Iowa City, IA – Lee & Associates, one of the largest national commercial real estate firms, has completed the $20,600,000 investment sale of an approximately 346,062-square-foot distribution center leased to Amazon. The building sits on 37.49 acres and is located at 2500 Heinz Road in Iowa City, IA, just 30 miles south of Cedar Rapids.
This facility provides last mile delivery to customers in eastern Iowa, western Illinois, and portions of Wisconsin.
Amazon commenced its 65-month lease in October 2019, after completing significant capital improvements into the building and site, estimated to be between $12-$15 million.
The subject property is located just 8 miles from the on/off ramp to Interstate 80, at the interchange with Interstate 380, providing excellent access to distribution arteries throughout the state.
“Amazon facilities are highly coveted by investors today,” said Ryan Barr, co-founder of the Barr & Bennett Net Leased Investments Group. “With the growth of ecommerce during the Covid pandemic, tenants such as Amazon provide outstanding stability and safety in an investment grade credit tenant. We expect to see demand for Amazon facilities continue through 2021.”
Ryan Barr and Ryan Bennett of Barr & Bennett Net Leased Investments Group, a team within Lee & Associates – North San Diego County, represented the Seller, TamShaZon, LLC, and the Buyer, Iowa City Industrial Partners, in the transaction.
