Hurd Adds to Portfiolio
This blog is designed to cover real estate in the greater Des Moines area. And there might not be anyone more synonymous with Des Moines real estate than Richard Hurd. President of Hurd Real Estate, Richard has grown a commercial real estate portfolio to over 100 income-producing properties across 10 different states, this according to the Hurd website.
And now that portfolio just got larger. According to a recent Business Record article:
Hurd Real Estate Services Inc. has acquired seven Hy-Vee Inc. grocery stores and five convenience stores in a three-state area under a sale and lease-back arrangement that is a specialty for the West Des Moines-based brokerage.
Hurd paid a total of $82.35 million for the properties in Iowa, Nebraska and Illinois. Richie Hurd, vice president of the company founded by his father, Richard, said he could not discuss details of the leases.
The deal increases Hurd’s portfolio of Hy-Vee properties to 13 grocery stores and 10 convenience stores in five states. The company also owns properties in Minnesota and Missouri.
Read the full article here.
From his website:
Richard Hurd began his career in real estate investment in 1973, specializing in single and multi-family residential properties in the Central Iowa market. In 1981, Richard founded the regional commercial development, investment, and brokerage firm known today as Hurd Real Estate. Richard has provided strong leadership and focused the Hurd Real Estate team on acquisitions, sale-leasebacks, and development of office, retail, medical, and industrial properties.
Read full bio here.