A 100%-occupied shopping center in Iowa’s second-largest city is changing hands.
Hanley Investment Group Real Estate Advisors has arranged the sale of Northland Square in Cedar Rapids, Iowa. The 106,500-sq.-ft. shopping center is fully occupied by national tenants, including T.J. Maxx, Barnes & Noble, OfficeMax, Old Navy, Famous Footwear, and Hallmark. The sale price was $17.5 million.
Hanley Investment Group’s Executive VP and partner Jeff Lefko and executive VP Bill Asher, in association with ParaSell, Inc., represented the seller, a Midwest-based private partnership. The buyer, a private investor based in Southern California, was represented by Doug Fielding, senior managing director investments with Marcus & Millichap in Phoenix.
Built in 1994 on 9.95 acres and renovated in 2000, Hanley Investment Group says Northland Square benefits from its position along Collins Road Northeast (State Highway 100), a main thoroughfare in the active retail corridor that sees over 34,000 cars per day.
Northland Square is adjacent to Lindale Mall, the top regional mall in Iowa, with 4.7 million annual visitors, according to Placer.ai. It is also across the street from Cedar Rapids’ largest employer, Collins Aerospace, which employs over 8,000 individuals.
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“We generated multiple qualified offers and procured a private, West Coast-based buyer, and sold the shopping center at a premium,” said Lefko. “Northland Square is a top-performing shopping center in Iowa with excellent accessibility and visibility from one of the region’s primary thoroughfares. This 100%-occupied property represented a stable and secure investment with a long history of occupancy by national tenants. Additionally, many of the tenants had recently signed long-term lease extensions.”
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