CEDAR RAPIDS, IA-A joint venture of Alex. Brown Realty Inc. (ABR) and Trinity Property Group LLC has acquired the 168,563-sf Collins Road Square retail center here, located across from Lindale Mall. The ABR Chesapeake Fund III provided an equity commitment of $3.8 million to the $14.1 million purchase.

The center is anchored by retailers such as Michaels, Pier One, David’s Bridal and a locally-owned movie theater. The property is about 68% occupied, says Don Brenneman, ABR’s acquisition officer. “We had one large tenant leave recently,” he tells GlobeSt.com. “It was a successful furniture store, a Furniture Row concept. They did so well that they moved to a location built specifically for them about a mile away. That tells us that we have a strong retail node here. If we could get another furniture retailer here, that would do well.” The venture will also perform some capital improvements to the site, and the city is redoing the road and allowing a new main sign.

This property is ABR’s first investment in Iowa. “We’ve acquired a lot of stuff in the Midwest lately, such as industrial properties in Des Moines, IA and Indianapolis. We think there are opportunities in the Midwest, if you can underwrite them conservatively, there’s still value there. We’re just selective…the thing we like about the Collins site is that the area is an established retail hub. It’s also about a mile from (aerospace and defense company) Rockwell Collins, which continues to grow and add jobs.”

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