2230 Stewart Rd, Muscatine, IA

Colliers is pleased to present the opportunity to acquire a single-tenant, net-leased mission-critical dry ice manufacturing facility located at 2230 Stewart Rd, Muscatine, Iowa.

This is not a simple distribution warehouse, it is a strategically positioned production plant servicing a broad regional and national footprint. The facility is co-located adjacent to an ethanol plant, a required condition for dry ice manufacturing due to CO2 feedstock access. This adjacency creates significant barriers to entry, as comparable facilities can only be developed next to ethanol production infrastructure.

The 18,000 SF industrial building sits on 2.74 acres and was constructed in 1995. The facility features clear-span construction with 15.5’–31.5’ clear heights, robust power service (up to 4.16 kV), full fire suppression, LED lighting, and a conditioned warehouse environment. Loading includes four dock-high doors and one drive-in door. The property also includes approximately 2,000 SF of office space and benefits from a roof refurbishment completed in 2021.

The tenant has occupied the property for more than 15 years, underscoring the operational importance of this location. The investment is offered at $1,825,000 ($101.39/SF), reflecting an approximate 8.0% cap rate based on in-place NOI of $145,836.

With high replacement costs, limited competing product, and structural barriers to replication, this offering provides investors with durable cash flow and exposure to essential industrial infrastructure in the Midwest manufacturing corridor.

HIGHLIGHTS:

• Mission-Critical Manufacturing Facility – Strategic dry ice production plant servicing a large geographic footprint
• Irreplaceable Location Characteristics – Must be co-located with an ethanol plant for CO2 feedstock access
• High Barriers to Entry – Limited sites nationally that can support similar operations
• Stable Single-Tenant Investment – 15+ year occupant with operationally essential location
• Attractive Yield – Approximately 8.0% cap rate
• Functional Industrial Design – 15.5’–31.5’ clear height with clearspan warehouse
• Strong Loading Configuration – 4 dock-high doors and 1 drive-in door
• Heavy Power Capability – Up to 4.16 kV service to support manufacturing processes
• Fully Sprinklered Facility – Fire suppression system throughout
• Office Component – 2,000 SF including 3 private office
• Roof Refurbished (2021) – Reduced near-term capital exposure
• 2.74-Acre Site – 11 interior gated parking stalls and 8 exterior