Chipotle & Dunkin Retail Center in Des Moines 3053 8th St W 9,728 SF 87% Leased Retail Building Altoona, IA 50009 $4,665,000 ($479.54/SF) 6.35% Cap Rate

Pegasus Investments Real Estate Advisory Inc., in conjunction with ParaSell Inc., as exclusive advisors to Seller, are pleased to present the opportunity to acquire Altoona Acres, a multi-tenant retail strip located in Altoona (Des Moines), Iowa (the “Property”). The Property is occupied by a synergistic mix of nationally recognized and service-oriented tenants featuring a new 10-year lease with Chipotle, Dunkin’ Donuts drive thru end cap, and additional tenancy including Supercuts, Planet Smoothie, and RC Dermatology.
The Property is strategically positioned at a signalized intersection along Altoona’s 8th Street SW, the city’s main east–west thoroughfare, offering direct access to US Route 65 and the greater Des Moines metro. The 8th Street corridor is anchored by major national retailers including Walmart, Target, Menards, Lowe’s, Aldi, and Panda Express, forming a dominant retail hub with strong co-tenancy. Further, the property sits adjacent to a Raising Cane’s, which draws significant consumer traffic to the immediate area.
The Property benefits from proximity to major regional attractions, including Prairie Meadows Casino & Racetrack and Adventureland Park, two of the region’s most heavily visited attractions, which collectively draw nearly 3 million annual visitors. Additionally, the Property is situated just minutes from Outlets of Des Moines, a premier open-air outlet center featuring approximately 300,000 square feet of retail space and more than 50 national and designer retailers. These regional draws significantly enhance consumer traffic to the area and support tenant performance, while ongoing development and commercial expansion continue to strengthen the corridor’s long-term growth trajectory.
Altoona has experienced an exceptional 17.50% increase in population growth since 2020, supported by continued residential expansion and favorable demographics, including average household incomes exceeding $90,000 within a 5-mile radius. Altoona is also a major hub for data center development, anchored by Meta’s global flagship data center campus, the largest in the United States, spanning over 5 million square feet with more than $3 billion invested since 2013. Further, Tract, an institutional developer of master-planned data center campuses, has recently announced the acquisition of a 453-acre fully entitled site in Altoona capable of supporting over 1 gigawatt of capacity in one of the country’s most vibrant and reliable data center markets.