Commercial Properties in Cedar Rapids
If you’ve been to Newbo Village recently, you probably noticed one of the area’s newest developments located just behind Newbo Market called The Depot. Once an industrial site operated by Iowa Iron Works, The Depot commercial real estate development offers a mix of commercial office and retail space for lease on the main floors of four buildings with luxury apartment living above. Tenants are within steps of the Newbo Market, numerous unique, locally owned restaurants, bars, coffee shops and boutiques enjoyed by locals and visitors alike.
Since the flood of 2008, the City of Cedar Rapids has invested heavily in the revitalization of this area. With the opening of the Newbo Market in 2012 as the anchor, commercial real estate development has taken off and The Depot is a large element of that effort. The unique triangular shape of the once empty commercial lot was master-planned and developed by Ahmann Companies with the vision of drawing people to the area for a work/live/play concept.
“There’s definitely a ‘cool factor’ to the neighborhood,” said Craig Byers of Q4 Real Estate. “Because of that cool factor, office users are moving down to The Depot, and they know that employees appreciate the vibe and amenities and want to work in Newbo,” he said.
Ahmann Companies broke ground on The Depot in 2016, and construction of the commercial real estate development was wrapped at the end of 2018 with the completion of the fourth building. Residential apartment rentals at The Depot are consistently at or near full occupancy with tenants enjoying plenty of space to park behind the buildings.
“Apartments for rent at The Depot are filled pretty quickly,” said Jessica Rowe, property manager of The Depot for Q4 Real Estate. “The high-end finishes are definitely a main selling point, but the Newbo area as a whole is a highly attractive place to live with so many amenities close by,” she said.
Commercial office and retail tenants and owners are also enjoying success at The Depot. Salon Lofts was one of the first tenant/owners to occupy space at The Depot in a four-story building that faces 12th Avenue SE. Commercial office users also include Involta, Collective Data, Robert Half, Tallgrass, Carrier Access and Office Evolutions with employees that can walk to several options for lunch.
Ahmann Companies has also worked to revitalize the building at the corner of 12th Avenue and 3rd street SE where a fire had previously forced the tenant to relocate. Commercial tenants include Brewhemia, Caucho, HBK Engineering and the new Olympic Theatre. The empty lot next to this historical building was also developed with a new building that has commercial office and retail space for lease on the main floor with apartment leasing above on the 2nd and 3rd floors. The top floor of this building, known as 329, are complete with several high-end condominium homes. A portion of the main level is occupied by United Iowa Financial with more tenants to come.
With the addition of The Depot and the 329 building to the Newbo area, Ahmann Companies has helped to revamp an area that was devastated in the flood of 2008. Both The Depot and the 329 building have been raised above flood plain to protect commercial office and retail users on the first floors of all buildings from any future flood threats.
Commercial office and retail space remains available for sale or for lease at The Depot. For more information on The Depot or other commercial real estate in the Cedar Rapids Metro area, contact one of our commercial real estate listing agents to help you find your next commercial real estate property today.