Ad-Express and Daily Iowegian, Centerville, IA

July 25, 2013

Vacant Walmart has large space to fill

By Michael Schaffer Managing Editor
The Daily Iowegian

---- — Tuesday from 4-6 p.m. the former Walmart location on the north side of Centerville was opened up for a business open house.

Licensed real estate broker Colleen G. Johnson, vice president with West Des Moines-based CBRE/Hubbell Commercial, gave a short statement concerning the vacant Walmart property in Centerville then led the nearly 20 attending on a brief tour of the 59,220 square-foot structure that sits on 7.45 acres.

Johnson said Walmart doesn’t want to be in the landlord business.

“Walmart really doesn’t want to be in the real estate business,” Johnson said. “They are in the retail business.”

Johnson said Walmart’s first preference is to sell it as is to one client or an investor. Walmart’s second option would be to lease space to one, two, three, or a number of tenants and then look for an investor to purchase the commercially-zoned property.

Johnson said what Walmart has found in smaller communities when they vacant one building for a larger one is the need is for perhaps between 10-20,000 square-feet of space but not the entire building.

Johnson said any number of businesses would be suitable to occupy the entire building or a part, including warehouse, distribution and light manufacturing, to name a few. But don’t expect to see a Target.

“Trust me, you won’t see a Target in this location,” Johnson said.

The business open house was put on by CBRE/Hubbell Commercial in cooperation with Appanoose Economic Development Corporation and the Centerville-Rathbun Lake Area Chamber of Commerce.

The former Walmart building is located at 1101 N. 18th St.