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NOTABLE TRANSACTIONS: Fleet Farm property in Waukee sold again, this time for $43.5 million


Property in Waukee that includes Fleet Farm retail and convenience stores has changed hands for the second time in less than 14 months.

KB Waukee DST, an entity managed by Kingsbarn Realty Capital headquartered in Las Vegas, Nev., paid Terveen Manufactured Homes LLC $43.5 million for the 19.8-acre parcel at 1300 S.E. Kettlestone Blvd. in Waukee, Dallas County real estate records show.

The sale price was 14% more than the $38.1 million Terveen Manufactured Homes paid for the retail site in January 2021. Terveen Manufactured Homes, based in South Dakota, bought the property from Hurd Kettlestone LLC.

The 189,660-square-foot Fleet Farm retail store opened in August 2020, as did a Fleet Farm convenience store with gas pumps. The site was originally development by Richard Hurd, founder and CEO of West Des Moines-based Hurd Real Estate Services Inc.

Kingsbarn Realty Capital is a real estate private equity firm that purchases commercial real estate assets throughout the United States, according to its website.

The Waukee property is valued at $28.3 million.

The transaction between Kingsbarn and Terveen was recorded March 2.

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Waukee buys land for affordable housing development

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