Real Estate News
NAI Legacy Acquires Hy-Vee in Ames, IA for $6.8M
Acquisition for DST Placement
Minneapolis, MN - NAI Legacy is pleased to announce that they have completed the $6.8M acquisition of a brand-new Hy-Vee | Dollar Fresh just outside of Ames, IA. The property was developed by the Embree Group as one of Hy-Vee's new store concepts, which offers steeply discounted products as well as a range of perishable goods, full-service meat, and a pharmacy. Hy-Vee has made headlines with its trendy new scaled-down formats, including a meal focused-convenience store (Fast & Fresh), a health food outlet (HealthMarket), and an urban market (Fourth + Court). To better suit their customer's needs, Hy-Vee | Dollar Fresh are being developed in more rural Iowa locations. Dollar Fresh locations are designed to offer customers in smaller communities a fresh, new product selection at low prices. Customers will find a full selection of grocery items, a bakery section with a full range of fresh-baked items, a dollar section, a "Wall of Value," ready-to-eat meal offerings, and other services.
NAI Legacy acquired the Property from the Embree Group, based in Georgetown, Texas. Garrett Farmer in referring to Embree, said, "It was a pleasure to do business with them. The new Hy-Vee store concepts are really starting to develop nicely and NAI Legacy wanted to acquire a few of them for our NAI 1031 DST program as well as acquisition options for our Private Client Partners™."
Hy-Vee is a privately held company, but they have an NAIC investment-grade equivalency of BBB. Hy-Vee, Inc had a revenue of over $10 Billion in 2020, and is above projections year-to-date. The property located near Ames, will be placed in a Delaware Statutory Trust (DST) portfolio along with other single-tenant, net leased properties.
About NAI Legacy
NAI Legacy is the tax-efficient investment platform in the NAI Global Network. NAI Legacy operates as both a provider of real estate investment product and investment brokerage services. Our Private Client Advisors™ group provides our investors with tax-efficient real estate brokerage solutions such as DSTs, funds and direct investment opportunities. Our service division provides clients with comprehensive investment solutions through brokerage, net lease buyer services, property management and accounting. Through our affiliation with the NAI Global Network, we have direct access to every major market in the United States with over 375 office locations. Our unique offerings of both product and services supported by a national network, allows us to tailor investment services directly to our client's unique investment criteria across asset classes, geography, risk-tolerance, and investment preference.
For more information on tax-strategies, contact one of our team members found on www.nailegacy.com
