Duong Investment Group
In Escrow

COLLINS AEROSPACE – PARENT COMPANY: RAYTHEON TECHNOLOGIES (NYSE: RTX)

1100 Cimmie Avenue NE, Cedar Rapids, IA 52402

Property Description

Price: $10,300,000
Price Per/SF: $102.66
Land Area: ±10.90 Acres
Cap Rate: 8.55%
Gross Leasable Area: ±100,329 SF
Year Built: 2005

Investment Highlights

Recently Exercised 3-Year Renewal Option Extending Lease Into September 2024

Recent Roof Replacement Completed in 2020

Collins Aerospace is a Subsidiary of Raytheon Technologies (NYSE: RTX), Who Employs 181,000 People With Annual Revenue Of $64.4 Billion

R&D Property In Excellent Condition

  • ±100,000 Square Foot Building Situated on Nearly 11 Acres of Land
  • Built-To-Suit Property for Collins Aerospace that was Constructed in 2005 – The Subject Property is Collins’ Facility Where R&D For Rotary Avionics and Aeronautics is Conducted
  • Mission Critical Facility Adjacent to Collins Aerospace’s 2.6 Million SF Avionics & Mission Systems Headquarters Campus
  • Collins Aerospace is the Largest Employer in Cedar Rapids With 9,000 Employees Across Its Cedar Rapids and Coralville Facilities

Pride Of Ownership Property In Cedar Rapids, IA

  • Dense, Infill Area with Over 132,000 Residents Within 5 Miles
  • Cedar Rapids is the 2nd Largest City in The State of Iowa with a Population Exceeding 133,000 Residents | The City Has Experienced A 9% Growth in Population Over the Last Decade Alone
  • Located In the Rapidly Growing City Of Cedar Rapids, IA – 6.84% Projected Population Growth From 2021-2026 Within A 1-Mile Radius of the Subject Property
  • Strong Average Household Income Of $94,625 Within a 5-Mile Radius
  • Cedar Rapids Is Undergoing New Major Developments Including a $64 Million Mixed-Use Project that will Include Four Commercial Buildings and Nearly 400 Residential Units. This Project Is Expected to Be Completed In December 2024 And Is Expected To Bring “More Housing To A City Where Demand For It Exceeds Supply And More Jobs To A Growing Part Of Town”
  • Construction Also Began In 2020 On A Bae System $139 Million Classified Aerospace Defense Facility Located in Cedar Rapids, Iowa
  • Local Developers Currently Have a Proposed $71 Million Mixed-Use Development That Will Include Residential Units, Mixed-Use Retail Space, And A Boutique Hotel
  • The Cedar Rapids-Iowa City “Technology Corridor” is One of The Leading Centers in the Country for the Defense Electronics Industry, the Fastest-Growing Segment of the Metropolitan Area Economy

Corporate Guaranteed Lease

  • Tenant Has Been Consistently Extending the Lease and Operating Successfully at This Location For 16+ Years
  • NNN Lease With Minimal Landlord Responsibilities – Ideal For Investors Not Local To The Market
  • E-Commerce And Recession Proof Tenant
  • Excellent Opportunity to Invest in a Tenant with a Nationwide Presence at a Location with a Long Operating History
  • Collins Aerospace Had 2020 Revenues Of $19.3 Billion And Currently Employs Over 71,000 People Across 300 Facilities in 30 Countries
  • Raytheon Technologies is an Investment Grade Tenant With a Credit Rating Of A- (S&P) and a Market Cap of $137B

 

Broker of Record:

Jon Ruzicka – Minneapolis, MN

License: #B63379000

Contact Information

Craig Elster
Vice President Investments
Director, Net Leased Properties Group
(949) 419-3223
craig.elster@marcusmillichap.com
License: CA 01958307

Ron Duong
Senior Vice President Investments
Senior Director, National Retail Group
(949) 419-3233
ron.duong@marcusmillichap.com
License: CA 01438643