An entity managed by local real estate investor Richard Hurd has purchased property in Ankeny that includes a Hy-Vee grocery store. Photo special to the Business Record

An Ankeny development that includes a Hy-Vee grocery store and Hy-Vee gas and convenience store has been purchased for $19.2 million by Hurd Industrial SPE LLC, Polk County real estate records show.

Hurd Industrial is managed by Richard Hurd, president of Hurd Real Estate, located in West Des Moines.

The 13.4-acre development is located at 2510 S.W. State St. The property is part of Ankeny’s Prairie Trail development and had been owned by LHV Ankeny LL, a New York-based real estate investment trust, records show.

The property includes a 95,000-square-foot Hy-Vee grocery store that was constructed in 2013. The store includes a Market Grille, Veridian Credit Union and Starbucks coffee shop.

The property is valued at $14.5 million.

Matthews Real Estate Investment Services, headquartered in Los Angeles, represented the buyer and seller in the transaction. The seller became interested in selling the property in 2020 but held on to it because of the pandemic, according to a news release.

"We didn’t let COVID-19 hinder our determination and by maintaining relationships and effectively communicating with our clients, we were able to get this deal across the finish line at a great price point and cap rate" of 5.15%, Robert Goldberg, a senior associate, said in a prepared release.

Ben Snyder, Matthews’ national director, said commercial real estates investors’ interest in grocery-anchored centers has increased during the pandemic.

The transaction was recorded Aug. 26.

In other transactions:

8th Street Altoona Property LLC, located in West Des Moines, paid Scott Temple Property Management Trust and Kenneth Smith Revocable Trust $1.4 million for property at 412 Eighth St. S.W. in Altoona, records show. The property includes a 9,700-square-foot neighborhood shopping center built in 1997. Among the building’s tenants is Goodyear tire and vehicle repair store. The property is valued at $935,000. The transaction was recorded Aug. 24.

Premier Tech Prairie Inc., located in Johnston, paid Landmark Office Park LLC $960,000 for property at 9310, 9340 and 9370 Plum Drive in Urbandale, records show. The property includes nearly 5 acres of undeveloped land. The transaction was recorded Aug. 24.

Ashbrooke HC5LLC, located in Omaha, paid Ashbrooke Iowa LLC and Ashbrooke LLC $16.7 million for property at 301 N.E. Delaware Ave. in Ankeny, records show. The property includes a six-building apartment complex with 134 units. The buildings were constructed in 1990. The property is valued at $10.8 million. The transaction was recorded Aug. 25.

J&K Partners LLC, located in Urbandale, paid Airline LLC $3.3 million for 25 condominiums at 14105 Airline Ave. and 3915 and 3923 141 St. in Urbandale, records show. J&K Partners also paid CBM LLC $793,548 for six condominiums 14115 Airline Ave. The transactions were recorded Aug. 25.

The Mills Group LLC, located in West Des Moines, paid Drake Apartments LLC $600,000 for properties at 1241 33rd St. and 1247 33rd St. in Des Moines, records show. The property includes six condominium units. The transaction was recorded Aug. 27.

North Grand Trust, located in West Des Moines, paid Kimberley Greer Living Trust $2.3 million for property at 1495 S.E. Walnut Woods Drive in West Des Moines, records show. The property includes 15.6 acres and a 2,252-square-foot single-family house constructed in 1971. A greenhouse is also located on the property. The transaction was recorded Aug. 27.

Dwell Investments LLC, located in Waukee, paid Bennett Bay Investments LLC $740,165 for property at 226 N.W. Sunrise Drive in Waukee, Dallas County real estate records show. The property includes a newly constructed wood-framed warehouse building. The 3,626-square-foot building was constructed in 2020. The transaction was recorded Aug. 25.

South 44 Farms LLC, located in West Des Moines, paid Dennis Bohrofen $1.54 million for 44 acres south of Iowa Highway 44 and west of X Avenue, records show. The land, zoned agriculture, is between Dallas Center and Grimes. The transaction was recorded Aug. 26.

Nicholas and Molly Benson paid Jason and Kimberley Felker $1.1 million for property at 3409 160th St. in Urbandale, records show. The property includes a 2,545-square-foot house constructed in 2009. The transaction was recorded Aug. 27.