Hurd Real Estate Services, Inc. has acquired seven Hy-Vee grocery stores and five convenience stores located in three states for $82.35 million in its largest sale-leaseback transaction to date.
The deal increases Hurd’s Hy-Vee portfolio to 13 grocery stores and 10 convenience stores in five states.
“As an Iowa-based company with 35 years of experience with this type of transaction, Hurd was uniquely qualified to act quickly and efficiently to complete this deal,” Richard Hurd, president of Hurd Real Estate, said.
The agreement, he noted, allows Hy-Vee to monetize its real estate assets while expanding our portfolio with a well-respected company that offers a valuable service to the communities it serves.”
These transactions have become a common way for companies to increase financial flexibility, while still giving the seller operational control of their facilities.