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Shopping Strip

Central Plaza

3000 Homer M Adams Pkwy, Alton, IL 62002

Listing Price: $4,950,000

Cap Rate
8.45%
Gross SF
90,351
Rentable SF
90,351
Price/Gross SF
$54.79
Lot Size
7.78 acres
Year Built
1972

Investment Overview

Marcus and Millichap is pleased to present for your acquisition review Central Plaza in Alton, Illinois. The 90,000 square foot shopping center is anchored by four tenants, Save-a-Lot, Alton Refrigeration, Alton Exchange, and Planet Fitness. Save-a-Lot has enjoyed long-term historical occupancy at this location having been a tenant is 1997, and recently completed $150,000 worth of renovations in the last 18 months. Alton Refrigeration is another long-term tenant that expanded its operations at the center in 2017 demonstrating their success and commitment. Planet Fitness recently signed a new 20-year lease taking its tenancy until April of 2040. The long-term nature of the tenants coupled with the below market rents provide a stable income stream for an incoming investor. All the tenants are on NNN leases with the ability to pass through management fees as well (potential upside). A brand-new roof and façade were put on the property in 2020 giving an incoming investor minimal deferred maintenance. Central Plaza is located along State Highway 3 which boasts traffic counts of over 21,300 vehicles per day. Nearby retail traffic drivers include Tractor Supply, Dollar General, Schnucks, ALDI, Harbor Freight, KFC, Target, Kohl’s, Home Depot, and Lowe’s among many other national, regional, and local brands. Over 66,000 people live within 5-miles of the subject property to support the tenant base with average household incomes exceeding $65,800 in the same radius. Alton is a suburb of St. Louis, the 21st largest MSA in the country. Central Plaza is conveniently located only 6 miles from St. Louis Regional Airport and 25 miles from St. Louis International Airport.

Investment Highlights

  • 90,000 SF Multi-Tenant Retail Center | Brand New Roof and Façade Installed in 2020
  • 100% Occupied | All NNN Leases | Minimal Landlord Responsibility
  • Long-Term Historical Occupancy | Save-a-Lot & Alton Refrigeration, & Alton Exchange Tenants Since 1997 | $150k in Renovations Completed by Save-A-Lot in 2020
  • Brand New 20-Year Firm Term Lease with Planet Fitness
  • Traffic Counts in Excess of 21,000 Vehicles Per Day
  • Nearby Retail Traffic Drivers Include Tractor Supply, ALDI, KFC, Target, Lowe's, Home Depot, Kohl's, & Schnucks among other National & Regional Brands
  • Over 66,000 People within 5-Mile Radius

Exclusively Listed By

Broker of Record

  • Steven D. Weinstock

    First Vice President / Regional Manager / Designated Managing Broker

    (630) 570-2250

    License(s) IL: 471.011175

    Illinois

Listing Price: $4,950,000

Cap Rate
8.45%
Gross SF
90,351
Rentable SF
90,351
Price/Gross SF
$54.79
Lot Size
7.78 acres
Year Built
1972

Investment Highlights

  • 90,000 SF Multi-Tenant Retail Center | Brand New Roof and Façade Installed in 2020
  • 100% Occupied | All NNN Leases | Minimal Landlord Responsibility
  • Long-Term Historical Occupancy | Save-a-Lot & Alton Refrigeration, & Alton Exchange Tenants Since 1997 | $150k in Renovations Completed by Save-A-Lot in 2020
  • Brand New 20-Year Firm Term Lease with Planet Fitness
  • Traffic Counts in Excess of 21,000 Vehicles Per Day
  • Nearby Retail Traffic Drivers Include Tractor Supply, ALDI, KFC, Target, Lowe's, Home Depot, Kohl's, & Schnucks among other National & Regional Brands
  • Over 66,000 People within 5-Mile Radius

Investment Overview

Marcus and Millichap is pleased to present for your acquisition review Central Plaza in Alton, Illinois. The 90,000 square foot shopping center is anchored by four tenants, Save-a-Lot, Alton Refrigeration, Alton Exchange, and Planet Fitness. Save-a-Lot has enjoyed long-term historical occupancy at this location having been a tenant is 1997, and recently completed $150,000 worth of renovations in the last 18 months. Alton Refrigeration is another long-term tenant that expanded its operations at the center in 2017 demonstrating their success and commitment. Planet Fitness recently signed a new 20-year lease taking its tenancy until April of 2040. The long-term nature of the tenants coupled with the below market rents provide a stable income stream for an incoming investor. All the tenants are on NNN leases with the ability to pass through management fees as well (potential upside). A brand-new roof and façade were put on the property in 2020 giving an incoming investor minimal deferred maintenance. Central Plaza is located along State Highway 3 which boasts traffic counts of over 21,300 vehicles per day. Nearby retail traffic drivers include Tractor Supply, Dollar General, Schnucks, ALDI, Harbor Freight, KFC, Target, Kohl’s, Home Depot, and Lowe’s among many other national, regional, and local brands. Over 66,000 people live within 5-miles of the subject property to support the tenant base with average household incomes exceeding $65,800 in the same radius. Alton is a suburb of St. Louis, the 21st largest MSA in the country. Central Plaza is conveniently located only 6 miles from St. Louis Regional Airport and 25 miles from St. Louis International Airport.

Exclusively Listed By

Broker of Record

  • Steven D. Weinstock

    First Vice President / Regional Manager / Designated Managing Broker

    (630) 570-2250

    License(s): IL: 471.011175

    Illinois

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