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Shopping Strip

Jewel Grocery Dollar Tree Anchored Center

1312 John Deere Expy, Silvis, IL 61282

Listing Price: $4,135,000

Cap Rate
6.25%
Gross SF
59,076
Rentable SF
59,076
Price/Gross SF
$69.99
Lot Size
8.03 acres
Year Built
1985

Investment Overview

Marcus & Millichap is pleased to present a rare opportunity to acquire an essential dual-tenant center with an upside located in Silvis, Illinois. The property is 96% leased to two high credit tenants, Jewel and Dollar Tree. Jewel has occupied their space for 35 years with multiple options exercised and completed a store remodel in 2019/2020 which included the addition of a Starbucks. There is an ability to lease the 2,450-square foot vacant space and increase returns. There is an ease of management as Jewel pays real estate taxes directly and handles all CAM for their parcel directly, including snow plow for the whole center. Dollar tree has continuously operated as a dollar store for 29 years. Excellent real estate fundamentals with ideal positioning in between two stop lights across the street from a Walmart Supercenter. The traffic counts along John Deere Road exceed 17,300 vehicles per day. The building is priced substantially below replacement cost at $69.99 per square foot for the building. The investor will control over eight acres of land with potential for future development of the outlot. This property features best in class tenants with modest base rent and low occupancy cost. Jewel is wholly owned by Albertsons (second largest grocer in North America) and is the largest grocery chain in Illinois with 183 locations across the state. Jewel is able to generate additional revenue through rent collected from Starbucks that is located inside grocery store and is paying a well below market rent of only $4.18 per square foot. Dollar Tree is also paying a modest rental rate of $7.00 per square foot.

Investment Highlights

  • 96% of the Center is Leased to Two High Credit Tenants
  • Jewel has Occupied their Space for 35 Years with Multiple Options Exercised
  • Jewel Completed a Store Remodel in 2019/2020 which Included the Addition of a Starbucks
  • Dollar Tree Space has Continuously Operated as a Dollar Store for 29 Years
  • Ability to Lease the 2,450-Square Foot Vacant Space and Increase Returns

Exclusively Listed By

Shopping Strip

Jewel Grocery Dollar Tree Anchored Center

Listing Price: $4,135,000

Cap Rate
6.25%
Gross SF
59,076
Rentable SF
59,076
Price/Gross SF
$69.99
Lot Size
8.03 acres
Year Built
1985

Investment Highlights

  • 96% of the Center is Leased to Two High Credit Tenants
  • Jewel has Occupied their Space for 35 Years with Multiple Options Exercised
  • Jewel Completed a Store Remodel in 2019/2020 which Included the Addition of a Starbucks
  • Dollar Tree Space has Continuously Operated as a Dollar Store for 29 Years
  • Ability to Lease the 2,450-Square Foot Vacant Space and Increase Returns

Investment Overview

Marcus & Millichap is pleased to present a rare opportunity to acquire an essential dual-tenant center with an upside located in Silvis, Illinois. The property is 96% leased to two high credit tenants, Jewel and Dollar Tree. Jewel has occupied their space for 35 years with multiple options exercised and completed a store remodel in 2019/2020 which included the addition of a Starbucks. There is an ability to lease the 2,450-square foot vacant space and increase returns. There is an ease of management as Jewel pays real estate taxes directly and handles all CAM for their parcel directly, including snow plow for the whole center. Dollar tree has continuously operated as a dollar store for 29 years. Excellent real estate fundamentals with ideal positioning in between two stop lights across the street from a Walmart Supercenter. The traffic counts along John Deere Road exceed 17,300 vehicles per day. The building is priced substantially below replacement cost at $69.99 per square foot for the building. The investor will control over eight acres of land with potential for future development of the outlot. This property features best in class tenants with modest base rent and low occupancy cost. Jewel is wholly owned by Albertsons (second largest grocer in North America) and is the largest grocery chain in Illinois with 183 locations across the state. Jewel is able to generate additional revenue through rent collected from Starbucks that is located inside grocery store and is paying a well below market rent of only $4.18 per square foot. Dollar Tree is also paying a modest rental rate of $7.00 per square foot.

Exclusively Listed By

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