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Shopping Strip

Creston Center

804 Laurel St, Creston, IA 50801

Listing Price: $735,000

Cap Rate
7.25%
Gross SF
5,000
Rentable SF
5,000
Price/Gross SF
$147.00
Lot Size
1.20 acres
Year Built
2017

Investment Overview

Marcus and Millichap is pleased to present for your acquisition review the Creston Retail Center in Creston, Iowa. This 5,000 square foot center was originally built in 2017 as a single-tenant Hibbett Sports but was then renovated to be a two-tenant building in 2020. The two tenants include UScellular and the Creston Liquor, both with five-year leases. The building is perfectly positioned as a Walmart outparcel, in the heart of the retail corridor in Creston. There are several retailers and traffic drivers nearby including Tractor Supply Co, HyVee, Bomgaars, Maurices, Supertel Inn, Dollar Tree, Super 8, Quality Inn, and more. UScellular signed a 5-year lease in December of 2020, leaving more than three years left. The lease included three, three-year options, commencing January 1, 2026, with rent increase in each option period. UScellular is a publicly traded company and is traded under the ticker symbol “USM” on the New York Stock Exchange. Creston Liquor signed a brand-new five-year lease, set to commence March 1, 2023, with rent increases in both of their five-year renewal options. The leases are classified as triple net, with each tenant being responsible for their share of real estate taxes, common area maintenance, insurance and partial management fee reimbursements. Creston, Iowa is a city in and the county seat of Union County, Iowa. Creston is home to Greater Regional Medical Center, Southwestern Community College (SWCC) and Buena Vista University (BVU) who partners with SWCC to provide bachelor degree completion programs. The city is located just over 50 miles southwest of Des Moines, Iowa and over 80 miles east of Omaha, Nebraska. Creston is known for Union County Historical Village and Museum, McKinley Park, Green Valley State Park, and being the birthplace of John Wayne.

Investment Highlights

  • Walmart Outparcel
  • 2017 Construction | 2020 Renovation
  • 100% Occupied Two-Tenant Strip Center
  • Anchored by US Cellular | Publicly Traded on the NYSE "USM"
  • All Triple Net Leases | Rent Bumps in Options

Broker of Record

  • Jon Ruzicka

    First Vice President Investments

    (952) 852-9700

    License(s) IA: B63379000

    Iowa

Shopping Strip

Creston Center

Listing Price: $735,000

Cap Rate
7.25%
Gross SF
5,000
Rentable SF
5,000
Price/Gross SF
$147.00
Lot Size
1.20 acres
Year Built
2017

Investment Highlights

  • Walmart Outparcel
  • 2017 Construction | 2020 Renovation
  • 100% Occupied Two-Tenant Strip Center
  • Anchored by US Cellular | Publicly Traded on the NYSE "USM"
  • All Triple Net Leases | Rent Bumps in Options

Investment Overview

Marcus and Millichap is pleased to present for your acquisition review the Creston Retail Center in Creston, Iowa. This 5,000 square foot center was originally built in 2017 as a single-tenant Hibbett Sports but was then renovated to be a two-tenant building in 2020. The two tenants include UScellular and the Creston Liquor, both with five-year leases. The building is perfectly positioned as a Walmart outparcel, in the heart of the retail corridor in Creston. There are several retailers and traffic drivers nearby including Tractor Supply Co, HyVee, Bomgaars, Maurices, Supertel Inn, Dollar Tree, Super 8, Quality Inn, and more. UScellular signed a 5-year lease in December of 2020, leaving more than three years left. The lease included three, three-year options, commencing January 1, 2026, with rent increase in each option period. UScellular is a publicly traded company and is traded under the ticker symbol “USM” on the New York Stock Exchange. Creston Liquor signed a brand-new five-year lease, set to commence March 1, 2023, with rent increases in both of their five-year renewal options. The leases are classified as triple net, with each tenant being responsible for their share of real estate taxes, common area maintenance, insurance and partial management fee reimbursements. Creston, Iowa is a city in and the county seat of Union County, Iowa. Creston is home to Greater Regional Medical Center, Southwestern Community College (SWCC) and Buena Vista University (BVU) who partners with SWCC to provide bachelor degree completion programs. The city is located just over 50 miles southwest of Des Moines, Iowa and over 80 miles east of Omaha, Nebraska. Creston is known for Union County Historical Village and Museum, McKinley Park, Green Valley State Park, and being the birthplace of John Wayne.

Broker of Record

  • Jon Ruzicka

    First Vice President Investments

    (952) 852-9700

    License(s): IA: B63379000

    Iowa

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