Though the owner of Kinship Brewery told the Des Moines Register in November he had no plan to sell the foreclosed business in Waukee, a commercial real estate firm is now listing the building and land for sale.
Lincoln Saving Bank foreclosed on Kinship’s Waukee taproom at 255 Sunrise Dr. N.W. in October, saying the brewery and the limited liability company that owns the property, Sunrise Drive Acquisitions, had defaulted on loans of $3.5 million and $2.4 million and that Kinship had failed to keep up payments on an operating loan with a $44,898 balance.
Owner Zack Dobeck insisted in an interview the following month that there was “a path forward” for the brewery, which opened in 2021, and at the time he still was operating the taproom with attenuated hours. In December, however, amid complaints by employees that they hadn’t been paid, Kinship closed the taproom, posting on Facebook that it would reopen May 1.
Court records show that on March 21, Kinship, Sunrise Drive Acquisitions, Lincoln Savings Bank and Dobeck told a Dallas County judge they had agreed to a settlement in the foreclosure case, but needed until April 4 to finalize the terms. As first reported by the Des Moines Business Record, the property is now on the market.
Riley Hogan, a senior vice president at West Des Moines commercial real estate firm CBRE, said Wednesday he is marketing the property on behalf of Kinship’s investors. Dobeck did not respond to a request for comment.
The listing says the 12,180-square-foot building sits on 5.95 acres with a 156-space parking lot. There is a half-acre dog park, a large patio and a beer production facility with $1,5 million in equipment and a 40,000-barrel annual capacity. In addition, Kinship for a period in 2023 also was hosting a fine-dining restaurant.
Other breweries inquiring about property, agent says
Hogan said several breweries, both in Iowa and elsewhere, have inquired about the facility. Likely its best use would be as a brewery because it is ready to start making beer immediately, he said. In fact, Kinship brews continued to be on draft at some local bars as recently as last month.
But Hogan said the building also could lend itself to other uses, such as a bowling alley with a restaurant. And he said there is enough room on the site for a separate retail or office building, Hogan said.
“We could have a business owner buy the building and build their office building there,” Hogan said. “Build an apartment building there. Build condo units. There’s so many opportunities out there that present itself that are different in today’s world than it was five years ago. This building plays right into those expanding categories.”
The sales listing does not specify an asking price, and Hogan said it is negotiable. The Dallas County Property Appraiser lists the building’s assessed value at $2.4 million, but Dobeck in November said a private appraiser had valued it at $5.3 million.
Brewery sits amid booming development
Dobeck in 2020 said he had moved to the Des Moines metro with his wife, an Iowa native, from Atlanta in 2018 with opening a brewery in mind.
Areas surrounding Kinship have boomed since Kinship opened. Waukee is among the fastest-growing cities in Iowa, and single-family and multi-family housing developments are being built along the Raccoon River Valley Trail, which is connected to property. Waukee Northwest High School sits about a half mile away.
More:How will a 9-mile Des Moines bike trail open a world of possibilities?
Hogan described the project as “slightly ahead of its time,” and said that with the infrastructure work that has gone into the area since Kinship opened, it is primed for another owner to turn it into an asset for Waukee.
More:Get your steps in and get paid: Des Moines suburbs looking for special census workers
“The landscape out there has changed so much over the last 24 months, 12 months,” Hogan said. “The residential rooftop growth is feeding a bunch of demand for new retail. So I think we’re in a good position.”
Philip Joens covers retail, real estate and RAGBRAI for the Des Moines Register. He can be reached at 515-284-8184, pjoens@registermedia.com or on Twitter @Philip_Joens.
Chaddsford Winery, the 42-year-old Pennsylvania Route 1 winery near the Brandywine Museum of Art in Chadds Ford, Pennsylvania, is up for sale.
The sale price for the 5-acre property at 632 Baltimore Pike is $4.5 million, Vice President and General Manager Corey Krejcik told Delaware Online/The News Journal on Wednesday afternoon.
He said the owners are looking to consolidate their portfolio.
“They are looking to sell the property and business together and would love for it to remain a winery, but all options are on the table,” Krejcik said.
Chaddsford, one of Pennsylvania’s oldest and largest vintners, was founded in 1982 by innovative winemaker Eric Miller, a California native who once lived in Burgundy and made wine in upstate New York, and his wife Lee Miller.
The Millers made European-style wines and were among the first locally to produce unoaked Chardonnay and to produce red wines from northern Italian varietals.
The couple retired and stepped away from the business in 2012. The winery’s current owners are the Petrillo family of New York who had worked with the Millers.
Krejcik, who worked at Chaddsford from 2007 to 2010 and returned to the winery in 2015, said the Petrillo family is “consolidating their investment portfolio and exiting the winery business.”
Chaddsford recently has been known for making “approachable, food-friendly wines, ” including dry, sweet, and sparkling styles.
New Wyeth exhibit:Ghosts, dead bodies, Michael Jackson & Andy Warhol haunt Jamie Wyeth’s new exhibition
It has produced 24,000 cases annually and makes wines from grapes grown in Pennsylvania, New York and Maryland. Chaddsford wines are sold in retail shops in Delaware, Pennsylvania, New Jersey, Maryland and Ohio.
Krejcik wrote on the Chaddsford website that the property “is poised for a new generation of energized ownership, whether it be a small collective of high-net-worth local and loyal oenophiles, individual investors and partners, or a hospitality-focused private equity group looking for a strong, established brand.”
It has wholesale distribution in seven states that comprise 23% of total sales, but 45% of total sales are “largely due to the memorable events hosted at this historic venue,” Krejcik wrote.
“The Petrillo family has enabled Chaddsford Winery to become a destination to experience wine in a fun environment, encouraging exploration through unique pairings and events. Chaddsford is a strong, modern brand with a loyal following and is now positioned to take the business to the next level under new ownership,” Krejcik wrote.
The winery is still in operation.
This isn’t the first Chester County area winery listed for sale in recent years.
In 2023, Longwood Gardens confirmed that it purchased Galer Estate Vineyard and Winery, formerly known as Folly Hill Vineyards. The 7.4 acres at 700 Folly Hill Road was listed by Kurfiss Sotheby’s International Realty for $3.395 million.
The vineyard closed its doors in late September 2023. Longwood, which had previously owned the land, would not disclose how much it paid for the property. A Longwood spokesperson said there were no plans to continue it as a winery.
Not running a winery:Longwood Gardens gives update on Granogue after toasting new winery purchase
“I don’t think we want to get into the wine business. We don’t have any immediate plans to do that,” Longwood spokesperson Patricia Evans told Delaware Online/The News Journal in October 2023.
Serious buyers interested in the Chaddsford winery property can email corey@chaddsford.com
If you want to read more stories from Patricia Talorico, visitdelawareonline.com/staff/2646617001/patricia-talorico You can find her on Instagram, X (formerly Twitter), and Facebook. Emailptalorico@delawareonline.com or leave a message at 302-324-2861. Sign up for herDelaware Eats newsletter.