Northland Square Shopping Center Sold For $17.5M In Cedar Rapids With Bill Asher & Jeff Lefko As Seller's Reps
367 Collins Road Northeast
$17,500,000
$164/SF
Building Size
106,500 SF
Asset Type
Retail
Closing
Mar 18, 2025
About this deal
AI
A retail shopping center located at 367 Collins Road Northeast in Cedar Rapids, IA, was sold for $17,500,000. The asset spans 106,500 square feet and has a price per square foot of $164.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $17,500,000
- Address: 367 Collins Road Northeast, Cedar Rapids, IA
- Market: Cedar Rapids, IA
- Square Footage: 106,500
- Price Per Square Foot: $164
The sale was facilitated with representation from Douglas Fielding of Marcus & Millichap for the buyer, while the seller was represented by Bill Asher and Jeff Lefko of Hanley Investment Group. Hanley Investment Group arranged the $17.5 million sale of Northland Square, a fully occupied shopping center.
Players
Cedar Rapids Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.91%
Cash-on-Cash
-0.26%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93