The 2023 midyear market outlook for the Cedar Rapids metro brings continued low vacancy in the industrial submarket, with stable vacancy in the central business district (CBD) office and retail markets and continued growth in the suburban office market vacancy.
A SAMPLE OF SIGNIFICANT TRANSACTIONS — ANNOUNCED, IN PROGRESS, COMPLETED OR TRADED
INDUSTRIAL
Sold — 1925 Blairs Ferry Road NE, Cedar Rapids — 21,184 former Rexco Equipment building
Leased — 999 Enterprise Drive, Marion — 52,300 SF leased to Fosters Kraus and Ohio Transmission Corporation
Leased — 5515 4th Street Court SW, Cedar Rapids — 30,000 SF leased to White Cap
Sold — 1203 & 1204 9th Street SW, Cedar Rapids — 55,728 SF vacant building sold to an investor
Companies expanding their footprint — International Paper, Conveyor Engineering & Manufacturing, World Class Industries and Lil’ Drug Store
OFFICE
Sold — 222 3rd Street SE, Cedar Rapids — Guaranty Bank, World Theatre and Dragon Restaurant sold as an adaptive reuse for boutique hotel conversion or housing
Announced — 116 Sixth Street SE, Cedar Rapids — 34,000 SF Cedar Rapids Bank & Trust second office building
Sold — 201 1st Avenue SE, Cedar Rapids — 10,160 SF investment property with Barrel House as anchor tenant
Leased — 512 3rd Street SE, Cedar Rapids — 16,800 SF former Gazette building leased to Shuttleworth & Ingersoll
RETAIL/SERVICE
Sold — 4444 1st Avenue NE, Cedar Rapids — 732,666 SF Lindale Mall sold to an investment group for $28.5 million
Sold — 1200 Collins Road NE, Cedar Rapids — 187,000 SF Marriott hotel sold at auction
Sold — 1900 Dodge Road NE, Cedar Rapids — 47,650 SF Residence Inn hotel sold at auction
Leased — 2360 Edgewood Road SW, Cedar Rapids — 2,774 SF Napoli’s, 2,388 SF Mi Pho and 2,056
SF Metro Infusion
Leased — 2380 Edgewood Road SW, Cedar Rapids — 5,638 SF RNR Tire, 4,512 SF Slager Appliance and 1,500 SF Jersey Mike’s
MULTIFAMILY
Announced — 3851 River Ridge Drive NE, Cedar Rapids — 104 multifamily units on the 2nd through 4th floors with 1st-floor enclosed parking — $18,500,000 development
Announced — 116 16th Avenue SE, Cedar Rapids (Vesnice) —85 multifamily units with roof and garden terraces — $23,700,000 development
In Progress — 100 Boyson Road, Hiawatha (The Crossing on Boyson) — 196 luxury apartment homes in seven 28-unit buildings
SPECIAL PURPOSE
Sold — 850 Twixt Town Road NE, Cedar Rapids — former Perfect Game USA facility sold for $1,350,000
Leased & Build-to-Suit — 3010 64th Avenue SW, Cedar Rapids — Vernon Transportation Company tank wash facility
Announced — 3301 Armar Drive, Marion — UnityPoint St. Luke’s emergency department
Announced — 3701 Katz Drive, Marion — Mercy Hospital emergency department
Announced — 501 1st Street SE, Cedar Rapids — City View Community High School
Contact us to discuss your questions regarding the 2023 midyear market outlook Cedar Rapids Metro or your commercial real estate requirements.
Disclaimer – Real estate data herein was acquired through the Cedar Rapids Area Association of Realtors MLS, Cedar Rapids Assessor, Linn County Assessor and local media outlets. All information furnished in this report is obtained from sources deemed in our opinion to be reliable but not guaranteed. Transactions in bold through the market outlook denotes GLD Commercial team member involvement.