h digitalfootprint web 728x90

NOTEBOOK: Hurd acquires Mills Fleet Farm in Ankeny


Add a Mills Fleet Farm — the supersized hardware store where you can have the oil changed on your pickup while buying horse feed and a toaster, maybe some hunting boots, among dizzying variety of other items — to the portfolio of single-tenant net-lease (STNL) properties owned by Hurd Real Estate Service. The firm, with a range of properties in Greater Des Moines and elsewhere in the Midwest and Southwest, paid $19 million to a hedge fund for the Mills Fleet Farm on Delaware Avenue in Ankeny. Richie Hurd said the purchase presents little credit risk because it is a small portion of the portfolio. He went on to extol the benefits of lease structure, where tenants shoulder all expenses, including property taxes, common area maintenance costs and insurance. “This makes the STNL space very scalable, which is why we can own properties all the way from Chicago to Hawaii. This also helps with geographical market diversification. The Midwest might be slow, but the coasts are hot so we have the opportunity to participate in that upside through STNL investment.” Once a family-owned operation, Mills Fleet Farm was bought in 2016 by KKR and is managed by a team of managers who transferred from the previous owners as well as KKR representatives. Its offices are in Brainerd, Minn.

Facebook Notice for EU! You need to login to view and post FB Comments!