Investment Overview

Marcus & Millichap is pleased to exclusively offer a shopping center, anchored by Schnucks and features various national tenants, including Barnes & Noble, The UPS Store, Kumon Math & Reading Center, Chuck E. Cheese, and H&R Block. The center attracted 1.9 million visits over the past 12 months, according to Placer.ai. Schnucks, a regional grocer operating 115 locations, has been a tenant at the center since 1989 and recently extended their lease for a 10-year firm term at a low base rental rate of $5.00. Schnucks is the 14th largest privately-owned grocer, with $3.2 billion in revenue in 2023. Proving Ground Bouldering Gym recently relocated its lease to the center, while Barnes & Noble is rebranding its location with a new sign and features a Starbucks café inside. There is potential for value-add opportunities through leasing two vacant suites and developing an outlot up to 10,000 square feet (available separately). The center is situated at a heavily trafficked, stoplight intersection at East Empire Street and Veterans Parkway, seeing over 61,000 vehicles per day, and boasts a large parking lot with approximately 700 surface spaces. In terms of property maintenance, Schnucks is fully responsible for maintaining and replacing their roof, while 29,200 square feet of the center’s roof is under a 10-year warranty until December 2027, with the remainder in good condition. Adjacent to Eastland Mall, the area’s only indoor shopping center, notable tenants at the mall include Kohl’s, Planet Fitness, Ulta Beauty, Bath & Body Works, Finish Line, and Buckle. The mall saw 2.5 million visits in the past year. The center is located less than a mile from the State Farm Insurance corporate headquarters, home to 15,000 employees, and 3.3 miles from Illinois State University, which has 20,600 students. The center’s current outlots include three national tenants (not included in the sale)—Olive Garden, Texas Roadhouse, and JoAnn Fabrics—all of which have shown commitment to the market, with Olive Garden extending its lease and the other two recently moving into new construction buildings. The property is located in a densely populated area, with 129,705 people living within five miles and 125,772 people working within three miles.