Westdale Mall Shops | Investment Opportunity
2460 Edgewood Rd SW Cedar Rapids, IA 52402
Price: $2,870,000
Status: Sold
Cap Rate: 6.75%
Year Built: 2016
NOI: $193,731
Lot Size: 1.84 acres
Price Per Foot: $380
Lease Type: Absolute Triple-Net (NNN)
Remaining Term: 5+ Years
GLA: 7546 sqft
Property Intro
Lee & Associates, in conjunction with Bang Realty, Inc (LIC# F06090000) is pleased to exclusively offer for sale to qualified investors, the opportunity to purchase the Westdale Mall Shops, a multi-tenant retail strip center located at 2460 Edgewood Rd in Cedar Rapids, IA (the “Property”). The subject property was built in 2016 and consists of a 7,546-square-foot, 3 tenant retail building that sits on an
approximately 1.39-acre parcel. The east end of the property features a drive-thru lane for the Freddy’s space with Firehouse Subs
and Domino’s in the two other suites.
investment highlights
- LOCATED AT ENTRANCE TO WESTDALE TOWN CENTER MALL (+/-900,000 SF) • UNDERGOING A PROPOSED $90 MILLION RENOVATION • EXISTING SURROUNDING RETAILERS CREATE A STRONG DRAW TO TRADE AREA
- Located at the entrance to the Westdale Mall, which is undergoing a multi-million-dollar transformation (See Page 30 for details). Updated mall will feature mixed-use development, hotels, office space and various retail pads. Nearby retailers include Walmart, Target, AMC Theatres, Ross, Kohl’s, Menards, Staples, Ashley HomeStore, and PetSmart to name a few. Desirable surrounding retailers provide a consistent draw to the trade area.
- 100% LEASED MULTI-TENANT SHOPPING CENTER • EXTREMELY LOW RETAIL VACANCY RATE (1.1%) NEWER TRUE NNN LEASES • STRONG NATIONAL TENANT MIX • END CAP DRIVE-THRU LANE • INTERNET PROOF TENANTS • MITIGATED FUTURE VACANCY RISK
- Fully leased 7,546-square foot multi-tenant retail strip center built in 2016. Desirable mix of fast-casual restaurant tenants with national name recognition. Rent roll provides staggered lease expirations and rent escalations as a hedge for looming inflation. Tenants have uses that are virtually internet proof providing an investor with mitigated future vacancy risk. Low 1.1% retail vacancy rate within the submarket (Co-Star)
- PROXIMITY TO DOWNTOWN CEDAR RAPIDS (4 MILES), GENERAL MILLS COMPANY HEADQUARTERS (35,000 EMPLOYEES) & A NORDSTROM FULFILLMENT CENTER (900 EMPLOYEES)
- The subject property is within 2 miles of General Mills Headquarters which employs roughly 35,000 people. Close to Seattle based retailer Nordstrom’s fulfillment center which employs roughly 900 full and part time employees.
- ROUGLY 41,000 HOUSEHOLDS WITHIN A 5-MILE RADIUS • EXCELLENT VISIBILITY & ACCESS • 1 MILE FROM THE ON/OFF RAMP TO HWY 30 (19,000 CPD)
- Edgewood Road is a major thoroughfare with roughly 41,000 households within a 5-mile radius. The property provides outstanding visibility to 21,000 cars per day. Situated 1 mile from the on/off ramp to Hwy 30 (19,000 CPD). Quick access to Downtown Cedar Rapids and Fortune 500 HQ’s.
- LOCATED IN CEDAR RAPIDS • 2ND LARGEST CITY IN IOWA
- Located in Cedar Rapids, the second-largest city in Iowa after Des Moines. Estimated population of nearly 134,000 people. Many Fortune 500 Companies are headquartered in Cedar Rapids including Rockwell Collins, AEGON USA, Maytag Appliances, General Mills, Quaker Oats and more.
listing agents
