SR Realty Trust Acquires 100% Leased Office Property in Davenport, Iowa
July 22, 2019
(Minneapolis, MN) — SR Realty Trust, Inc. is pleased to announce the acquisition of a 100% leased single-tenant office property located at 4400 East 53rd Avenue in Davenport, Iowa. The 73,000 square foot building is home to the regional operations of Sentry Insurance, a leading provider of commercial business insurance. The property was built on a 6-acre site in 2001 and features two floors of modern Class A office space and a conference center.
As part of the transaction, SR Realty Trust, Inc. facilitated the down-leg of 1031 exchanges for four investors.
Dan Ruehl, Acquisitions Analyst, stated, “SR Realty Trust is excited to acquire its first property in Iowa, furthering the REIT’s expansion across the Upper Midwest. The Sentry Insurance Building acquisition highlights our confidence in the stability of the Quad-Cities/Iowa real estate market.”