Smash Park property sold to N.J. group for $8.55 million
BPC Staff Dec 1, 2021 | 12:25 am
1 min read time
350 wordsAll Latest News, Real Estate and DevelopmentOwners of the Smash Park, the popular entertainment venue known for its pickleball courts, have sold the West Des Moines property to a New Jersey-based investment company, Dallas County real estate records show.
SCF RC Funding IV LLC, managed by Essential Properties Realty Trust Inc. based in Princeton, N.J., paid $8.55 million for the property at 6625 Coachlight Drive in West Des Moines that had been owned by Fleetwater Real Estate Investments LLC, records show.
According to its website, Essential Properties buys, owns and manages “single-tenant properties that are net leased to middle-market companies operating in service-oriented or experience-based businesses.”
The property was listed for sale in late 2019. A few months later, the outbreak of the novel coronavirus caused the economy to shut down, pausing countless potential real estate deals.
When the Smash Park property was originally listed for sale, owner Monty Lockyear told the Business Record that “we’re simply exercising some short-term profit taking by selling the [West Des Moines] real estate and diversifying by investing in the real estate of multiple franchise locations.”
The group’s first franchise is under construction in Pella and slated to open in 2022.
Smash Park, located east of Jordan Creek Town Center in West Des Moines, opened in 2018. The property includes a 24,570-square-foot building surrounded by surface parking.
The business combines eating and drinking with playing games like pickleball, bocce ball and bags.
The eatertainment business – the industry buzzword for the trend – is a fast-growing market. Spare Time Entertainment, based in Vermont, is building a facility at 340 Jordan Creek Parkway, south of Slumberland, in West Des Moines. Suite Shots, a golf entertainment facility, is planned on Grand Avenue in West Des Moines.
The Smash Park property sits on about 3.5 acres. The original real estate listing for the property said the sale included a 15-year lease with a single-use tenant.
Dallas County real estate records show that Fleetwater Real Estate Investment bought the Coachlight Drive property in 2016 for $1.25 million. Fleetwater is managed by Lockyear, records show.
The Coachlight Drive property was valued at $5.97 million in 2021, records show.
SCF RC Funding IV LLC, managed by Essential Properties Realty Trust Inc. based in Princeton, N.J., paid $8.55 million for the property at 6625 Coachlight Drive in West Des Moines that had been owned by Fleetwater Real Estate Investments LLC, records show.
According to its website, Essential Properties buys, owns and manages “single-tenant properties that are net leased to middle-market companies operating in service-oriented or experience-based businesses.”
The property was listed for sale in late 2019. A few months later, the outbreak of the novel coronavirus caused the economy to shut down, pausing countless potential real estate deals.
When the Smash Park property was originally listed for sale, owner Monty Lockyear told the Business Record that “we’re simply exercising some short-term profit taking by selling the [West Des Moines] real estate and diversifying by investing in the real estate of multiple franchise locations.”
The group’s first franchise is under construction in Pella and slated to open in 2022.
Smash Park, located east of Jordan Creek Town Center in West Des Moines, opened in 2018. The property includes a 24,570-square-foot building surrounded by surface parking.
The business combines eating and drinking with playing games like pickleball, bocce ball and bags.
The eatertainment business – the industry buzzword for the trend – is a fast-growing market. Spare Time Entertainment, based in Vermont, is building a facility at 340 Jordan Creek Parkway, south of Slumberland, in West Des Moines. Suite Shots, a golf entertainment facility, is planned on Grand Avenue in West Des Moines.
The Smash Park property sits on about 3.5 acres. The original real estate listing for the property said the sale included a 15-year lease with a single-use tenant.
Dallas County real estate records show that Fleetwater Real Estate Investment bought the Coachlight Drive property in 2016 for $1.25 million. Fleetwater is managed by Lockyear, records show.
The Coachlight Drive property was valued at $5.97 million in 2021, records show.
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