GLD Commercial and Cushman & Wakefield are pleased to offer for sale the 346,062 square foot (SF) Amazon distribution building available on a 37.49 acre site at 2500 Heinz Road, Iowa City, Iowa.
The property is fully leased to Amazon.com Services LLC and guaranteed by Amazon.com, Inc. (NasdaqGS: AMZN) (S&P: AA-). Amazon uses the facility as a delivery station and originally signed a 5 year and 5 month lease. Amazon just exercised its first renewal option for a 5-year extension beginning April 1, 2025.
The Amazon distribution building available has two 5-year renewal options. The rent during the renewals will be at fair market rent. We believe Amazon will continue to renew this lease as the property also offers expansion potential.
INVESTMENT ADVANTAGES:
• Amazon’s S&P AA- credit
• Market rent with 3% annual increases
• Largest Amazon delivery station in Iowa
• This property has 840 parking spaces for cars and delivery vans which appeals to Amazon
• Amazon’s shipments have increased significantly due to its same day and next day deliveries
• Operational expansion potential within the building
• Operation delivers both small packages and large items
• Cedar Rapids and Iowa City have strong, growing economies
• University of Iowa in Iowa City (Big 10 Conference school)
• New and recent industrial activity in the Cedar Rapids area including Google, Sub-Zero and FedEx
• Iowa is an ideal state for new data centers due to its abundant renewable wind energy
The primary population centers served by the Amazon distribution building available are the Cedar Rapids metro (approx. 276,000 residents) and Iowa City metro (approx. 175,000 residents). The combined population of the two metropolitan statistical areas is 451,000. Cedar Rapids and Iowa City are only 27 miles apart.
Cedar Rapids has a remarkably diverse set of industries and companies that position the area for healthy growth in the future. The primary industries include defense, financial services, food processing and manufacturing, advanced manufacturing and biosciences. A representative sampling of the companies include Collins Aerospace, Raytheon, Transamerica, Quaker Oats, General Mills, Cargill and more.
Iowa City’s economy is dominated by the University of Iowa with approx. 32,000 students, 3,000 faculty members, 18,000 staff workers and 12,000 health care employees (University of Iowa Hospitals and Clinics). This large, well-regarded university attracts companies that want to hire new college graduates with engineering, business and health care degrees while tapping into the knowledge created by the school’s research activities.
For Additional information, contact:
Angie Glick-Martin, SIOR
GLD Commercial
319.731.3409
angie@gldcommercial.com
Douglas Longyear
Cushman & Wakefield
415.705.9655
doug.longyear@cushwake.com