Retail

Warren Plaza – Dubuque, IA

3500 Dodge St Dubuque, IA United States 52003-5261
Asking Price Contact for pricing
NOI Net Operating Income
Cap Rate N/A
Asking Price Contact for pricing
NOI Net Operating Income
Cap Rate N/A

Documents

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Attributes

Year Built 1980
Building Area
Land Area ()
Number of units 15

Property Description

JLL has been retained on an exclusive basis to offer qualified investors the opportunity to acquire Warren Plaza (the “Property” or the “Offering”) – a 91,588 square foot Hy-Vee anchored retail center which is shadow anchored by Target and Chick-Fil-A in Dubuque, Iowa. Warren Plaza is located on Dodge Street at the “main and main” retail corner in Dubuque, and its anchors draw consumers from across the tri-state region (Iowa, Illinois, Wisconsin). The Property benefits from a recent renovation which is generating substantial new leasing interest, a lengthy term with Hy-Vee at below market rent on a landlord-friendly lease with minimal future capital requirements, and the only stores in the region for Target and Chick-Fil-A. Warren Plaza is a generational asset that offers investors the rare opportunity to acquire the #1 center in a regional trade area at a substantial discount to replacement cost, and to create value by bifurcating Hy-Vee at accretive pricing in the net lease market.

 

With a continued flight to quality for most retailers, Warren Plaza’s locational demand and high barriers to entry will continue to support long term tenant performance, retention, and rental rate appreciation.

Investment Highlights

Dominant Grocer:

  • #1 market share grocer in Iowa
  • Forbes 38th Largest Private Company in the US - $10B+ annual revenue

Pandemic Proof Investment:

  • Strong collections of 99% during Pandemic due to necessity nature of tenancy

Long Term Tenant Commitment:

  • Hy-Vee signed a 20-Year extension in conjunction with a store remodel and expansion in 2014
  • Tenant since 1979
  • 12.5 Years of remaining term

Grocer Bifurcation Potential:

  • Ability to sell Hy-Vee separately in the net lease market to capitalize on cap rate arbitrage

Category Leading Shadow Anchor:

  • Property sits adjacent to a separately owned Target driving additional regional traffic

Free & Clear Offering:

  • Investors can generate double digit levered equity yields with current market financing

Leasing Momentum:

  • 65% of small shop GLA has signed new or renewal leases in last 2 years
  • On average, new leases were 10% higher than existing small shop rents

Ideal Shop Space Ratio:

  • Anchor to shop space ratio of approximately 77% to 23%, which blends income security and growth
Last Updated Date: 13 Jul 2021
Clinton Mitchell
Clinton Mitchell
Managing Director, Capital Markets
License details
IL-475.160470 NE-20150925
Amy Sands
Amy Sands
Managing Director, Capital Markets
License details
IL-475.138622

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Last Updated Date: 13 Jul 2021

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