Western Mall – Investment

2101 W. 41st Street, Sioux Falls, SD 57105
387,621.00 SF
$49,950,000
Investments for Sale
19 Photos
Raquel Blount, SIOR
Raquel Blount, SIOR
Investment Property For Sale
Sale Price
$49,950,000
Proforma Cap. Rate
6.52%
Gross Leasable Area
+/- 387,621 *Does not include square footage of Scheels building
Scheels Building Size
+/- 222,870
Site Size
+/- 31.20 Acres
Year Built
Main Mall - 1968 with several upgrades/renovations over the years Scheels - 2002/2003 with an expansion in 2014/2015
Location Highlights
  • The Western Mall is conveniently located along 41st street with 22,142 vehicles per day. The Western Mall brings people from the tri-state region including southwest Minnesota, northwest Iowa, and eastern South Dakota, and is the one of the premier shopping destinations of South Dakota. Located near I-229, and I-29 near the Empire Mall, the Western Mall is easily accessible for travelers and shoppers. The Western Mall is home to over 50 tenants ranging from a movie theater, restaurants, eyebrow threading, retail sales, furniture, sporting goods, and so much more!
    Sioux Falls is the most populous city in South Dakota, and the Sioux Falls metro area accounts for more than 30% of the state’s entire population. Chartered in 1856 on the banks of the Big Sioux River, the city is situated in the rolling hills at the junction of interstates 29 and 90.
Description
  • The Asking Price is significantly below the development replacement cost at a price of $128.86 / GLA. This does not even factor the gross square footage of the entire mall or the square footage of the Scheels building.
  • Desirable and irreplaceable central location. The total asking price of $49,950,000 only equates to $36.75 / SF on the overall parcel size of the land for a site located at the intersection of 41st Street in Western Avenue in Sioux Falls, South Dakota.
  • Upside value-add opportunities with below market rents for amongst the tenant mix.
  • Diverse tenant mix ranging from well-known national brands to locally-owned community favorites.
  • Zoning: C-4 Commercial
  • Parking: 2,075 total spaces, 44 handicap spaces
  • Traffic Counts 2020: 31,900 at the intersection of 41st Street & Western Avenue
  • Contact broker for full OM, rent roll and expenses.
Location
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