The seller was Principal Financial Group, a division of The Principal of Des Moines, Iowa. The buyer was the Scheuer family, the heirs of James Scheuer, a former New York congressman. Ted Gibbons of Investment Realty Advisors Inc. of Seattle handled the transaction.
Principal sold the asset as part of an off-loading of single-tenant properties, Gibbons tells GlobeSt.com. "This is one of the top three assets in their portfolio of about a dozen single tenant facilities. They are going public, and want to focus their strategic plan on multi-tenant facilities," Gibbons says.
The company's policyholders voted to have the Principal Financial Group go public in July. The IPO, which is the final step in the conversion from a mutual insurance holding company to a stock company, is still expected to occur in the next 30 days.
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