Mad Creek Center

Muscatine, Iowa

Offering Summary

  • Status: just listed
  • Price: $3,435,000
  • Cap Rate: 7.50%
  • GLA: 21,672
  • Net Operating Income: $257,765
  • Price/SF: $158
  • Year(s) Built: 2004
  • Major Tenants: Dollar Tree, T-Mobile, Sallys Beauty Supply
  • Hy-Vee (Shadow Anchor NAP) – Regions #1 Full-Service Grocer Since 1996 with Over 1.25m Annual Customers| Top 49% of All Hy-Vee Stores & Top 39% in Iowa (Placer.Ai) | Only Hy-Vee within a 30-mile Radius. | Owned by Public REIT
  • Dollar Tree: Original tenant From 2004 | Top 27% Store in Iowa + Top 50% Nationally |Recent 5-Year Extension | Modest Rent of Only $10.25/SF | Only Dollar Tree Servicing Region | Major Upgrades at Site at Tenants Expense
  • T-Mobile: Newest Tenant at Site – Opened 2023 | Paying 45% Higher Rent Compared to Center Average | Still Arguably Below Market Relative to Competitive Space Nearby
  • H&R Block: Original Tenant From 2004 | Below-Market Rent of Only $14.73/SF | Leased into 4/2027 with No Remaining Options | Extended Lease in 2024
  • Sally Beauty: At Site Since 2011 | Recently Extended Lease | Below-Market Rent of Only $14.00/SF | Only Location within 28-miles
  • Impact Life: Regions Most Prominent Nonprofit, Independent, Community Blood Center | Sites Across Illinois, Missouri, Iowa, and Wisconsin | Services Over 120 Hospitals and Emergency Medical Providers | Tenant Since 2012 and Recently Extended for 5-years in 2025 |
  • Currently Paying Lowest Rent of Only $10.50/SF | Endcap Closest to Hy-Vee Entrance
  • CATO: Original Tenant From 2004 | Below Market Rent Only $12.75/SF | Recent 5-Year Extension | No Remaining Options | Occupies 4,000 SF which Can be Demised into 2 Suites for Significantly Higher Rent
EXCLUSIVELY LISTED BY:

Zach Turner

Senior Director