Marcus & Millichap, on behalf of ownership as its exclusive advisor, is pleased to bring to market Blackhawk Village in Cedar Falls, Iowa. The subject property is a 100 percent occupied, 64,594-square-foot Kohl' s shadow-anchored shopping center situated on six acres. Blackhawk Village benefits from ease of management, as its tenant roster is comprised of only six tenants. The center is anchored by Key West Fitness who occupies 38 percent of the gross leasable area, and includes well-known national tenants Chuck E. Cheese' s, Dollar Tree, and Famous Footwear. These four tenants combine for nearly 88 percent of the gross leasable area and are all subject to triple-net leases, reimbursing for management and/or administrative fees as well.
Chuck E. Cheese' s and Dollar Tree are leased into 2021, providing excellent mid-term stability. Rounding out the tenant roster are Bob' s Guitars and G&R Construction who comprise 12 percent of the gross leasable area.
Black Hawk Village is located along University Avenue, just over one-half mile from Route 58, and one mile from the University of Northern Iowa. Traffic counts are strong, with 12,000 16,000 cars per day on University Avenue, and 21,500 cars per day on Route 58. A multi-million dollar road improvement project is underway on University Avenue to enhance the corridor' s traffic flow, and accessibility to bicycles and pedestrians. The University of Northern Iowa is a major economic driver
for Cedar Falls and has 11,905 students, including 1,800 graduate students. The University employs approximately 800 academic staff and competes in NCAA Division I athletics. In addition to being shadow-anchored by Kohl' s, Blackhawk Village is adjacent to the 550,000-square foot College Square Mall, which is anchored by Von Maur, Younkers, HyVee Grocery, and
Marcus Theaters, w/ specialty retailers and restaurants including Victoria' s Secret, Express, American Eagle, Planet Fitness, Old Chicago Pizza, and dozens more. Demographics in the surrounding area are strong, w/ 8,540 residents within one mile, 42,713 residents within 3 miles, and 82,384 residents within 5 miles.
