• NNN Lease Structure – Tenant is responsible for the roof, parking lot, HVAC, taxes, insurance, and maintenance. Landlord’s only obligation is the structure, providing a virtually passive ownership experience.
• Brand New Renewal – The original lease was signed in 1996, and the tenant has repeatedly chosen to extend or renew its lease rather than relocate. Most recently, they exercised another renewal in April 2026, bringing the remaining lease term to slightly more than 5 years.
• One Final Renewal Option – Following the current renewal term that begins in November 2026, the tenant has just one renewal option remaining. With rent at the end of the lease around $10 PSF, ownership may have an opportunity to negotiate a new lease at a much higher rental rate in the future.
• Located Along Recently Reconstructed Retail Corridor – University Avenue recently underwent a major corridor reconstruction that included roadway improvements, new roundabouts, utility upgrades, enhanced pedestrian infrastructure, and streetscape enhancements. This public investment reinforces the corridor’s long-term importance as one of Cedar Falls’ primary commercial destinations.
• Major Retail Hub – The property benefits from its location within Cedar Falls’ dominant retail corridor, anchored by The Mall at College Square, Hy-Vee, Kohl’s, and Planet Fitness. Other national retailers nearby include Texas Roadhouse, Panera Bread, Five Guys, Buffalo Wild Wings, Dollar Tree, Verizon, and Panda Express.
• Within 2 miles of Major University – The subject property is located less than 2 miles from the University of Northern Iowa, the state’s third-largest public university with approximately 10,000 students.
• Major Intersection – The subject property is just east of the intersection of Highway 58 and University Ave, which are both major arteries of the entire metropolitan area and sees a combined traffic count of 42,000 cars per day.
• E-commerce, Recession-Resistant Use – Advance Auto Parts operates more than 4,000 locations across North America, serving both do-it-yourself customers and professional repair shops. The automotive aftermarket sector continues to benefit from aging vehicles, elevated replacement costs, and consistent demand for maintenance and repair services. In 2025, the company generated approximately $8.6 billion in revenue.