NorthPark Mall Former Sears

Description:

Situated within NorthPark Mall
The former Sears box is situated at the northeast end of NorthPark Mall. The mall consists of 934,000 SF and anchored by JCPenney, Dillard’s, Von Maur, and Barnes and Noble. Strong in-line tenants, such as H&M, American Eagle, JD Sports, and Shoe Dept. compliment these anchors. Furthermore, NorthPark Mall is located in a high growth market, giving the mall significant development upside.

Expansive and Desirable Trade Area Demographics
The former Sears at NorthPark Mall is situated along two main roads that generate over 52,200 vehicles per day: Welcome Way (15,600 VPD) and Kimberly Road (36,600 VPD). Evidence of this accessibility is the expansive trade area and super regional draw of Northpark Mall, which encompasses 218,091 people in the trade area. Within the trade area, this group is well-educated, with 24% of people holding a bachelor’s degree and an average household income of $93,923. Davenport is the largest city in the bi-state quad-cities area and is an economic engine for Iowa.

Flexible Zoning Ordinance and REA
The city’s zoning ordinance over the Property and the Reciprocal Easement Agreement (“REA”) in place with North Park and the owners of the department stores, allow a future investor flexibility for re-tenanting the building or redeveloping it to its highest and best retail use. The REA agreement expires on August 5, 2026.

Free and Clear
The former Sears at NorthPark Mall is being offered free and clear of existing debt obligations. This enables investors to structure their capital requirements according to their needs.

Sales Terms
The former Sears at NorthPark Mall is being offered without an asking price on an “as-is” basis, with ownership making no representation or warranties concerning the accuracy or completeness of the offering memorandum or any and all documents delivered to an acquisition prospect for the purpose of performing due diligence.

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