The RH Johnson Co. Sells Iowa Retail Center

Lakeport Commons. Image courtesy of JLL Capital Markets

The RH Johnson Co. sold a Sioux City, Iowa, retail center to a Midwestern private investor for $27.5 million. The asset, Lakeport Commons, is 202,880 square feet. JLL Capital Markets represented the seller.

At 95 percent leased, current tenants of the retail center include Five Below, PetSmart, Michaels, Old Navy, Boot Barn, Staples, Shoe Carnival and Kohl’s, which is separately owned. Aldi and Ross Dress for Less recently signed 10-year leases in the market as well.

Located at 5101 Sergeant Rd., Lakeport Commons has more than 4.5 annual shoppers. Through major Midwest highways, residents in Iowa, Nebraska, Minnesota and South Dakota can access the center. The retail market is the only regional shopping corridor for nearly 100 miles and is situated next to the 1.2 million-square-foot Southern Hills Mall.

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Retail fundamentals across the nation are holding strong, with six consecutive quarters of positive net absorption. The Iowa retail industry is sticking to the trend, also on the incline. According to the Innovating Commerce Serving Communities (ICSC), the Iowa marketplaces industry, including malls, shopping centers and main streets, has increased its annual sales from $61.8 billion in 2020 to $73.6 billion in 2021. Employment at marketplaces also increased by some 17 thousand jobs during the same period.

JLL’s Amy Sands, Clinton Mitchell, and Marcus Pitts, managing directors, along with Michael Nieder, director, represented The RH Johnson Co. in the deal.