Staples, Iowa City

820 South Riverside Drive
Iowa City, IA 52246

PROPERTY SOLD

Square Footage: 18,049

Acreage: 1.82

Price: $4,855,750

Cap Rate: 7.75%

Description:

  • Long term net lease with a publicly traded (NASDAQ: SPLS) investment grade credit (S&P: BBB/Stable) tenant
  • Staples is the world’s largest office products company with over 2,000 stores in 26 countries and over $24 billion in annual sales
  • 2009 construction of a relocation store experiencing above average unit sales
  • Ideally located adjacent to University of Iowa (31K+ students) and the CBD
  • Strong traffic counts in front of property with +/- 23,000 cars per day
  • 68,000 people in a 3-mile radius with an average HH income of $61,000
  • Downtown is currently undergoing major redevelopments along the riverfront to sustain long term success for the area