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Office Warehouse

Parkview Business Center

911 N Country Fair Dr, Champaign, IL 61822

Listing Price: $4,145,000

Cap Rate
6.60%
Gross SF
39,790
Price/Gross SF
$104.17
Lot Size
4.41 acres
Year Built
2009
Rentable SF
39,790

Investment Overview

Marcus & Millichap is pleased to present for your acquisition review Parkview Business Center in Champaign, Illinois. The 39,790 square-foot building was built in 2008 and lies on 4.14 acres of land in the growing industrial center of Champaign. At 100 percent occupancy, the center boasts a broad and diverse tenant mix, all paying their share of triple-net (NNN) expenses. Not only do all tenants reimburse for property expenses, there are no lease expirations in the short term, with the nearest expiration in June of 2024. All but two tenants, including Site One have options to renew their lease term for an additional five years with rental increases in those terms to provide a hedge against inflation. Parkwood Business Center is fully occupied with six tenants, all operating out of similar sized units. Eden Park is a global leader in designing and manufacturing disinfection lamps, used to create safer indoor spaces. Their connection to the University of Illinois’ Laboratory of Optical Physics and Engineering and long operating history at the location shows their commitment to the center. Aunt Millie’s bakery produces a half a million pounds of bread daily, serving hundreds of stores with their fleet of 600 trucks. The Champaign based company, Serionix, creates high-performance air filters. Site One (NYSE: “SITE”) is the largest and only nationwide wholesale distributor of landscaping products in the U.S. and Canada. They’ve also operated at this location for over ten years. Watch Communications targets rural Midwestern areas, providing wireless broadband internet, fiber internet, TV, hosting and VoIP phone services. GFI Digital is a full service provider of office technology. The center is located in the city of Champaign, Illinois, home to the University of Illinois (over 50,000 students). The building sits in the middle of a thriving office/industrial corridor, with several nearby retailers also attracting businesses to the area. Champaign is home to approximately 127,000 residents and is home to numerous national and international companies.

Investment Highlights

  • 100 Percent Occupied Six Tenant Industrial/Office Center | 39,790 Square-Feet Situated on 4.14 Acres of Land | Built in 2008 | Minimal Deferred Maintenance
  • Easy Access to I-74, I-72 and I-57
  • Strong Manufacturing and Industrial Market | 4 Percent Rent Growth Over Past Three Years
  • Tenants Pay Their Share of Triple-Net (NNN) Expenses | Minimal Landlord Responsibility
  • Zero Short-Term Lease Expirations | Site One's Lease Due in June of 2024 | Long Term Operating History Shows Commitment to Location
  • Rent Bumps in Option Terms Provide Hedge Against Inflation
  • Champaign is Home to University of Illinois | 132,952 Residents Living Within Five Miles of Center

Exclusively Listed By

Broker of Record

  • Steven D. Weinstock

    First Vice President / Regional Manager / Designated Managing Broker

    (630) 570-2200

    License(s) IL: 471.011175

    Illinois

Office Warehouse

Parkview Business Center

Listing Price: $4,145,000

Cap Rate
6.60%
Gross SF
39,790
Price/Gross SF
$104.17
Lot Size
4.41 acres
Year Built
2009
Rentable SF
39,790

Investment Highlights

  • 100 Percent Occupied Six Tenant Industrial/Office Center | 39,790 Square-Feet Situated on 4.14 Acres of Land | Built in 2008 | Minimal Deferred Maintenance
  • Easy Access to I-74, I-72 and I-57
  • Strong Manufacturing and Industrial Market | 4 Percent Rent Growth Over Past Three Years
  • Tenants Pay Their Share of Triple-Net (NNN) Expenses | Minimal Landlord Responsibility
  • Zero Short-Term Lease Expirations | Site One's Lease Due in June of 2024 | Long Term Operating History Shows Commitment to Location
  • Rent Bumps in Option Terms Provide Hedge Against Inflation
  • Champaign is Home to University of Illinois | 132,952 Residents Living Within Five Miles of Center

Investment Overview

Marcus & Millichap is pleased to present for your acquisition review Parkview Business Center in Champaign, Illinois. The 39,790 square-foot building was built in 2008 and lies on 4.14 acres of land in the growing industrial center of Champaign. At 100 percent occupancy, the center boasts a broad and diverse tenant mix, all paying their share of triple-net (NNN) expenses. Not only do all tenants reimburse for property expenses, there are no lease expirations in the short term, with the nearest expiration in June of 2024. All but two tenants, including Site One have options to renew their lease term for an additional five years with rental increases in those terms to provide a hedge against inflation. Parkwood Business Center is fully occupied with six tenants, all operating out of similar sized units. Eden Park is a global leader in designing and manufacturing disinfection lamps, used to create safer indoor spaces. Their connection to the University of Illinois’ Laboratory of Optical Physics and Engineering and long operating history at the location shows their commitment to the center. Aunt Millie’s bakery produces a half a million pounds of bread daily, serving hundreds of stores with their fleet of 600 trucks. The Champaign based company, Serionix, creates high-performance air filters. Site One (NYSE: “SITE”) is the largest and only nationwide wholesale distributor of landscaping products in the U.S. and Canada. They’ve also operated at this location for over ten years. Watch Communications targets rural Midwestern areas, providing wireless broadband internet, fiber internet, TV, hosting and VoIP phone services. GFI Digital is a full service provider of office technology. The center is located in the city of Champaign, Illinois, home to the University of Illinois (over 50,000 students). The building sits in the middle of a thriving office/industrial corridor, with several nearby retailers also attracting businesses to the area. Champaign is home to approximately 127,000 residents and is home to numerous national and international companies.

Exclusively Listed By

Broker of Record

  • Steven D. Weinstock

    First Vice President / Regional Manager / Designated Managing Broker

    (630) 570-2200

    License(s): IL: 471.011175

    Illinois

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