Two mall outlots go up for sale
T-R PHOTO BY ROBERT MAHARRY — A pair of currently empty outlots on the Marshalltown Mall property have gone up for sale recently. One of the for sale signs is shown on South Center Street.
CONTRIBUTED GRAPHIC The parcels highlighted in yellow and outlined in red are the ones up for sale, according to The Lerner Company.
T-R PHOTO BY ROBERT MAHARRY — A pair of currently empty outlots on the Marshalltown Mall property have gone up for sale recently. One of the for sale signs is shown on South Center Street.
CONTRIBUTED GRAPHIC The parcels highlighted in yellow and outlined in red are the ones up for sale, according to The Lerner Company.
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Passersby on Center Street -- or perhaps those headed to the movies to see smash hits like "Barbie," "Oppenheimer" and "Sound of Freedom" -- may have noticed that a few for sale signs have gone up around the Marshalltown Mall, but Property Manager Scott Wacha clarified that it is only two currently empty outlots located at the northeast and northwest corners of the property.
The two parcels, which are shown in a graphic above, comprise a total of 4.86 acres of land. The first one at the northwest corner, valued at $70,230 on the Marshall County Beacon website, covers a total of 62,068 square feet and is described by Omaha-based commercial real estate firm The Lerner Company as a retail pad site with "great exposure with frontage on South Center Street." The other, in the northeast corner and valued at $173,090, covers 149,846 square feet and is described as "ideal for multi-family or office development."
A marketing package provided to the T-R also indicated that both parcels may be eligible for Tax Increment Financing (TIF). According to Marshall County property records, the two parcels in question are owned by AKE Number One LLC, while most of the rest of the mall property is owned by Marshalltown Development Group LLC. The Lerner Company's office in Omaha is listed as the mailing address for AKE Number One, and the Marshalltown Development Group is based in Great Neck, N.Y.