By PETER HUSSMANN
Windstream Corporation is offering to sell the former Maytag corporate campus it owns just northwest of the downtown Newton square for $1.
"Yes, $1.00," the sale ad that appeared in the Wall Street Journal on Wednesday reads.
Appearing under the heading of "Motivated Seller" and only giving a listing site as "Iowa," the advertisement lists the 420,000 square feet of corporate office space in a nine-building campus on the 17.71 acre site for sale under certain terms and conditions.
The contact individuals in the for sale ad, Peter Brown and Craig Jones, are the same individuals listed on the "for sale or lease" notification sitting in front of the former Maytag headquarters building.
The former Maytag campus was acquired by Iowa Telecom, after Whirlpool shut down its Newton operations, in 2007 at a sales price of $1.5 million. A year ago, Windstream Corporation became the owner of the property after acquiring Iowa Telecom following its buyout of the former Newton-based telecommunications firm in a $1.1 billion cash and debt assumption deal.
Following Windstream's acquisition of Iowa Telecom, it significantly downsized its operation at the former Maytag headquarter's building and the remaining employees back to its facility a block south of the downtown Newton square.
Windstream spokesman Scott Morris acknowledged this afternoon that the Little Rock, Ark.,-based company offered to sell the entire property for $1.
"Windstream did post the ad in the Wall Street Journal," he replied to inquiries from the Newton Independent.
Morris also expounded on the "terms and conditions" terminology that appeared in Wednesday's Journal ad.
"The $1 offer is for the entire campus," he said. "If a potential buyer wanted only part of the campus, the price would be subject to negotiation."
The property has a current assessed value of $4,150,960, according to Jasper County Assessor records.
Brown, the Des Moines-based commercial real estate agent listed in both the Wall Street Journal advertisement and on the sign outside the former Maytag headquarters, also confirmed the advertisement pertained to the Newton property.
"We have had a couple of leasing prospects for the site, but nothing signed," he said.
He provided a marketing flyer on the property which can be downloaded below.
Windstream reported third quarter results today that showed net income dropped 16 percent.