Steadfast Income REIT purchases Des Moines Park Place Apartments

Steadfast Income REIT, Inc., based out of Irvine, California, recently purchased 147 units in the Park Place Apartments in downtown Des Moines, Iowa.  Park Place was built in 1986 and is a 16-story high-rise building located at 615 Park Street in the middle of the city’s business district.

Steadfast Income REIT is a real estate investment company that purchases and manages properties in the U.S. and Mexico.  Park Place Apartments has 158 units, 11 of which are privately owned and were not included in the real estate transaction with Steadfast.  The transaction was financed with proceeds earned by Steadfast in their recent public offering.

CEO and President of Steadfast Income REIT Rodney F. Emery said of the purchase, “We feel that the favorable aquisition terms negotiated by the REIT coupled with the property’s many attributes position it to produce immediate income.  Additionally, Steadfast Management Company will manage the property and will seek opportunities to strategically add value as part of the overall asset stratgey”.

If you have questions about negotiating a real estate transaction, contact the Des Moines real estate litigation attorneys of LaMarca Law Group, P.C. at (877) 327-2600 today to learn more about real estate law.

Iowa egg farm to return to stores after salmonella outbreak

Several months after a salmonella outbreak at several Iowa egg farms, the farms have been given permission to return their products to retail stores.  The outbreak of salmonella resulted in a recall of millions of eggs from retail store across the country and was considered the worst case of salmonella in the history of the country.

After investigators traced the bacteria to the Iowa egg farms, officials found that most farms were not following all the standard regulations related to the handling and farming of eggs.  Chickens had become infected with salmonella from improperly stored feed.  The outbreak was taken very seriously by the U.S. Food and Drug Administration as salmonella can be fatal for infants and the elderly.

Upon further review, the FDA recently determined that the Iowa farms had taken the necessary steps to correct their mistakes and now properly follow industry regulations.

Agribusinesses are subject to several laws and regulations just like any other business.  Contact the Des Moines agribusiness lawyers of LaMarca Law Group, P.C. at (877) 327-2600 today to set up an appointment to talk with one of our experienced business law attorneys.

Exelon purchases John Deere wind

Exelon, one of the nation’s largest utilities providers, recently purchased John Deere Renewables.  Exelon has approximately 5.4 million customers and generates around $17 billion of revenue every year.

John Deere Renewables can provide 735 megawatts of clean wind energy to nearly 220,000 homes.  Under Exelon, John Deere Renewables will change its name to Exelon Wind and will involve 36 wind energy projects in 8 states.

Exelon CEO and chairman John W. Rowe called the purchase “an economically sound transaction that adds value for shareholders”.  In addition, Rowe noted that the purchase will help Exelon to reach its goal of reducing its carbon footprint by 2020.

If you are looking to purchase or sell a business and would like to speak with an experienced business law attorney, contact the business sale and purchase lawyers of LaMarca Law Group, P.C. at (877) 327-2600 today to set up an appointment.

Developer sues Missouri city for holding up project

An Iowa developer recently sued Kimberling City, Missouri claiming that officials from the city have held up projects to be completed in the city.  Signature Holding Co. of Bettendorf, Iowa filed suit against the city, its mayor and other specified officials in the U.S. District Court in Davenport and seeks $14.5 million worth of damages.

According to court documents, Signature Holding Co. was set to begin two real estate development projects in Kimberling in 2003, Cottage Row and the Fischer Creek Inn and Country Club.  In 2006, after a new mayor and city council were elected, Singnature Holding Co. alleges that they began to take steps which prevented them from continuing development plans.

Specifically, the suit claims that between 2006 and 2009 the mayor and city representatives failed to hold timely meetings, spread untrue information about the development company and two times withdrew formal contract with the company.

To discuss options concerning business litigation, contact the experienced Des Moines business transaction attorneys of LaMarca Law Group, P.C. at (877) 327-2600 today.

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