLIENT Perry Plaza, LLC
  • TENANTS Orscheln 26,804 SF
  • TENANTS Vacant Bldg 17,100 SF


  • Family unsure of what to do and at odds with each other
  • Out dated center
  • Large tenant improvement note
  • Condemned former Hy-Vee building with asbestos and mold issues.
  • Parking lot needed to be redone


  • Sold June 9, 2016
  • All debts paid
  • New investor bringing the center to life


  • Great location and community
  • Huge upside potential


The Perry Plaza was part of a family trust that had recently lost the main trustee and the expertise and experience they carried with them. After the passing, the center fell into the lap of family members that had little to no involvement or experience with running a property of this type. The ownership had recently leveraged against the previously fee and clear property in order to pay for the necessary improvements needed to procure Orscheln’s Farm and Home. This leverage put financial pressure on the asset and caused the lender to apply pressure as well. Scott was able to reach out to the trustee through the bank and help formulate a fair plan for the family to sell the asset and get all interested family members a fair shot at the property. We held a sealed bid call for offers and sold to the highest and best offer that closed quickly in under 30 days. All debts were covered and the family walked away with the stress gone and money in their pockets. The new investor is bringing life back into the tired center by demolishing the condemned former Hy-Vee, repaving the lot, and freshening up the entire center. This is a win for all, the sellers, the buyer, the tenants and the community.