Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Sold
Rockford, IL - Rockford Plaza
2404-2642 Charles St | Rockford, IL 61104
Price
239,509
± SF Offering GLADescription
SRS Investment Properties Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a multi-tenant, grocery anchored investment property located in Rockford, IL. The 19.18-acre site is 93% occupied, anchored by Schnucks, and includes a complementary mix of national and local tenants including units of Swedish American, a division of UW Health, Stockholm Inn, T-Mobile, and more. Schnucks recently signed an extension, providing nearly 9 years remaining on its current term, demonstrating their long-term commitment to the site. The lease also features 4 (5-year) option periods, each with 5% rental increases in the beginning, growing NOI and hedging against inflation. Schnucks occupies 34% of the GLA and constitutes 38% of the base rental revenue. Ranked as the 14th largest privately-owner grocer by Forbes in 2020, Schnucks operates 111 stores and serves customers in Missouri, Illinois, Indiana, and Wisconsin. Swedish American is the 2nd largest tenant in the shopping center, which occupies 36% of the GLA and constitutes 33% of the base rental revenue. Swedish American is a division of the University of Wisconsin Hospitals & Clinics, which serves more than 600,000 patients annually. It is the largest hospital system in the area and their main hospital is 1 mile west of the property. The subject property affords an investor the opportunity to acquire a grocery anchored asset, while also providing value add opportunity through lease up of the current vacancies.
Location
Rockford Plaza and Schnucks are strategically located on the signalized, hard corner intersection of Charles Street and S. Rockford Avenue, with 20,400 vehicles passing by daily. The site is located .5 miles south of U.S. Route 20 (34,300 VPD), a major arterial highway that runs from the Iowa state line to the Indiana State line, passing Chicago, IL. Additionally, the asset is located less than 2 miles from Downtown Rockford and is near numerous national/credit tenants including McDonald’s, Goodwill, AutoZone, Dollar General, and more, further increasing consumer draw to the immediate trade area and promoting crossover retail exposure for the subject properties. The 5-mile trade area is supported by a population of 180,000 residents and more than 106,000 employees with an average household income of over $64,000.