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Shopping Strip

Rivercrest Center - Walmart Shadow

3818 W Riverside Blvd, Rockford, IL 61101

Listing Price: $3,177,000

Cap Rate
7.50%
Gross SF
40,296
Rentable SF
40,296
Price/Gross SF
$78.84
Lot Size
3.92 acres
Year Built
2006

Investment Overview

Marcus & Millichap, as exclusive advisor, is pleased to present the opportunity to acquire a 100 percent fee simple interest in the Rivercrest Center (“The Property”), – a 40,296 square-foot Walmart shadow-anchored retail center, situated on 3.92 acres of land in Rockford IL.
The Property is anchored by Dollar Tree, who has been at the center since construction in 2006, and recently executed a 10-year renewal through 2034. The core tenant group also includes T-Mobile and Rent-A-Center who have both renewed at the property multiple times.
Built in 2006, the Property is 61 percent occupied providing a true value-add opportunity for investors. Leasing up the eight vacant suites would drive the NOI up to more than $500,000 and drive the value of the Property to North of $6,000,000. This would allow an investor to receive annual cash-on-cash returns of more than 30 percent, or an IRR on a three-year hold period of more than 70 percent. Offered for sale at just $79 per square foot, the Property is offered at a deep discount to comparable Walmart shadowed retail centers.
The area continues to improve and fill in with a brand-new ALDI opening directly across the street in Q4 2023. ALDI relocated from their location two miles south of the center in order to be adjacent to Walmart and Rivercrest Center.
The Property benefits from its strategic positioning with direct access to Walmart’s parking lot creating convenient cross shopping synergies. Rivercrest Center is seated in Winnebago County, the most populous county in Illinois outside of Chicago with more than 285,000 residents. The Riverside Walmart Supercenter is a strong performer with more than 2.3 million annual visits ensuring a continual influx of customers to Rivercrest Center.
The Property is offered free and clear of debt at a 7 .5 percent cap rate totaling $3,177,000.

Investment Highlights

  • The Property Is Currently Just 61 Percent Occupied Offering An Opportunity To Lease The Eight Vacant Suites And More Than Double The Net Operating Income
  • The Property Is Being Sold Based On Current, In-Place Income, With A Pro Forma Cap Rate North Of 16 Percent
  • The List Price Of $3,177,000, Represents Just $79 Per Square Foot, Far Lower Than Comparable Walmart Shadow Anchored Properties
  • Positioned Directly Adjacent To A Walmart Supercenter With More Than 2.3 Million Annual Visits (Per Placer AI)

Exclusively Listed By

  • Alex Perez

    First Vice President Investments

    (314) 889-2525

    Email Alex

    License(s): MO: 2000163389 , NE: 20230231, IL: 475199830, AL: 000164341 - 0

    St. Louis

  • Chris Garavaglia

    First Vice President Investments

    (314) 889-2552

    Email Chris

    License(s): MO: 2015042068, NE: 20240127

    St. Louis

Broker of Record

  • Steven D. Weinstock

    Senior Vice President/Regional Manager

    (630) 570-2200

    License(s) IL: 471.011175

    Illinois

Financing By

Shopping Strip

Rivercrest Center - Walmart Shadow

Listing Price: $3,177,000

Cap Rate
7.50%
Gross SF
40,296
Rentable SF
40,296
Price/Gross SF
$78.84
Lot Size
3.92 acres
Year Built
2006

Investment Highlights

  • The Property Is Currently Just 61 Percent Occupied Offering An Opportunity To Lease The Eight Vacant Suites And More Than Double The Net Operating Income
  • The Property Is Being Sold Based On Current, In-Place Income, With A Pro Forma Cap Rate North Of 16 Percent
  • The List Price Of $3,177,000, Represents Just $79 Per Square Foot, Far Lower Than Comparable Walmart Shadow Anchored Properties
  • Positioned Directly Adjacent To A Walmart Supercenter With More Than 2.3 Million Annual Visits (Per Placer AI)

Investment Overview

Marcus & Millichap, as exclusive advisor, is pleased to present the opportunity to acquire a 100 percent fee simple interest in the Rivercrest Center (“The Property”), – a 40,296 square-foot Walmart shadow-anchored retail center, situated on 3.92 acres of land in Rockford IL. The Property is anchored by Dollar Tree, who has been at the center since construction in 2006, and recently executed a 10-year renewal through 2034. The core tenant group also includes T-Mobile and Rent-A-Center who have both renewed at the property multiple times. Built in 2006, the Property is 61 percent occupied providing a true value-add opportunity for investors. Leasing up the eight vacant suites would drive the NOI up to more than $500,000 and drive the value of the Property to North of $6,000,000. This would allow an investor to receive annual cash-on-cash returns of more than 30 percent, or an IRR on a three-year hold period of more than 70 percent. Offered for sale at just $79 per square foot, the Property is offered at a deep discount to comparable Walmart shadowed retail centers. The area continues to improve and fill in with a brand-new ALDI opening directly across the street in Q4 2023. ALDI relocated from their location two miles south of the center in order to be adjacent to Walmart and Rivercrest Center. The Property benefits from its strategic positioning with direct access to Walmart’s parking lot creating convenient cross shopping synergies. Rivercrest Center is seated in Winnebago County, the most populous county in Illinois outside of Chicago with more than 285,000 residents. The Riverside Walmart Supercenter is a strong performer with more than 2.3 million annual visits ensuring a continual influx of customers to Rivercrest Center. The Property is offered free and clear of debt at a 7 .5 percent cap rate totaling $3,177,000.

Exclusively Listed By

  • Alex Perez

    First Vice President Investments

    (314) 889-2525

    Email Alex

    License(s): MO: 2000163389 , NE: 20230231, IL: 475199830, AL: 000164341 - 0

    St. Louis

  • Chris Garavaglia

    First Vice President Investments

    (314) 889-2552

    Email Chris

    License(s): MO: 2015042068, NE: 20240127

    St. Louis

Broker of Record

  • Steven D. Weinstock

    Senior Vice President/Regional Manager

    (630) 570-2200

    License(s): IL: 471.011175

    Illinois

Financing By

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