April 5, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of and acquisition financing for Warren Plaza, a 96,310-square-foot, grocery-anchored shopping center in Dubuque, Iowa.
The HFF team marketed the property for the seller, Brixmor Property Group. The DESCO Group purchased the asset. Additionally, working on behalf of the new owner, the HFF team arranged a fixed-rate loan to finance the acquisition.
Anchored by a market-dominant Hy-Vee grocery store, the 90.5-percent-leased Warren Plaza is also home to Super Cuts, Video Games Etc!, Miracle Ear, Great Dragon Restaurant in addition to Chick-fil-A, which is on a ground lease. The center is shadow-anchored by the only Target within 75 miles. Situated on 13.33 acres at 3500 Dodge Street, Warren Plaza is located along the highly trafficked U.S. Highway 20 retail corridor in Dubuque, an Iowa community at the intersection of Iowa, Illinois and Wisconsin. The center draws from an expansive trade area that includes all three states and about 157,261 consumers. Additionally, the center is across the street from Kennedy Mall, the only super regional mall within 90 miles.
The HFF investment advisory team representing the seller included senior directors Amy Sands and Clinton Mitchell along with managing director Jules Sherwood, a licensed Iowa real estate broker.