Source: Cedar Valley Business Monthly
By: Jim Offner
CEDAR FALLS | The former Smitty’s Tire & Appliance building in Cedar Falls, at 6912 University Ave., has been sold.
Cedar Falls-based Financial Architects, headed by Curt Patterson and Todd Thomas, closed on the purchase of the building Friday morning, according to Dustin Whitehead, director of sales and leasing/Midwest, for Cedar Falls-based Lockard Cos., which listed the property.
The purchase price was $900,000, Whitehead said.
Patterson was out of the office Friday and could not be reached for comment. Thomas did not immediately return a phone call for comment.
Smitty’s, which had operated on the property for more th
an 60 years, closed at the end of 2013.
Max Boren, who still operates a Smitty’s store in Manchester as a separate business entity, was the seller.
Boren recently auctioned off fixtures and other equipment inside the building, Whitehead said.
Whitehead said he was not privy to the details of the buyers’ plans for the property, but he did say, “I think what they’re going to do to that property will enhance that corner.”
The store building was on the market only 18 days — Jan. 2 to Jan. 20, when a purchase offer was accepted, Whitehead said.
“That’s a rather quick transaction in commercial real estate terms,” he said. “In that time, Max Boren did an auction for the equipment. There were lot of logistical things to do in that time, and it all worked out.”
Jason Strelow, a broker with Prudential One Realty in Waterloo, represented the buyers. He did not immediately return a call for comment.