Bakers Square - Clive, IA_Property for Sale
Bakers Square - Clive, IA_Property for Sale
1310 Northwest 114th Street, Clive, IA, 50325, US

Bakers Square - Clive, IA

Asset Description

Jones Lang LaSalle Americas, Inc. (“JLL”), is pleased to exclusively offer for sale the fee-simple interest in Bakers Square (the “Property”) located at 1310 NW 114th St in Clive, Iowa, just outside of downtown Des Moines. This single tenant ground lease asset is 100% occupied by Bakers Square, who is paying just $11.25/SF in rent on the building and just $1.05/SF in rent on the land. With below-market rents and a 20% a rent escalation occurring upon the tenants' option to renew in January 2028, the investment is primed for a boost in income upon expiration of the current term.


The site is ideally situated in the signalized intersection of 114th St and Forest Ave and is highly visible from both roadways. The property also benefits from its proximity to both I-35 and I-235, which carry 54,000 VPD and 45,000 VPD per day in the area, respectively. Within the immediate trade area, there are numerous traffic drivers, including brand-name retail tenants such as Target and Lowe's, as well as other complementary traffic drivers such as the The Iowa Clinic and 18 hotels.


Within a three-mile radius, the average household income is $122,000, 14% higher than the national average. Within a one, three, and five mile radius, both population and average household income are projected to grow over the next 5 years. In addition to the strength of the submarket, the greater Des Moines metropolitan area supports nearly 750,000 residents and is also expected to have steady population and income growth over the next five years.

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Attributes

Asking price
£824,000
Cap rate
5.52%
Building area net
5,150 sf
Land area gross
1.27 acres
Occupancy
100%
Remaining lease term
3.6 years
Year built
1992

Media

Investment Highlights

SINGLE TENANT ABSOLUTE NET GROUND LEASE WITH 20% RENT ESCALATION UPON EXTENSION

• This property is leased to a single tenant on a NNN ground lease, which leaves no responsibilities for the Landlord

• Upon the exercise of the tenant's next option in January of 2028, rent will increase by 20%


REGIONAL BRAND WITH GLOBAL PARENT COMPANY

• Baker's Square has 9 locations across 5 states and is under the MTY Group's umbrella of brands

• MTY Group has over 7,100 locations and owns over 90 brands, which includes Famous Dave's, Cold Stone, and Papa Murphy's, across 40+ countries


HARD CORNER SITE ON SIGNALIZED INTERSECTION

• The site is ideally situated on the signalized intersection of 114th St and Forest Ave

• The property benefits from a clear, unobstructed view from both roadways


AFFLUENT AND GROWING DEMOGRAPHICS

• Within a three-mile radius, the average household income is $122,000, 14% higher than the national average

• Within a one, three, and five mile radius, both population and average household income are projected to grow over the next 5 years

Bakers Square - Clive, IA 4_Property for Sale

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Bakers Square - Clive, IA (0 Properties)

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Last updated
16 May 2024