Hy-Vee Closed On A $32+ Million Deal for West Circle Drive Location
January 19, 2022, the sale was final on the 90,000-square-foot HyVee Store on West Circle Drive. Based in Iowa, Hy-Vee sold the building to Inland Real Estate Group of Companies for $32,079,805.48. Don't forget your change.
The Inland Group is out of Oakbrook, Illinois and already owns the Walgreens store on Civic Center Drive in Rochester, Minnesota.
The sale means Hy-Vee no longer owns any of its 4 grocery store buildings in Rochester. They've sold all four buildings and property and leased them back. In this case, state records show Hy-Vee is leasing the store back for 20 years.
- The Hy-Vee on West Circle Drive opened in 2015 (yes, seven years ago...and we all still call it the new HyVee, don't we?)
- The downpayment to Hy-Vee was $222,222.22. If you play the lottery, you know what to do.
- Olmsted County puts the 2021-2022 value of the store and land at $7.45 million.
Why Is It Called HyVee?
It all began in 1930 with a guy named Hyde and a guy named Vredenburg;
With a goal to provide “good merchandise, appreciative service and low prices,” Charles Hyde (1883-1970) and David Vredenburg (1884-1949) opened a small store in Beaconsfield, Iowa, in 1930. The store was leased only a few weeks before the stock market crash of October 1929. The two men began calling their operation Hyde & Vredenburg in 1933. (Source)
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