Newton Independent
An Illinois company has purchased and reopened the former Speedway Gas convenience store facility near the Iowa Speedway.
Earlier this month, New Midwest Iowa, LLC., of Wheeling, Ill., paid $540,000 to California-based Granite Bay, LLC., for the former Prairie Gas opertion adjacent to the stalled hotel project at the Interstate 168 exit.
Last July, the Newton council worked with Jalal Naderi, who operates two 7-Eleven stores near Sacramento, and his Granite Bay corporation to modify the terms of the previous development agreement that allowed him to purchase and reopen the store located at the city's east Interstate 80 interchange.
The Prairie Gas convenience store abruptly closed just before Christmas 2009 when owner Dave Fisher said he planned to sell the property and focus his efforts on the development of the adjacent Prairie Suites motel project.
In early 2010, Great Southern Bank foreclosed on the convenience store with approximately $780,000 owed on the nearly $1 million loan. In July 2010, the property was sold to Great Southern at Sheriff Sale at a price of $599,300.
In June 2011, Naderi's Granite Bay limited liability corporation purchased the property from Great Southern Bank at a price of $420,000, Jasper County Assessor records indicate.
In early October 2011, Naderi listed the Newton property for sale at a price of $699,000. He abruptly closed the operation later that month.
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