Hy-Vee Inc. has sold 3.3 acres it has owned at 865 S. 51st St. in West Des Moines since 2001, Polk County real estate transactions show.
The West Des Moines-based grocery store chain sold the undeveloped ground to EIG14T JV IA West Des Moines LLC for $1.6 million in a transaction that closed on July 8.
EIGH14T is managed by Reed Fenton, who began 814 CRE LLC in 2014 in Troy, Mich. Fenton was named as one of Crain’s “20 in the 20s” in 2019, according to the business publication’s website. When the article was published, Fenton was 29.
Fenton told Crane’s that in 2019, 814 CRE had a 1.5 million-square-foot portfolio of new and acquired real estate, another $50 million worth of projects under construction and $50 million planned to break ground. Thirty buildings were slated to be completed in 2020 and another 50 or more in 2021, Fenton told the publication.
KinderCare Education LLC is EIGH14T’s main tenant, occupying more than half of the space owned by the development company. Fenton said he planned to diversify the company’s tenant base with businesses such as swim schools, health care and restaurants that serve healthy foods.
Fenton’s company bought property at 3055 N. Ankeny Blvd. in Ankeny in 2018 on which a KinderCare Learning Center is located.
Hy-Vee bought the undeveloped West Des Moines ground, now valued at $4,150, in 2001 from a trust for $1.3 million. In 2016, Hy-Vee bought 11 acres at 555 and 665 S. 51st St. (about a block north of the undeveloped ground) where it has built a grocery store and convenience store with gas pumps.
In other transactions:
SAI Hotels LLC paid Irving, Texas-based CPLG Properties LLC $4.5 million for property at 1390 N.W. 118th St. in Clive, records show. The property includes a 102-room La Quinta Inn & Suites by Wyndham that was constructed in 1993. The property, which records show was last remodeled in 2002, is valued at $4.49 million. SAI Hotels is managed by Dipakkumar Amin of Clive. The transaction was recorded on July 3. Rock Equity Holdings LLC paid Absolute Farms LLC $1 million for 9 acres southeast of the intersection of Northwest State and Northwest 36th streets in Ankeny, records show. Rock Equity Holdings is managed by Caliber Homes, a residential real estate development company located in Ankeny. The undeveloped ground, zoned for multifamily development, was apart of a package of properties Absolute Farms, located in Slater, bought in March. Rock Equity Holdings II LLC in April bought 6 acres in the same area from Absolute Farms. The most recent transaction between Absolute Farms and Rock Equity was recorded on July 6.
Sheridan Avenue Ventures LLC paid the Sandra K. Rasmussen Revocable Trust $1.6 million for nearly 37 acres at 7820 Vandalia Drive in Runnells, records show. The property, valued at $184,110, includes a pole barn, stables with 32 stalls, and a single-family house. Sheridan Avenue Ventures is managed by Wayne Nyberg of Des Moines, records show. The transaction was recorded on July 7.
Mohit K. and Charu K. Chawla paid the Jessica E. Snyder Revocable Trust $1.45 million for property at 5710 Chestnut Lane in West Des Moines, records show. The property includes a two-story, 4,466-square-foot single-family house. The transaction was recorded on July 13.
