1515 Lake Ave
Storm Lake, IA 50588
Shoppes on Lake · Retail Property For Sale

Marcus and Millichap is pleased to present for your acquisition review Shoppes On Lake in Storm Lake, Iowa. The 20,939 square foot building is positioned on 2.99 acres with excellent exposure along Highway M44. Storm Lake Retail Center is perfectly positioned just down the street from a Walmart Supercenter which is a major draw to this corridor contributing to the healthy traffic counts nearby. The subject property is also in close proximity to Buena Vista University, the Buena Vista Regional Medical Center and the large industrial warehouses home to Tyson Foods. There is minimal competition nearby for a majority of the tenants at Storm Lake providing additional security in the deal. Hy-Vee and Bomgaars occupy a large shopping center down the street to the south, with other tenants nearby including Ace Hardware, Anytime Fitness, O’Reilly Auto Parts, Napa Auto Parts, Burger King and Subway. Shoppes on Lake is currently 100 percent occupied, and is fully stabilized with upside in capturing the future rent increases scheduled. There are triple net leases in 77 percent of the gross leaseable area of the deal, with Cricket Wireless being the only tenant with a gross lease, providing more upside in converting the lease to triple net. The center has a healthy mix of national tenants including Dollar Tree (NASDAQ: “DTR”), Cricket Wireless (NYSE: “T”) and HR Block (NYSE: “HRB”) among others.