Overview

Description

SRS Real Estate Partners, LLC in collaboration with NAI United is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NN, corporate signed, freestanding White Cap, L.P. investment property located in Iowa City, Iowa. The property includes a 16,974 SF industrial building with adjacent one acre open yard storage. The tenant White Cap Supply has been a tenant in the building since 1998 and recently executed a 6-year lease renewal extending their term through October 2029, demonstrating their commitment to the site. The lease features annual rent increases based on CPI. The annual increases can be no less than 3% and no more than 5%. The annual rental increases grow the NOI and hedge against inflation. The lease is NN with minimal landlord responsibilities (roof, structure, driveway and walls) making it an ideal investment opportunity for a passive investor. White Cap is the leading North American distributor for professional contractors. White Cap operates approximately 450 branches across North America with more than 9,500 employees supporting approximately 200,000 customers across 15 construction trades across the United States.

The subject property is strategically located along South Gilbert St., a well-trafficked thoroughfare averaging 16,100 vehicles passing by daily. The site benefits from nearby direct access to U.S. Highway 6 (27,800 VPD), the primary east/west commuter highway traveling through Iowa City. The asset is ideally situated within close proximity to the Iowa City Municipal Airport. The property is two miles from the University of Iowa (30,000 students). Nearby retail includes the 165,000 SF Pepperwood Plaza and a Walmart Supercenter. Other nearby retail tenants include: Hy-Vee, Goodwill, Tractor Supply, Fin and Feather, Sherwin Williams, Harbor Freight, Aldi, and many others. The proximity to retail centers increases consumer draw to the immediate trade area and promotes crossover store exposure for the site. The 5-mile trade area is supported by more than 101,000 residents and 92,000 daytime employees with an average household income of $93,254.

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