321 Collins RdCedar Rapids, IA 52402

Property Details for 321 Collins Rd

Year built

1994

Lot size

9.95 AC

Property type

Lifestyle centers

Property subtype

Power centers

Description

Northland Square, a 106,500-square-foot shopping center in Cedar Rapids, Iowa, presents a compelling investment opportunity. This multi-tenant property, located at 321 Collins Rd NE, boasts a strong 8.00% cap rate and a substantial net operating income (NOI) of $1,514,730. Built in 1994 and renovated in 2020, the center sits on a 9.95-acre lot (APN: 14023-01009-00000) and is 100% occupied by national tenants. The property is anchored by TJ Maxx, which renewed its lease in August 2024, and shadow-anchored by the state's top-performing Kohl's. Other key tenants include Old Navy (the #1 ranked within a 50-mile radius) and Famous Footwear (#2 in Iowa). The center benefits from its high-traffic location along Collins Road NE (over 34,000 cars daily), excellent accessibility via two signalized intersections, and proximity to Collins Aerospace, Cedar Rapids' largest employer. The property's exceptional performance is further supported by strong reported sales and Placer.ai data, indicating its position in the top 15% of Iowa shopping centers. Ninety-four percent of the occupied square footage has been consistently occupied for nine or more years, demonstrating remarkable tenant stability and longevity. The asking price is $18,935,000.

Location Insight

City

Cedar Rapids

County

Linn

State

Iowa

Latitude

42.0269

Longitude

-91.6324

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