Byline: Anne Bretts
Editor's note: "Just Sold" is a Finance & Commerce feature based on the newest certificates of real estate value filed with the Minnesota Department of Revenue for commercial sales throughout Minnesota and reports of sales across the country involving local parties. Research includes company and broker documents, online real estate listings, F&C archives, CoStar and other research.
Iowa grocer Hy-Vee has added a third former Shopko location to its plans to expand its small-format Dollar Fresh concept in rural Minnesota.
Hy-Vee Inc. of West Des Moines closed May 15 on the $1.255 million purchase of a vacant 42,516-square-foot store at 3225 10th St E. in Glencoe. It comes on the heels of Hy-Vee's purchase of vacant stores in New Prague and St. Peter in Minnesota and stores in at least six Iowa communities. The sellers were identified as SAM Larry LLC in Minneapolis and 520 Mike LLC in Plymouth. The price works out to $29.52 per square foot.
Wisconsin-based Shopko filed for bankruptcy in 2019 andclosed the last of its 350 stores last June. Hy-Vee hasn't announced any other locations it plans to acquire.
The listed Shopko closings in Minnesota included Aitkin, Duluth, Ely, Fairmont, Fergus Falls, Glenwood, Luverne, Mankato, Marshall, Moose Lake, Mora, Morris, North Branch, Perham, Pipestone, Rochester, Roseau, Two Harbors, Windom and Winona.
As Finance & Commerce has reported, Hy-Vee paid $1.28 million for a 25,700-square-foot store built in 2007 at 200 10th Ave. SE in New Prague. The grocer closed April 30 on the acquisition from Fargo-based Dakota UPREIT.
Hy-Vee opened its first Dollar Fresh stores in 2018. Hy-Vee has more than 265 stores in eight Midwestern states.
Director Deb Carlson and Senior Director Skip Melin of the Bloomington office of Cushman & Wakefield represented the sellers on the Glencoe and New Prague deals
Tom Palmquist, senior vice president at Colliers represented HyVee in the New Prague and Glencoe acquisitions. Details were not available on the St. Peter sale.
Place: 3225 10th St E., Glencoe
Price: $1.255 million cash; $29.52 per square foot
Buyer: Hy-Vee Inc., West Des Moines, Iowa
Sellers: SAM Larry LLC, Minneapolis; 520 Mike LLC, Plymouth
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