Investment Overview

Marcus & Millichap, as exclusive advisor, is pleased to present the opportunity to acquire a 100 percent fee simple interest in Edgewood Center, (“The Property”), a Class “A” 12,313 square-foot retail strip center located in Cedar Rapids, Iowa. The multi-tenant retail center includes a service-oriented tenant lineup comprised of restaurants, health and wellness, and cosmetic services. Built in 2015, the property features a high-end brick and stone façade, carefully groomed landscaping, zero deferred maintenance. The investment also provides long-term triple net leases with a weighted average lease term of Four years and strong contractual rent increases that will drive organic net operable income growth for a new owner. The Property is situated adjacent to the Westdale Towne Center which is undergoing a $90 Million redevelopment. The redevelopment has included a new Burlington, Ross, Petsmart, Chic-Fil-A, two hotels, and several single tenant outparcels, with construction underway on a Michaels store and 148 units of multi-family housing creating a true live, shop, play environment. The redevelopment received more than 3.2 million visitors in the last 12 months as it continues to grow and fill out. Edgewood Center is strategically located in the heart of the Cedar Rapids retail corridor and benefits from the city being one of the largest manufacturing regions in the United States with almost 300 different manufacturing plants. Cedar Rapids is the second largest city in Iowa and is home to two dozen Fortune 500 companies making it one of the strongest tertiary markets in the United States. Situated along Edgewood Road, with average traffic counts of over 22,000 vehicles per day. The Property boasts a population of 100,000 within a five-mile radius with average household incomes of $74,000. The Property is offered free and clear of debt at a 7.0 percent cap rate totaling $3,885,000.