Overview

Description

CBRE National Retail Partners – Midwest team is pleased to present, as exclusive advisor, the opportunity to acquire Coral Ridge, a 100% leased power center located in Coralville, Iowa, four miles outside of Iowa City, home to the University of Iowa. Coral Ridge is strategically located just off the heavily trafficked Interstate-80 and Interstate-380 interchange (99,000+ VPD) in the Coralville regional retail node, anchored by Coral Ridge Mall, which saw 7.4 million visits over the last year, according to Placer.ai foot traffic data.

Coral Ridge was a former Sears department store redeveloped in 2017 and anchored by highly desirable national and investment-grade retailers, including PetSmart, Marshalls, HomeGoods, Ulta Beauty, and Five Below. These tenants were new to the market in 2017, their next closest location is nearly over 20 miles away. The power center is fully stabilized with weighted average lease term of approximately 4.28 years offering the next investor a stable and secure income stream.

Highlights

• Highly Desirable Anchor Tenant Lineup Coral Ridge is fully stabilized and anchored by a highly desirable anchor tenant lineup.
• Shadow Anchored by Coral Ridge Mall | Over 100 specialty shops, and is anchored by Dillards, JCPenney, Target, Best Buy, Scheels, and Marcus Cinemas
• Strong Accessibility and Visibility in Regional Retail Location
• Expansive Trade Area with Strong Demographic Makeup | Extending over 20 miles in every direction, with a population of 487,650 and a AHHI of $94,589
• New Construction | The former Sears department store was redeveloped and built new as Coral Ridge with five box retailers totaling ±98,596 square feet
• University of Iowa Advantage | Four miles southeast of Coral Ridge with 31,317 total enrollment

Documents

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