15/09/2022 - Jones Lang LaSalle Inc.: Sale of Iowa retail center closes for $27.5M

CHICAGO, Sept. 14, 2022 -JLL Capital Markets announced today that it has closed the $27.5 million sale of Lakeport Commons, a dominant, 202,880-square-foot, regional, open-air shopping center in Sioux City, Iowa.

JLL represented the seller, The RH Johnson Company. A Midwest-based private investor purchased the asset.

The property is 95% leased to an impressive national tenant roster that is further bolstered by the recent addition of Aldi and Ross Dress for Less, who recently signed new 10-year leases, opening new locations within the market. Additional tenants include Five Below, Old Navy, PetSmart, Michaels, Boot Barn, Shoe Carnival, Staples and a separately owned Kohl's.

Situated at 5101 Sergeant Rd., the center attracts over 4.5 million annual shoppers as the only regional retail corridor for nearly 100 miles. The property sits between several major Midwest metros and is proximate to consumers in four different states, including Iowa, Nebraska, Minnesota and South Dakota. Additionally, the center is adjacent to the 1.2-million-square-foot Southern Hills Mall, the only enclosed regional mall in over a 100-mile radius, creating ideal national anchor spacing and greatly expanding the trade area.

The JLL Retail Capital Markets Investment Sales and Advisory team that represented the seller was led by Managing Directors Amy Sands and Clinton Mitchell and Director Michael Nieder, along with Managing Director Marcus Pitts.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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