Skip to main content

Shopping Regional

The Shoppes at Meadowview | Value Add Opportunity

17 Meadowview Center, Kankakee, IL 60901

Listing Price: $6,900,000

Cap Rate
10.42%
Gross SF
133,157
Rentable SF
133,157
Price/Gross SF
$51.82
Lot Size
15.14 acres
Year Built
1956

Investment Overview

Marcus and Millichap is pleased to present The Shoppes at Meadowview, value add opportunity located in Kankakee, Illinois. This regional shopping center anchored by Planet Fitness, Athletico Physical Therapy, Citi Trends and more. There are two multi-tenant buildings, one inline building, and one outlot. The center is occupied with an ideal mix of national, regional, and local tenants. 18 of the 20 tenants are operating under net leases with management fee reimbursement. Multiple long-term tenants with 11 tenants have been operating at location for over 10 years. 11 tenants have annual rental increases between two and seven percent. The center is currently 68 percent occupied with opportunity to add value and cap rate growth through leasing the remaining 43,001 square feet of vacant space. The property has attractive real estate fundamentals and is positioned along heavily traveled Kennedy Road which features daily traffic counts of 26,474 vehicles passing per day. There are 10 points of ingress/egress along Kennedy Road, Fifth Avenue, Brookmont Boulevard and Henry Street with over 41,400 vehicles passing per day. Situated on a large lot with 15.14 acres. There is an abundant parking in the front and rear of the property with 1,400 surface spaces. The property is in a opportunity zone | c-2 service commercial district. The center sits less than one mile to Riverside Medical Center (341 licensed-beds) and presence St. Mary’s Hospital (170 licensed-beds). Located along the Highway 52 commercial corridor and situated amongst Interstate 57, public schools, universities, and shopping. The property is less than on mile to Bradley-Bourbonnais Community High School (1,944 student enrollment). One mile to Olivet Nazarene University (over 3,500 students). 2.5 miles to Interstate 57 with 41,250 vehicles passing per day. Three miles to Northfield Square Mall, the premier shopping destination for Kankakee County. Notable major retailers in the area include big lots, Walgreens, Lowe’s, Dollar Tree, Joann Fabrics, Harbor Freight Tools and more. High daytime population with 66,979 people work within three miles of subject property.

Investment Highlights

  • Regional Shopping Center Anchored by Planet Fitness, Athletico Physical Therapy, Citi Trends and More
  • Occupied with an Ideal Mix of National, Regional and Local Tenants
  • Attractive Real Estate Fundamentals
  • Less Than One Mile to Riverside Medical Center (341 Licensed-Beds) and Presence St. Mary's Hospital (170 Licensed-Beds)
  • Located Along the Highway 52 Commercial Corridor and Situated Amongst Interstate 57, Public Schools, Universities and Shopping
  • High Daytime Population | 66,979 People Work Within Three Miles of Subject Property

Exclusively Listed By

Shopping Regional

The Shoppes at Meadowview | Value Add Opportunity

Listing Price: $6,900,000

Cap Rate
10.42%
Gross SF
133,157
Rentable SF
133,157
Price/Gross SF
$51.82
Lot Size
15.14 acres
Year Built
1956

Investment Highlights

  • Regional Shopping Center Anchored by Planet Fitness, Athletico Physical Therapy, Citi Trends and More
  • Occupied with an Ideal Mix of National, Regional and Local Tenants
  • Attractive Real Estate Fundamentals
  • Less Than One Mile to Riverside Medical Center (341 Licensed-Beds) and Presence St. Mary's Hospital (170 Licensed-Beds)
  • Located Along the Highway 52 Commercial Corridor and Situated Amongst Interstate 57, Public Schools, Universities and Shopping
  • High Daytime Population | 66,979 People Work Within Three Miles of Subject Property

Investment Overview

Marcus and Millichap is pleased to present The Shoppes at Meadowview, value add opportunity located in Kankakee, Illinois. This regional shopping center anchored by Planet Fitness, Athletico Physical Therapy, Citi Trends and more. There are two multi-tenant buildings, one inline building, and one outlot. The center is occupied with an ideal mix of national, regional, and local tenants. 18 of the 20 tenants are operating under net leases with management fee reimbursement. Multiple long-term tenants with 11 tenants have been operating at location for over 10 years. 11 tenants have annual rental increases between two and seven percent. The center is currently 68 percent occupied with opportunity to add value and cap rate growth through leasing the remaining 43,001 square feet of vacant space. The property has attractive real estate fundamentals and is positioned along heavily traveled Kennedy Road which features daily traffic counts of 26,474 vehicles passing per day. There are 10 points of ingress/egress along Kennedy Road, Fifth Avenue, Brookmont Boulevard and Henry Street with over 41,400 vehicles passing per day. Situated on a large lot with 15.14 acres. There is an abundant parking in the front and rear of the property with 1,400 surface spaces. The property is in a opportunity zone | c-2 service commercial district. The center sits less than one mile to Riverside Medical Center (341 licensed-beds) and presence St. Mary’s Hospital (170 licensed-beds). Located along the Highway 52 commercial corridor and situated amongst Interstate 57, public schools, universities, and shopping. The property is less than on mile to Bradley-Bourbonnais Community High School (1,944 student enrollment). One mile to Olivet Nazarene University (over 3,500 students). 2.5 miles to Interstate 57 with 41,250 vehicles passing per day. Three miles to Northfield Square Mall, the premier shopping destination for Kankakee County. Notable major retailers in the area include big lots, Walgreens, Lowe’s, Dollar Tree, Joann Fabrics, Harbor Freight Tools and more. High daytime population with 66,979 people work within three miles of subject property.

Exclusively Listed By

MM Texture Background
MM Textured Background Lower