ABR, Trinity Buy 168,563-SF Center for $14M

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.