Investment Overview

Marcus & Millichap, as exclusive advisor, is pleased to present the opportunity to acquire a 100 percent fee simple interest in Laketown Shopping Center (the “Property”), a 32,080-square-foot community retail center located at 1800 Stevenson Drive in Springfield, Illinois. Laketown Shopping Center is a fully occupied, multi-tenant retail center built in 1956 and situated on a 2.35-acre site in a dense, infill Springfield corridor. The Property is home to 10 tenants spanning fitness, food and beverage, personal services, office, and entertainment uses. Providing an e-commerce-resistant roster that drives consistent, everyday foot traffic. With 100 percent occupancy and in-place rents averaging just $6.79 per square foot, the property offers investors a compelling blend of fully stabilized current income and meaningful below-market rent upside as leases roll over the coming years. BLH Computers has anchored this property for over 16 years, occupying 12,080 square feet and nearly 38 percent of the total GLA. Progressive has been equally committed, holding their 4,800 square foot space for over 24 years. Alongside longstanding occupants Tracey & Heather Dance Synergy (4,500 SF) and Eric Anderson-Games (4,600 SF), these four tenants collectively occupy over 81 percent of the GLA — a core of proven, long-term occupants that give this property income reliability and stability. In-place rents average just $6.79 per square foot across the center, representing a substantial spread to market and a clear runway for NOI growth as below market leases roll to current rates. Lucy’s Place (Suite 6) demonstrates the achievable market rent profile, currently paying $20.87 per square foot under a long-term lease with annual 2 percent escalations — nearly 3x the center average. This rent differential, combined with full occupancy from day one, positions Laketown Plaza as an attractive value-add investment opportunity in one of central Illinois’ most stable markets.