Cedar Rapids shopping center on auction block
Westwood Plaza has former tenant still paying rent
George C. Ford
CEDAR RAPIDS — A shopping center in southwest Cedar Rapids may have a new owner following a recent auction.
Westwood Plaza, a 168,300-square-foot commercial center at the corner of Edgewood Road SW and Williams Boulevard SW, opened in 2000. The property was the subject of an auction Aug. 8 through Aug. 10 with a starting bid of $3 million, according to Newmark Grubb Knight Frank of New York.
Sean Fulp, executive managing director of Newmark Grubb Knight Frank’s Western Region, declined to comment on the auction or the outcome of the bidding. Fulp said the identity of the buyer typically is not disclosed until the sale is completed.
Westwood Plaza has a 75 percent occupancy rate, according to information provided for potential bidders. Tenants include Aspen Athletic Club, Cold Stone Creamery, Cricket Wireless, Gander Mountain, Little Caesars Pizza and Sprint.
A notable vacancy is a 65,284-square-foot anchor space formerly occupied by an Econofoods supermarket.
Nash Finch of Minneapolis closed the store in November 2006, but will continue to pay rent through September 2020 under its lease agreement. The building was leased by Intermec Technologies after the June 2008 flood while extensive damage to the company’s downtown Cedar Rapids building was repaired.