Description

Pegasus Investments Real Estate Advisory Inc., in conjunction with ParaSell Inc., as exclusive advisors to the seller, are pleased to present the opportunity to acquire Altoona Acres, a multi-tenant retail strip center located in Altoona within the greater Des Moines metropolitan area. The property is occupied by a strong and synergistic mix of nationally recognized and service-oriented tenants, highlighted by a brand-new 10-year lease with Chipotle and a drive-thru end-cap location occupied by Dunkin'. Additional tenants include Supercuts, Planet Smoothie, and RC Dermatology, creating a diversified and service-oriented retail environment that benefits from strong consumer demand and repeat daily traffic. Strategically positioned at a signalized intersection along 8th Street SW, Altoona’s primary east-west commercial corridor, the property offers excellent visibility and direct connectivity to U.S. Route 65 and the broader Des Moines region. The surrounding retail corridor is anchored by major national retailers including Walmart, Target, Menards, Lowe's, Aldi, and Panda Express, establishing the area as one of the region’s dominant retail destinations. The property also benefits from immediate adjacency to Raising Cane's, which generates substantial consumer traffic throughout the day. Nearby regional attractions including Prairie Meadows Casino & Racetrack and Adventureland Park collectively attract nearly three million annual visitors, while the nearby Outlets of Des Moines further enhances retail traffic with approximately 300,000 square feet of outlet shopping and more than 50 national and designer brands. Altoona continues to emerge as one of the fastest-growing markets in the Midwest, with population growth exceeding 17.5% since 2020 and average household incomes surpassing $90,000 within a five-mile radius. The city has also become a nationally significant data center hub, anchored by Meta’s flagship data center campus, the largest in the United States, encompassing more than five million square feet and representing over $3 billion in investment since 2013. Additional momentum is being driven by Tract, which recently announced the acquisition of a 453-acre fully entitled site capable of supporting more than one gigawatt of data center capacity. Supported by exceptional demographic growth, institutional investment, expanding infrastructure, and strong retail fundamentals, Altoona Acres represents a compelling opportunity to acquire a high-quality retail asset in one of Iowa’s fastest-growing commercial corridors.