The Northland Square shopping center in northeast Cedar Rapids has been sold for $17.5 million.
The sale of the 106,500-square-foot shopping center, located at 321-355 Collins Rd. NE just west of Lindale Mall, was completed Feb. 25, according to Cedar Rapids Assessor’s Office records.
The transaction includes T.J. Maxx, Barnes & Noble, OfficeMax, Old Navy, Famous Footwear and Hallmark, according to Hanley Investment Group, the brokerage that facilitated the sale. The adjacent Kohls department store, at 361 Collins Rd. NE, is not part of the sale.
Built in 1994 on 9.95 acres and renovated in 2000, Northland Square has been sold several times over the years, most recently in 2017, when it changed hands in a transaction valued at just over $21.8 million.
Hanley Investment Group, in association with ParaSell, Inc., represented the seller, a Midwest-based private partnership. The buyer, a private investor based in Southern California, was represented by Marcus & Millichap of Phoenix, Arizona.
“We generated multiple qualified offers and procured a private, West Coast-based buyer, and sold the shopping center at a premium,” said Jeff Lefko, executive vice president and partners with the Hanley Investment Group, in a release. “Northland Square is a top-performing shopping center in Iowa with excellent accessibility and visibility from one of the region’s primary thoroughfares. This 100%-occupied property represented a stable and secure investment with a long history of occupancy by national tenants. Additionally, many of the tenants had recently signed long-term lease extensions.”
According to the release, Northland Square benefits from its position along Collins Road NE, which sees over 34,000 cars per day.
T.J. Maxx recently exercised its five-year option at Northland Square. The store reports strong sales performance. As of Feb. 1, T.J. Maxx operated 1,333 stores nationwide.
OfficeMax at Northland Square is the top-ranked OfficeMax in Iowa and ranks in the top 3% nationwide, according to Placer.ai. The company recently extended its lease. OfficeMax, a subsidiary of Office Depot, operated 869 stores nationwide at the end of 2024.
The Barnes & Noble at Northland Square is the top-ranked location within a 50-mile radius, as reported by Placer.ai. Barnes & Noble signed an early lease renewal in 2024. The company has a retail presence in every state, with approximately 600 bookstores.
Old Navy at Northland Square, ranked as the top location within a 50-mile radius by Placer.ai, operates over 1,200 stores nationwide.
Famous Footwear at Northland Square ranked #2 among 13 locations in Iowa per Placer.ai. The company has approximately 860 stores nationwide.
Hallmark at Northland Square recently exercised its five-year option. Hallmark operates nearly 1,200 stores across the U.S.
“Northland Square ranks in the top 15% of all shopping centers in Iowa, as indicated by Placer.ai, and is surrounded by high-performing national tenants that generate significant daily customer traffic, drawing from a large regional trade area,” Mr. Lefko said.
The adjacent Kohl’s ranks in the top 8% of Kohl’s stores nationwide and is the number one store in Iowa, according to Placer.ai.
Northland Square is adjacent to Lindale Mall, which draws 4.7 million annual visitors, as reported by Placer.ai.
“Investors recognize the value in regions like Cedar Rapids, where a diverse economic base and steady population growth create a robust environment for retail investment,” Mr. Lefko said. “The city’s strong employment rates and business-friendly climate make it an attractive destination for national retailers and investors alike.”
