Richard Hurd, founder and president of Hurd Real Estate Services, has purchased property in Altoona on which a Hy-Vee grocery store is located, Polk County real estate records show.

Hurd Altoona LLC, managed by Hurd, paid Hy-Vee Inc. $19.6 million for the property at 102 and 108 Eighth St. S.W. in Altoona, records show.

The West Des Moines-based grocer will lease the property from Hurd for at least 20-years, records show.

The property at 102 Eighth St. S.W. includes a 2,442-square-foot Hy-Vee Fast and Fresh convenience store and fuel pumps developed in 2009. The property is valued at $1.17 million.

The property at 108 Eighth St. S.W. includes a 50,198-square-foot structure that houses the grocery store. The building was constructed in 2008. Also on the site is a Hy-Vee Aisles Online that was built in 2021. The property is valued at $5 million.

Hurd said the Altoona property was among eight sale-leaseback transactions he did with Hy-Vee in June. The other properties were in Coralville, Kansas City and Lawrence, Kan., he said. In September, Hurd purchased property in Ankeny that included a Hy-Vee grocery store and Hy-Vee gas and convenience store.

The transaction involving the Altoona Hy-Vee property was recorded June 21.

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