Heer's building purchased by REIT

One of Springfield's most well-known properties has changed hands.

The downtown Heer's building sold to Fargo, North Dakota-based Edgewood Real Estate Investment Trust, according to a news release. In the deal, Springfield-based TLC Properties Inc. was named the property manager for Heer’s.

Financial terms were not disclosed, and officials with the companies involved could not be reached for comment by deadline. An online search did not turn up a deed of trust with the Greene County recorder's office.

Once a department store, the Heer's building sat vacant for nearly 20 years until it was converted into 80 apartments by Kansas City-based Dalmark Development Group, according to past reporting. The $15.8 million project wrapped up in late 2015 after redevelopment work began in 2013.

The Heer's building additionally has 18,000 square feet of commercial space that was filled in 2016 by health care software firm IntrinsiQ LLC.

For Edgewood REIT, the Springfield area is a familiar market.

Edgewood in 2018 purchased Missouri Valley REIT Inc. from the local Williams family of businesspeople, according to past reporting.

The Heer's building is Edgewood REIT's 16th property in Springfield, according to the release. The REIT now has more than 5,400 multifamily units in five Midwestern states. Edgewood's investor relations website indicates the company produced roughly $109 million in revenue and $29 million in net income last year.

In selecting TLC Properties to manage the Heer's building, Edgewood REIT connects with the Coryell family that has deep roots in the area for more than three decades.

TLC Properties’ website lists 28 multifamily apartment communities, comprising 3,963 units, with another 960 units on the way by 2022. The Coryells’ group of TLC businesses are joined together under the Coryell Collaborative Group umbrella company.