ULTA & Five Below – Cedar Rapids, IA

Five Below, Ulta Beauty
3915 Westdale Pkwy SW, Cedar Rapids, Iowa, USA

We are pleased to exclusively offer for sale the newly constructed dual-tenant retail center featuring Five Below and Ulta Beauty, strategically located within a dense retail trade area in Cedar Rapids, IA. The property is part of the larger Westdale Town Center, which totals 334,473 SF and is anchored by a strong mix of national retailers, including Burlington, PetSmart, Ross, Michaels, and JCPenney, which collectively drive consistent consumer traffic. 55% of the tenants within the center are publicly traded companies reporting multi-billion-dollar revenues. The subject property benefits from excellent visibility and convenient access directly off Edgewood Road SW, which sees traffic counts exceeding 21,300 VPD. The property is also supported by a strong surrounding population, with more than 203,000 residents within a 10- mile radius and an average household income exceeding $95,094 annually.

  • High-Traffic Location: Excellent access and visibility on Edgewood Rd SW with traffic counts exceeding 21,300 VPD.
  • Dominant Regional Retail Destination: The 334,473 SF shopping center serves as the dominant retail hub in southwest Cedar Rapids, drawing consumers from across the metro and positioning the asset as a primary shopping destination.
  • Poised for Growth: The City of Cedar Rapids has identified the Westdale Corridor as a significant opportunity for public and private investment. Thousands of homes are planned in the area just west of Westdale Town Center over the next decade.
  • National Anchor Tenant Lineup: The property is anchored by a strong mix of national retailers, including Burlington, PetSmart, Ross, Ulta, Five Below, Michaels, and JCPenney, which collectively drive consistent consumer traffic. 55% of the tenants are publicly traded companies reporting multi-billion dollar revenues.
  • Significant Public Investment in Southwest Cedar Rapids: A $37 million wellness center, $24 million public library, and $10 million municipal annex are currently under construction in the immediate trade area.
  • Billion-Dollar Technology Investment: Cedar Rapids has secured over $10 billion in combined Google and QTS data center investments, located at Big Cedar Industrial Center 3.5 miles away. This positions the city as an emerging Midwest technology hub driving long-term job creation.
  • Major Job Creation Pipeline: The multi-phase data center campus is projected to create over 2,000 construction and permanent jobs, increasing daytime population and retail demand across the region.
  • Consistent Long-Term Population Growth: Cedar Rapids population has increased ~11.9% since 2000, demonstrating steady long-term demand fundamentals.

In Association with Scott Reid & ParaSell, Inc. | Costa Mesa, California | A Licensed Iowa Broker #F06134000

Five Below, Ulta Beauty
3915 Westdale Pkwy SW, Cedar Rapids, Iowa, USA

Five Below

Five Below, Inc. is a rapidly growing specialty value retailer offering trend-right, high quality merchandise primarily priced at $5 and below. The company offers a broad assortment across eight merchandise categories, including Candy, Style, Party, Room, Create, Tech, Sports, and New & Now. Five Below opened its first store in the greater Philadelphia area in 2002 and has expanded rapidly throughout the United States. As of August 1, 2026, the company operated 2,022 stores across 46 states.

Ulta Beauty

Ulta Beauty, Inc. is the largest beauty retailer in the United States, offering cosmetics, fragrance, skincare, haircare, wellness products, accessories, and salon services. Founded in 1990, Ulta Beauty operates stores primarily in high-traffic retail locations, with nearly every store featuring a full-service salon. As of January 31, 2026, Ulta Beauty operated 1,500+ stores across all 50 states, in addition to 86 Space NK stores internationally.

Price

$5,108,904

Cap Rate

6.75%

PREMISES

18,811 SF

YEAR BUILT

2025

RENEWAL OPTIONS

Varies

Lease Expiration

Varies

Lease Type

NNN

RENTAL INCREASES

Varies

BROKERS

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