QC-region mall at 100% capacity goes up for auction

A Quad-City region mall with 100% capacity is about to go up for auction.

According to a news release from the team with Northland Mall in Sterling, in four months – under the team’s leasing efforts – the mall has gone from 30% occupancy to 100% full with Hobby Lobby as a new anchor tenant.

Now the mall will go back on the market in June. Here’s a breakdown on the numbers from the release:

· NOI: $1.42 million

· Starting bid: $1.5 million

· Strong sales, with Dunham’s at $3.64 annually

On the tenants:

· Hobby Lobby 10 year lease

· Majority national tenants with Dunham’s, Planet Fitness, Bed Bath & Beyond, etc

· Strong local tenants, with 14 years of tenancy

The building had a full renovation in 2016, new HVAC units installed in 2022 and new parking asphalt in 2022.

Check out the auction link here.