CEDAR RAPIDS, Iowa - Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that it has arranged the sale of Northland Square in Cedar Rapids, Iowa. The 106,500-square-foot shopping center is fully occupied by national tenants, including T.J. Maxx, Barnes & Noble, OfficeMax, Old Navy, Famous Footwear, and Hallmark. The sale price was $17.5 million.
Hanley Investment Group's Executive Vice President and Partner Jeff Lefko and Executive Vice President Bill Asher, 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 Doug Fielding, senior managing director investments with Marcus & Millichap in Phoenix, Arizona.
"We generated multiple qualified offers and procured a private, West Coast-based buyer, and sold the shopping center at a premium," said Lefko. "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."
Northland Square is located at 321-355 Collins Road Northeast in Cedar Rapids. Built in 1994 on 9.95 acres and renovated in 2000, the property benefits from its position along Collins Road Northeast (State Highway 100), a main thoroughfare in the active retail corridor that sees over 34,000 cars per day.The shopping center offers easy access via two signalized intersections at Northland Avenue and C Avenue.
T.J. Maxx (NYSE: TJX; S&P: A) has been a tenant at Northland Square since 2015 and recently exercised its five-year option, demonstrating continued commitment to the location. The store reports strong sales performance, reinforcing its position as a key retail anchor at the center. As of February 1, 2025, T.J. Maxx operated 1,333 stores nationwide.
OfficeMax (NASDAQ: ODP), a tenant since 2010, is the #1 ranked OfficeMax in Iowa and ranks in the top 3% nationwide, according to Placer.ai. The company recently extended its lease, underscoring its ongoing commitment to Northland Square. OfficeMax, a subsidiary of Office Depot, operated 869 stores nationwide at the end of 2024.
The Barnes & Noble at Northland Square is the #1 ranked location within a 50-mile radius, as reported by Placer.ai. A tenant since 2015, Barnes & Noble signed an early lease renewal in 2024. The company has a retail presence in every state, with approximately 600 bookstores.
Old Navy (NYSE: GPS), ranked as the #1 location within a 50-mile radius by Placer.ai, has been a tenant since 2012. Old Navy operates over 1,200 stores nationwide.
Famous Footwear (NYSE: CAL), ranked #2 among 13 locations in Iowa per Placer.ai, boasts a 15-year operating history at Northland Square. The company has approximately 860 stores nationwide.
Hallmark has been a tenant since 2016 and recently exercised its five-year option, reflecting the company's continued commitment to the location. Hallmark operates nearly 1,200 stores across the U.S.
According to Lefko, "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."
The adjacent Kohl's (not a part of the sale) 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, the top regional mall in Iowa, with 4.7 million annual visitors, as reported by Placer.ai. It is also across the street from Cedar Rapids’ largest employer, Collins Aerospace, which employs over 8,000 individuals. The Cedar Rapids metro area is also home to nearly 300 manufacturing plants and several Fortune 500 companies, including Nordstrom, General Mills, Quaker Oats, and Collins Aerospace.
Cedar Rapids, with a population of 137,710, is the second-most populous city in Iowa. The city has earned recognition as one of the "Top 100 Best Places to Live in the U.S." by Livability.com (2024) and one of the "Top 125 Best Cities for Jobs in America" by WalletHub (2024). The Cedar Rapids metropolitan area has a population of 276,520.
"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," said Lefko. "The city's strong employment rates and business-friendly climate make it an attractive destination for national retailers and investors alike."
About Hanley Investment Group
Celebrating 20 years, Hanley Investment Group Real Estate Advisors is a real estate brokerage and advisory services company with an over $11.5 billion transaction track record that specializes in the sale of retail properties nationwide. Our expertise, proven track record, and unwavering dedication to putting clients' needs first set us apart in the industry. Hanley Investment Group creates value by delivering exceptional results through the use of property-specific marketing strategies, cutting-edge technology, and local market knowledge. Our nationwide relationships with investors, developers, institutions, franchisees, brokers, and 1031 exchange buyers are unparalleled in the industry, translating into maximum exposure and pricing for each property. With unmatched service, Hanley Investment Group has redefined the experience of selling retail investment properties. For more information, visit www.hanleyinvestment.com.
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Company Name: Hanley Investment Group Real Estate Advisors
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