Matthews Real Estate Investment Services recently completed the sale of a Midwest grocery-store chain Hy-Vee for $19.2M at 2510 Southwest State St. in Ankeny, Iowa.
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 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.