A California vertically integrated real estate company has purchased property in West Des Moines on which the Hobby Lobby craft and supply store stands, Dallas County real estate records show.

ExchangeRight Real Estate LLC, located in Pasadena, paid $10.5 million for the 5-acre parcel at 180 S. Jordan Creek Parkway. The property’s previous owner was SJ Terveen LLC, located in Sioux Falls, S.D.

The 51,110-square-foot, one-story building was constructed in 2017. The property is valued at $6.5 million.

ExchangeRight has more than $4.3 billion assets that it manages, including 2930 E. University Ave. in Des Moines and 480 S.E. Gateway Drive in Grimes. Tenants in the properties include Walgreens and Dollar Tree, respectively.

JRW Realty, also in Pasadena, represented ExchangeRight in the transaction, which was recorded Dec. 3.

In a related transaction, St. Martin Land Co., located in Cedar Rapids, paid SJ Terveen LLC $1.7 million for property at 200 S. Jordan Creek Parkway in West Des Moines, records show. The property includes a 2,561-square-foot building constructed in 2019. The building is occupied by Security National Bank. The property is valued at $1.06 million. The transaction was recorded Dec. 1.

SJ Terveen bought the properties at 180 and 200 S. Jordan Creek Parkway as well as one at 320 S. Jordan Creek Parkway in August. The group paid $31 million for the three parcels, records show.

In other Dallas County transactions:

APIF – Iowa LLC, located in Foster City, Calif., paid Pig LLC $640,000 for property at 1902 Oak St. in Granger, records show. The property includes a 2,800-square-foot building constructed in 2000. The U.S. Postal Service occupies the building. The property is valued at $518,650. The transaction was recorded Nov. 29.

Oak Creek Storage LLC, located in Urbandale, paid Sturgeon Enterprise Inc. $705,018 for 3 acres of undeveloped ground at 1901 Oak St. in Granger, records show. The property is zoned agriculture. The transaction was recorded Dec. 1.

Huxley Self Storage LLC, located in Ames, paid Lumberyard Apartments LLC $1.12 million for property at 115 S. Sixth St. in Adel, records show. The property includes a two-story, 20,944-square-foot building constructed in 1953. The property is zoned for multi-residential. The transaction was recorded Dec. 1.

Drake Companies LLC, located in West Des Moines, paid Ashley Acres LLC $1.1 million for nine residential lotsin Waukee, records show. The addresses of the lots are 1315, 1340, 1350, 1360, 1370, 1380, 1390, 1410 and 1420 N.W. Alderleaf Drive. The transaction was recorded Dec. 2.

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