Waterloo, Wis.-based Sheehy Mail Contractors Inc. has acquired a 2.6-acre industrial lot in Grimes with plans to construct a maintenance facility to service its vehicles.

“They contract with the U.S. Postal Service to haul mail around,” Brian Buethe, the city’s economic development director, said of the company. “They needed a place in this part of the country, and they found it.”

Sheehy purchased the parcel in Crossroads Business Park, a former Regency Cos. development located in the vicinity of Miehe Drive and Southeast 37th Street, from Trilogy Investments of Iowa LLC, a real estate investment group managed by Jamie Myers and Troy Strawhecker.

Marcus Pitts, a broker with NAI Ruhl and Ruhl Commercial Co. who represented the seller, said Sheehy paid $275,835 for the property.

“We’re excited about these folks coming,” Strawhecker said. “It is good to see that transactions are still happening despite all the negativity in the marketplace.”

“In the last year, a lot of these businesses have been waiting” to find a great deal, Pitts said, adding that as existing industrial space is absorbed in the market, more companies will begin searching for opportunities to acquire real estate on which to build.

“We’re starting to make enough progress on that that people are starting to look at land,” he said.

According to Strawhecker, Trilogy was formed in March 2009 to acquire real estate in Crossroads, as well as the Wolf Creek neighborhood in Polk City and 67 acres of land adjacent to the Iowa Speedway in Newton.

Erin Ollendike, a project manager with Civil Design Advantage, said Sheehy hopes to begin constructing its 5,760-square-foot industrial building at 3100 S.E. Destination Drive in mid- to late July. She said National Construction Inc. of Blue Mounds, Wis., was selected as the general contractor.

Larry Cedarstrom, a vice president with Ruhl and Ruhl, represented the buyer.