Cedar Rapids’ Northland Square shopping center sold for $17.5M

CEDAR RAPIDS — A private investor has purchased a popular Cedar Rapids shopping center for $17.5 million.

A California-based private buyer recently acquired Northland Square, a 106,500-square-foot shopping center in the 300 block of Collins Road NE. In association with ParaSell Inc., Hanley Investment Group facilitated the sale on behalf of the private partnership that previously owned the property.

“This was a good, clean sale for everyone involved,” said Hanley’s executive vice president and partner Jeff Lefko. “We exposed the property to a national audience, … and we ended up getting multiple offers (that we narrowed down to one).”

Northland Square has been sold several times since its construction in 1994. Prior to its most recent sale, the shopping center last changed hands as part of a 2017 commercial deal valued at roughly $21.8 million.

Included in the most recent transaction were the storefronts filled by T.J. Maxx, Barnes & Noble, OfficeMax, Old Navy, Famous Footwear and Hallmark. Each will continue to operate in its current location under the buildings’ new owner.

In a news release announcing the sale, Hanley staff referred to the property as a “top-performing shopping center … with excellent accessibility and visibility from one of the region’s prime thoroughfares.”

The center touts 100 percent occupancy, and several of its current tenants recently signed long-term lease extensions. Lefko said those factors, in addition to high traffic counts along Collins Road, made the center an attractive site for prospective owners.

The proximity to Lindale Mall was another plus, he added, seeing as the facility already draws in millions of shoppers each year and is set for additional development with the planned 2026 opening of a Dick’s House of Sport at the former Sears facility.

“(Northland Square) is surrounded by high-performing national tenants that generate significant daily customer traffic,” Lefko said in the release. “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.”

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