investment opportunity - loopnet...founded in 1994 in jacksonville, florida, by former firefighter...

Investment Opportunity

2460 Edgewood Rd SW, Cedar Rapids, IA Westdale - Fully Leased Retail Strip

Project72-acre redevelopment of Westdale Mall, an 854,000 SF enclosed super- regional shopping mall, into a mixed-use power center serving as a multi-use destination. The $90+ million renovation began in 2014 with retail space available now.

LocationHigh profile location in the heart of the SW retail/commercial district. Excellent visibility and access via Edgewood Road.

Traffic Counts Over 20,000 vehicles daily on Edgewood Rd SW

Area DemographicsNew housing continues to develop in the surrounding area. 1 mile 3 miles 5 miles2016 Population 7,147 50,820 92,2902016 Average Household Income $66,148 $68,358 $70,3542016 Total Households 3,125 22,018 39,438

Property Size7,546 SF buildiing on 1.39 Acres, as shown on page 4

Sale Price$3,152,600 / 6.5% CAP

Property Highlights

Dave Drown, CCIM, SIORBroker [email protected]

Contact Information:

500 First Ave NE Suite 301Cedar Rapids, IA 52401Fax: 319.731.3434www.gldcommercial.com

All information furnished regarding this property is obtained from sources deemed in our opinion to be reliable but not guaranteed. Ownership entity includes a licensed Realtor in the state of Iowa.

Adam Gibbs, SIORBroker [email protected]



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LOT #1LOT AREA = 1.58 ACRESBUILDING AREA = 12,285 SFPARKING = 87 SPACES

LOT #2LOT AREA = 1.28 ACRESBUILDING AREA = 12,000 SFPARKING = 82 SPACES

LOT #3LOT AREA = 1.39 ACRESBUILDING AREA = 7,546 SFPARKING = 62 SPACES PARKING = 8-10 SPACES PER 1,000

NOTE:LOT SIZES ARE 100% USEABLE WITH ALL WATER DETENTION PROVIDED ‘OFF SITE’.






LEASED

Q Nails & Spa

TO BE CONSTRUCTED



Freddy’s:

Founded in Wichita, Kansas in 2002 by restaurateur Scott Redler and 2 brothers, Bill and Randy Simon, whose father, Freddy was the inspiration for the restaurant. Currently serving 255 locations nationwide, including 4 in Iowa.

Firehouse Subs: Founded in 1994 in Jacksonville, Florida, by former firefighter brothers Robin and Chris Sorensen. Currently serving over 900 locations, including 10 in Iowa.

Domino’s: Founded in 1960, Domino’s is the second-largest pizza chain in the United States (after Pizza Hut) and the largest world-wide, with more than 10,000 corporate and franchised stores in 70 countries. 33 locations in Iowa.








Square Lease Lease Annual Suite Tenant Feet Commencement Expiration Rent/SF Base Rent Options

#100 MLY Investments, LLC 3,300 SF 11/8/2016 11/30/2026 $28.00/SF Yrs 1-5 $92,400 (3) 5-Year options d/b/a Freddy’s Frozen Custard $30.00/SF Yrs 6-10 $99,000 & Steakburgers

#200 Heartland Subs 2, LLC 2,123 SF 11/7/2016 3/31/2027 $25.00/SF Yrs 1-5 $53,075 (2) 5-Year options d/b/a Firehouse Subs $27.00/SF Yrs 6-10 $57,321

#300 Dominos 2,123 SF 4/1/2017 3/31/2027 $28.00/SF Yrs 1-5 $59,444 (2) 5-Year options (lease dates $30.00/SF Yrs 6-10 $63,690 estimated)






investment opportunity - loopnet...founded in 1994 in jacksonville, florida, by former firefighter...

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