William C. Knapp LC has acquired a West Des Moines retail property from New Millennium II LC for $4.75 million. Walgreen Co. holds a long-term lease on the 14,392-square-foot building at 1999 Grand Ave., which was developed in 2003 by Richard Hurd of Hurd Real Estate Services. Kim Dreher, director of sales with Knapp Properties Inc., said William C. Knapp LC partially financed its new investment with trade dollars from a 1031 exchange on a downtown property it sold to the city of Des Moines. The buyer was represented by Dreher, Jeff Saddoris and Casey Shelton, also with Knapp Properties. Hurd said the transaction closed on Dec. 30. The building and 1.5-acre parcel have a combined assessed value of $1.9 million for tax purposes. “The time to sell is when you have a buyer,” Hurd recalls developer Bill Knapp telling him earlier in his career. “They contacted me,” he said. “It worked for them.”