Glenwood Plaza Home / Glenwood Plaza

890-932 S. Locust Street, Glenwood, Iowa 51534 

  • CLIENT Glenwood PLaza
  • SQUARE FOOTAGE - Land 6.96 Acres
  • SQUARE FOOTAGE - Building 54,748 SF

CHALLENGES

  • Property was 88% occupied with very outdated vacancies
  • Shorter Term on the Anchors
  • Rural Iowa site 45 min out of Omaha
  • Excess Land
  • Unloved Property

RESULTS

Sale Date: October 18, 2015
Price: $1,300,000
Price PSF: $23.73

MAJOR POINTS:

  • Huge upside potential
  • New owner is cleaning up the property
  • New Tenants are responding to the refresh
  • Increased value by approx. 150%

PROJECT OVERVIEW

Purchased as part of a 1031 exchange, the buyer was able to secure a sold 10+% initial cap rate with plenty of upside remaining. The center just needs a bit of an exterior refresh, since the purchase there have been several leases secured, making this a very sold investment.

KEY TENANTS

  • ShopKo Hometown – 28,900 SF
  • Newman’s Grocery – 12,198 SF
  • H&R Block
  • Edward Jones

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