February 23, 2024 – Bob Horvath and Todd Tremblay of Horvath & Tremblay have successfully completed the sale of a Hy-Vee in Cedar Rapids, Iowa. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $1,433,000.
Hy-Vee is located at 1556 First Avenue NE in Cedar Rapids, Iowa. Hy-Vee has occupied this Property since it was constructed in 2002 and they recently extended their lease demonstrating their commitment to the site and the market. Hy-Vee has 5+ years remaining on an absolute triple-net lease with two (2), 5-year renewal options. The lease also calls for attractive 10% rent increases at the start of each renewal option. The Property is situated on a highly visible corner parcel at the signalized intersection of 16th Street NE and First Avenue NE (US Route 151 BUS), one of the area’s primary commercial and commuter corridors. Hy-Vee offers convenient access to Interstate 380 (0.6-miles) and Downtown Cedar Rapids (0.75-miles). The Property is ideally positioned within 1-mile of two higher education centers and three large medical centers, all of which drive traffic to the area and is also surrounded by densely populated residential neighborhoods providing a built-in customer base.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.