Hy-Vee sold Springfield property last quarter

Two grocery store sales were the largest commercial transactions during the fourth quarter, according to real estate market tracker Xceligent’s latest Market Trends report.

In November, West Des Moines, Iowa-based Hy-Vee Inc. sold its 86,000-square-foot building, 1720 W. Battlefield Road, to LHV Springfield LLC, an entity formed by New York City-based commercial real estate finance company Ladder Capital Finance LLC. Greene County recorder records indicate the deed transferred Nov. 12.

Hy-Vee entered the Springfield market with the opening of the $17 million store in October 2011. The company secured a zoning change for plans to build a $12.7 million East Sunshine store a year after opening on Battlefield, but the development has been on hold, according to Springfield Business Journal archives.

The second-largest fourth-quarter transaction also occurred in November, when former Price Cutter parent Roswil Inc. sold a Price Cutter property to a publicly traded real estate investment trust. The store’s new landlord is Realty Income Properties 30 LLC, a division of Escondido, Calif.-based Realty Income Corp. (NYSE: O).

The 2021 W. Republic Road store - one of four Price Cutters purchased by the REIT - has a 2014 taxable appraised value of $3.2 million, according to the assessor’s website. The West Republic store had been listed for sale at $676,000.[[In-content Ad]]