Collins Road Square, one of the largest shopping centers in the Cedar Rapids area, is being offered for sale.
According to a LoopNet listing, Collins Road Square, at 1380-1470 Twixt Town Road in Marion, has a $15.1 million offering price. Cushman & Wakefield Iowa Commercial Advisors of West Des Moines is the listing agent.
“The investment appeal of Collins Road Square is driven by the area’s growth and local economy, supported by significant city investments in infrastructure and urban revitalization,” the LoopNet listing says.” These factors, combined with a prime location and a stable tenant base, position the center for long-term value and steady returns, making it a compelling opportunity in a thriving suburban retail market.”
The 166,915-square-foot shopping center was built in 1984. Its current primary tenants include Michaels, West Music, Half Price Books, Austad’s Golf, Loft, Bullfrog Spas, Grand Appliance, and Collins Road Theaters. Previous tenants include Phar-Mor, David’s Bridal and Pier 1 Imports.
The property has a current taxable value of $10,646,200, according to the Linn County Assessor’s Office. It has been sold twice in deed sales – once in November 2007 for $14,131,000 from Davis Realty to Collins Square LLC, and again in 2018 in a 1031 exchange for $13,650,000 from Collins Square LLC to The Shops at Collins Square LLC.
