PFG property clears tax hurdle, now on market
A tax-liability dispute between
The complex -- which is being marketed as Cedar Valley Suites -- has sat vacant since PFG disappeared in 2012 in the fallout of former CEO
PFG had constructed the gleaming office complex in 2009 to meet the latest Leadership in Energy & Environmental Design specifications, at a cost of about
Spiegel stepped in and purchase the property at auction, but said he couldn't market the space to new tenants until he could get the tax liability lowered.
"The taxes are so high in that, you have to have a reappraisal done," Spiegel said in
Tax dispute resolved
The developer recently reached an agreement with the county to resolve the difference, said Waterloo attorney
The taxable value of the property, as of the assessment date of
"That's supposed to reflect the market value," Mason said. "It was purchased for way less than that at auction."
Spiegel had sought an assessment value more in line with his purchase price, Mason said.
"There were commercial experts on both ends, and this is the amount we arrived at," he said.
The property is assessed for January of each year, Mason said.
"We have a little paperwork to do, but it's resolved," Mason said. "It's changed on the assessor's records."
Spiegel declined to comment on the settlement or what it means to his ability to market the property, other than to say he had hired
"We've obviously been contacted by A.J. and hired as part of the marketing effort to hopefully get a new tenant or even find a new buyer for the facility," Gerig said. "It's potential new business for the
The search for a tenant or buyer -- there's no emphasis on one over the other -- is national in scope, which is necessary for such a "unique" building, Gerig said.
"Understanding what the building is, you really have to have a unique buyer," he said. "Could be a technology firm, an insurance company, even a company in the financial industry like the former owners, PFG. Quite frankly, when you undertake a project like this, it's really a process."
And, it could take some time, he said.
"It's lovely if the process goes quickly, but I'm afraid it's going to have to be something of an effort to find the right business," Gerig said.
The process involved showing the building though brochures and the marketing firm's website and includes video footage, Gerig said.
"It's really about networking," he said. "We have a lot of superior contacts in the financial industry. It really is a numbers game and, to be honest, it's going to take time to go through those numbers for each potential tenant."
The building is up to date and is surrounded by 20 lushly wooded acres, and that can be an asset in marketing the property, Gerig said.
'Shock and awe'
"It's a facility that truly sells itself," he said. "Everybody who walks into it is really in shock and awe that it's in the
Gerig acknowledged that the property wouldn't be an ideal fit for every company looking to relocate.
"It also could be a hindrance; not many companies in an urban atmosphere may be wanting to transition into a
There have been inquiries, Gerig said, although he declined to identify any.
"There again, we're always out talking with people and looking for this right person," he said. "We have made a lot of contacts."
The "best outcome" would be to bring in an occupant from outside the area, Gerig said, although he noted that his company's top priority is to deliver a sale or lease for Spiegel.
"There has been some local interest and I still wouldn't rule out the local interest," Gerig said. "It certainly would make a fabulous facility for some local firm. That's possibility, as well."
The building is move-in ready, with a full-time maintenance person on the grounds daily to keep it in "tip-top" condition, Gerig said.
"The building has to be maintained almost near one of those occupied by the Wasendorfs," said
A would-be occupant would notice, Gerig said.
"The building is really turnkey," he said. "You may have a tenant or buyer that may want to change some of the aesthetics, but the thing about that building is it really is user-friendly. It does not take a lot to reconfigure office space or cut the building in two; the way the building was set up was to be divided into two separate spaces."
That the former PFG building has sat empty for so long is a waste of a major asset, said
"It's one of the great assets of the
More on the property is at www.mwpropertiesllc.com/#!cedar-falls-ia-corporate-hq/coj8.
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