Receiver Sale: Plaza West | Hobby Lobby-Shadowed, NNN Leases

Highlights:

• Shadow-Anchored by Hobby Lobby and Ollie's: Hobby Lobby adjoins the site, with Ollie's Bargain Outlet and Tractor Supply as shadow anchors.
• 18,027 SF of Vacancy Across Six Suites: Lease-up of 50.6% vacant GLA, including 6,000 SF and 4,000 SF spaces, is the primary NOI lever.
• NNN Leases With 10%–15% Admin Fees on CAM: All five tenants pay taxes, insurance, and CAM plus an admin fee, and cover their own HVAC expense.
• Rent-A-Center Lease Expires November 2026: Tenant pays 31.9% of revenue and holds a five-year option at $12.95 PSF with Hobby Lobby co-tenancy.
• 1.39-Acre Outparcel Included in the Sale: Separate pad parcel adds development flexibility beyond the 35,650 SF center and its 11 suites.
• In-Place Tenants Dating Back to 1998: Advance America and Mailboxes & Parcel Depot have been in place since 1998, Lin Family Buffett 2009.

Description:

View details and diligence materials on RI Marketplace:
https://rimarketplace.com/auction/2639/retail/west-burlington/ia?utm_source=aqqire&utm_medium=free_listing&utm_campaign=november19_2026&utm_content=retail_2639

Brokered by Marcus & Millichap and powered by RealINSIGHT Marketplace, Plaza West at 3351 E Agency Street in Burlington, Iowa is a 35,650 SF neighborhood shopping center on 9.47 acres, offered with an included 1.39-acre outparcel. Built in 1989, the 11-suite center is 49% leased to five tenants: Rent-A-Center, Lin Family Buffett, Advance America, Mailboxes & Parcel Depot, and Zen Nails Bar Spa, all on NNN leases with tenants paying taxes, insurance, and CAM plus admin fees. Occupied space generates $212,318 in base rent and $100,826 in recoveries, supporting pro forma 2027 NOI of $116,988. The value-add thesis centers on leasing 18,027 SF of vacancy across six suites, including 6,000 SF and 4,000 SF spaces, and managing near-term rollover led by Rent-A-Center's November 2026 expiration and five-year renewal option. The center is shadow-anchored by Hobby Lobby, with Ollie's Bargain Outlet and Tractor Supply nearby, and sits near N Roosevelt (16,000+ VPD) and US Highway 34 (12,500+ VPD) in a retail corridor that includes Walmart, Lowe's, Kohl's, and Menards.

Location
Plaza West sits on E Agency Street in Burlington, Iowa, near N Roosevelt (16,000+ VPD) and US Highway 34 (12,500+ VPD). Hobby Lobby adjoins the site, and the surrounding corridor includes Walmart, Lowe's, Kohl's, Menards, and Ollie's, with Southeast Iowa Regional Medical Center to the west. That retail concentration drives regional shopper traffic past the center's inline suites.


Bidding Opens
Nov 18 1:00 AM
Bidding Closes
Nov 20 1:00 AM

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