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SIOUX CITY, IOWA Ho-Chunk, Inc. and Prairie Band, LLC have combined efforts and have purchased the Terra Centre, the tallest building in Sioux City, Iowa. The building is the most prominent building in Sioux City.
The Sioux City Skyline has New Owners
Ho-Chunk, Inc. is owned by the Winnebago Tribe, based in Winnebago, Nebraska and Prairie Band, LLC is owned by the Prairie Band Potawatomi Nation of Kansas.
The purchase price has not been announced. County records indicate the land and property have a taxable value near $7.5 million.
The Terra Centre was constructed in 1983 as the corporate headquarters of Terra Industries, Inc, a fertilizer manufacturer.
Prairie Band, LLC owns 34 percent of 4th Street Centre, LLC the company formed to own and operate the Terra Centre. Donald Dunham Jr., the 4th Street Centre, LLC founder will serve as the member of the company responsible for day to day property management of the Terra Centre.
“We have been diligently working on this deal for the last few months and we are happy to have the acquisition complete. This investment provides Prairie Band, LLC huge appreciation potential with limited associated risk. Mr. Dunham is well versed in property management and has a successful proven track record. We are confident that we will reach our target occupancy rates and that this investment will provide us solid returns,”
said Burton Warrington, President and CEO of Prairie Band, LLC.
In 2010 Terra Industries was acquired by CF Industries who subsequently relocated the Sioux City operations to CF's corporate headquarters in Illinois. In total the 10 story building has over 181,400 square feet of rentable space and has many long time tenants such as Wells Fargo and the US Attorney's Office. The building's occupancy rate is close to 60 percent and now that the sale is complete the company is working under a letter of intent with a new anchor to fill the space vacated by Terra's operations.
posted October 12, 2012 7:40 am edt