North Port Commons | Shadow Anchored by Menards
Muscatine, IA
Price: $1,650,000Cap Rate: Building SF: 12,423 SFLot Size: 2.38 AcresYear Built: 2005Status: Closed

Investment Highlights: 

Stabilized Strip Center with Strong Tenant Mix  – The 100% leased center offers a strong tenant mix of National and Regional retailers with staggered lease expirations.

Recent Tenant Renewals Show Commitment to Site – Maid-Rite just renewed for another ten years, Rent-A-Center extended for another five years, and Rock Valley Physical Therapy exercised their 2nd renewal in July 2015.

Excellent Rent Growth  – Strong rental increases ranging from 2%-5% offers an excellent hedge against inflation.

Shadow Anchored by Menard’s – The center is shadow anchored by Menard’s, a home improvement company with 280 stores located throughout the midwest.

Major Retail Corridor – The  subject property is located along IA SR-61, which is a main connector between Muscatine and nearby Davenport (pop. 103,000), with neighboring retailers such as Menard’s, Blain’s Farm and Fleet, Hampton Inn, AutoZone, Taco Bell, Arby’s, Culver’s, Aldi, Walmart Supercenter, O’Reilly’s, McDonald’s, and many more.

Strong Economic Growth – Muscatine has an unemployment rate of just 4%, with expected job growth of nearly 37% in the next ten years. In addition, Muscatine placed in the top 15% among Micropolitan Statistical Areas in economic strength rankings in 2014, showing its diverse and growing economy.


Ryan Barr

rbarr@lee-associates.com
O. 760.448.2446
F. 760.929.9977

Ryan Bennett

rbennett@lee-associates.com
O. 760.448.2449
F. 760.929.9977