Albia Shopping Center Home / Albia Shopping Center

$ 400,000

301-381 US Hwy 34 

  • CLIENT Albia Business Plaza, LLC
  • SQUARE FOOTAGE 45,540 SF
  • TENANTS - Hy-Vee 20,666 SF
  • TENANTS - Available 24,141 SF

CHALLENGES

  • Property was less than 50% occupied
  • Property had just been hit by tornado
  • Had to settle with insurance prior to close
  • Rural Iowa site 60 min out of Des Moines

RESULTS

Sale Date: February 9, 2016
Price: $400,000
Price PSF: $8.78

MAJOR POINTS:

  • Huge upside potential
  • Strong in place income

PROJECT OVERVIEW

The Albia Shopping Center was purchased as part of a reverse 1031 exchange. The property was hit and damaged by a tornado in the summer of 2015, we immediately called the ownership and negotiated an as is deal where the sellers could keep the insurance proceeds. This provided a win win situation, the sellers made off well, and the buyer got a great deal on the property. The buyer has a construction background as was able to repair the property easily. We currently have an Letter of Intent out for the available 24,141 SF and then plan to reassess what to do with the asset after it is fully stabilized.

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