Hanley Investment Group Real Estate Advisors arranged the sale of Northland Square in Cedar Rapids, Iowa.
The 106,500-square-foot shopping center is fully occupied by national tenants, including T.J. Maxx, Barnes & Noble, OfficeMax, Old Navy, Famous Footwear, and Hallmark. The sale price was $17.5 million.
Hanley Investment Group’s Executive Vice President and Partner Jeff Lefko and Executive Vice President Bill Asher, in association with ParaSell, Inc., represented the seller, a Midwest-based private partnership. The buyer, a private investor based in Southern California, was represented by Doug Fielding, senior managing director investments with Marcus & Millichap in Phoenix, Arizona.
Northland Square is located at 321-355 Collins Road Northeast in Cedar Rapids. Built in 1994 on 9.95 acres and renovated in 2000, the property benefits from its position along Collins Road Northeast (State Highway 100), a main thoroughfare in the active retail corridor that sees over 34,000 cars per day. The shopping center offers easy access via two signalized intersections at Northland Avenue and C Avenue.
