Problem: Starting in 2019 an issue arose when Darin Ferguson and Michael Shindler’s client, Carrier Access, grew beyond their space at 12129 University. In need of a larger space, the Ferguson team canvassed the market in an effort to find Carrier Access a new office. They eventually landed at 1275 NW 128th Street where they leased 30,000 available square feet.
Solution: UCI Holdings LLC (A newly founded urology group in the Des Moines area) purchased 12129 University in March of 2019 for $3,550,000. They began their extensive $1,000,000 renovation and in July of 2020 officially opened to see patients.
The prime location of Urology Center of Iowa is necessary for those visiting. Multiple banks, such as Great Southern Bank, Iowa Trust and Savings Bank, and Northwest Bank, accompany UCI, as well as the Doctor’s office KyroVitality. Additionally, the medical mile of West Des Moines is within a mile, making for easy access and efficiency when in the area.
In February of 2021 Michael and Darin approached UCI group to see if they would entertain a sale lease back. With the market being in its current climate it is a great way for business owners that also own their own real estate to put some money back in their pockets.
In June of 2021 UCI Holdings LLC closed on 12129 University at 6% cap rate for $8,850,000. The 6% cap rate is a sound investment, and leverages a great amount of upside for years to come.
It is always Ferguson Commercial Real Estate Services goal to not just sell real estate, but to build lifelong relationships. This transaction was truly of that nature from start to finish.