They see it as a peak in their careers.

Bill Knapp II and Gerry Neugent, the top two executives at Knapp Properties Inc., have acquired 100 percent of the company and a 20 percent share in William C. Knapp LC, the primary holding company for Knapp family holdings and investments. The transaction will be finalized by the end of the month.

“It’s a high point for me,” Neugent said, who has been the president of Knapp Properties since 1993.

Bill Knapp II, a nephew of Bill Knapp and chairman of Knapp Properties since 1999, said he’s had a lot of opportunities to grow, even before he thought he was prepared.

“I’ve been given opportunities way before I’ve deserved them,” Knapp II said. “Bill has been very generous to give myself and Gerry this opportunity. We plan on taking advantage of it and will do the best we can to protect and grow the assets of the Knapp family and our partners.”

Collectively, Knapp Properties and William C. Knapp LC control nearly 2.5 million square feet of retail and commercial space and more than 7,000 acres of farm and undeveloped land in Central Iowa and the state. William C. Knapp LC, the holding company for most of the land Knapp Properties manages, has 20 partners.

Bill Knapp has been able to continually increase the value of his real estate holdings for 15 years because of his ability to remain flexible and purchase large amounts of land in the right places without having debt on it, Knapp II said. This is a philosophy Neugent and Knapp II will continue during their tenure at Knapp Properties.

“Bill always said if you buy enough land in enough different places, there will be some sort of development on it,” Knapp II said.

Knapp’s transition out of the company has been in the works for years. He had asked Neugent and Knapp II to start preparing his estate for his death. Knapp didn’t want his family trust to inherit the management company when he passes away, Knapp II said. Knapp, 81, still has an office at company headquarters in West Des Moines and plans to stay active within the company.

“We still vote on things all the time,” Neugent said. “Just sometimes (Knapp’s) vote carries more weight.”

For the past three or four years, most of Knapp Properties’ day-to-day operations have been handled by Neugent and Knapp II, so the announcement of the sale wasn’t a shock for either of the new owners, but a seamless transition. For Knapp II, it isn’t about filling his uncle’s shoes, but continuing his legacy that’s important.

“He’s almost like a legend in his own time,” Knapp II said. “There isn’t a person connected to real estate in Des Moines that doesn’t have a Bill Knapp story, that’s worked for Bill Knapp, bought from Bill Knapp, sold to Bill Knapp or partnered with Bill Knapp in some shape or form. I don’t think it’s possible to fill Bill’s shoes.”

Nor did the announcement of the transition come as a surprise to others in the commercial real estate community

Kevin Crowley, chief operating officer of Iowa Realty Commercial, told the Business Record in a phone call that he thinks the change in ownership will be smooth for the company.

“Bill Knapp is an icon, and it’s tough to see someone like that transition out of business,” he said. “At the same time, Gerry Neugent and Bill II are great businessmen and have been the guys that have kept Bill in the game for a long time. They have great vision. It should be a smooth transition and a great opportunity for those guys.”

Rick Tollakson, president of Hubbell Realty Co., said he knew Knapp would put strong leaders in his place.

“Bill II and Gerry have been with Bill for a long time,” Tollakson said. “I really think this is Bill giving them greater opportunities in the organization. Knapp Properties is a top-ranked company, and they are one of the best. We have a good business relationship with them, and they are great competitors.”

Tollakson said his company has learned a lot about Knapp as a competitor and respects the impact he has made to the marketplace.

Tollakson doesn’t see Knapp sitting still after the sale of the company is complete. “I think real estate is in his blood,” Tollakson said. “You just don’t stop doing what you have a passion for just because one day you wake up and want to enjoy a few other things. He will always have a passion for real estate and a passion for Des Moines.”