Investment Overview

Marcus and Millichap is pleased to present for your acquisition review the Springfield Retail Center in Springfield, Illinois.

The subject property is a 14,701 square foot multi-tenant retail center positioned on 1.69 acres. The center was built in 2013 in Southwest Springfield, Illinois. As the capital of Illinois, the Springfield economy is stable, supported by the state government and a thriving health system. The subject property sits in a prosperous area in Springfield, with average household income within one-mile surpassing $161,500. Being located right off Wabash Avenue and within a couple miles of the White Oaks Mall, it is located in the main retail corridor in Springfield. The mall, other shopping centers, restaurants, entertainment experiences and car dealerships all drive heavy traffic to the area, with over 12,000 vehicles passing the center every day. The center is well positioned, facing Wabash, and has good ingress and egress, giving the tenants the ability to capitalize on the popular retail area.

The center provides an investor with a fully leased multi-tenant building in a desirable retail location. Coldwell Banker takes up 5,300 square feet and signed a 10-year NNN lease in 2015. The Coldwell Banker office runs a successful residential real estate business. With good connections in the area, they are poised to continue to do business here well into the future. Great House BBQ signed a new 10-year NNN lease in 2019. For all the other restaurants in the area, theres a lack of barbecue that Great House plans to capitalize on. Once Upon a Child is a locally owned and operated store dedicated to providing affordable childrens clothing. They signed a 10-year NNN lease in 2017. Because they pay a relatively low rent/sf, an investor can expect to replace the rent were they to leave. The fourth tenant, Luttrell Jewelers, signed a 10-year NNN lease in 2015. For over 20 years, Luttrell has built its reputation as the go to place for diamonds and jewelry in Springfield.