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NEWS

Prairie Band LLC Announces Acquisition of Terra Centre in Sioux City

October 02, 2012 –

MAYETTA:  On Wednesday, September 26, 2012 Prairie Band, LLC was among a group of investors who officially acquired the Terra Centre, the tallest and most prominent building in the Sioux City metropolitan area. Prairie Band, LLC owns 34% 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.

 

The Terra Centre was originally constructed in 1983 and served as the long time corporate headquarters of Terra Industries, in addition to offering premier corporate offices for Sioux City businesses. 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% 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.

 

Prairie Band, LLC is wholly owned by the Prairie Band Potawatomi Nation (PBPN) and serves as a holding company charged with diversifying, managing and expanding economic interests of the PBPN.