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Value-Add Opportunity with Double Digit Cap Rate Pricing Expectations

Multi-Tenant Retail Center Leased to Planet Fitness, Citi Trends, O'Reilly Auto Parts, Family Dollar and McDonalds.

 

The Shoppes at Meadowview (the "Property) is a multi-tenant retail center located at 1030-1190 North 5th Avenue in Kankakee, Illinois. The Property consists of 139,112 square feet over 31.86 acres, and is comprised of three (3) inline multi-tenant buildings, an O'Reilly Auto Parts out lot, a McDonald's out lot (with drive-thru), and a two (2) unit out lot building. The Property is currently 77% leased including tenants Planet Fitness, Family Dollar, Citi Trends, O'Reilly Auto Parts, McDonald's, Rent-A-Center, and Athletico, among others. Planet Fitness, the largest Tenant at the Property with 20,643 square feet, has leased at the center since 2013 and maintains lease term into 2026. McDonald's has leased at the Property since 1989. Of the 23 in-place leases, 21 are net leases. The Property is well located at Kennedy Drive and 5th Avenue with visibility and exposure to approximately 37,000 VPD. The Property benefits from its proximity to neighboring Bishop McNamara High School, Meadowview Theatre Classic Cinemas, and Riverside Medical. Neighboring retailers include Walgreens, CVS Pharmacy, Jewel-Osco, Big Lots, Dollar Tree, Dollar General, Starbucks, Wendy's, and Popeye's among many others.

 

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Disclaimer: The information being provided herein is for informational purposes only. No representation or warranty is made as to the accuracy or completeness of any information contained herein, including, without limitation, any information regarding the condition of the Property, the condition of title or Property descriptions.

Any documents and/or pictures posted herein or elsewhere on the RealINSIGHT Marketplace, (the "Website") are for informational purposes only, and may not represent the current condition of the Property or the condition of the Property at the time of sale. The posting of pictures herein or elsewhere on the Website does not constitute a guarantee that any items represented in the pictures will be present when the buyer takes possession of the Property.

You are encouraged to conduct your own due diligence and investigate all matters relating to the Property. It is recommended that you seek independent advice, including legal advice, to perform your due diligence and that you use good faith efforts in determining that the content of all information provided to or obtained by you is accurate.

Meadowview Shopping Center

17 Meadowview Center, Kankakee, IL 60901

Asset Snapshot

  • Asset Type
  • Real Estate
  • Land Area
  • 31.86 Acres
  • Year Built
  • 1956
  • Number of Floors
  • 1
  • Number of Buildings
  • 4
  • Occupancy
  • 77.00%
  • Occupancy as of
  • Apr 01, 2019
  • Retail Type
  • Neighborhood Center
  • Anchor
  • Yes
  • Property Size
  • 139,112 Sq Ft
  • Platform Fee

    Platform fee for this transaction is 5.00% or a minimum of $25,000.

  • Cooperating Broker Fee Available!

    Cooperating brokers may be eligible for a 1.00% co-op fee if their client is the winning bidder. If you are a broker, click here to login and identify your client.

  • Auctioneer

    1. Scott Bowers

      c/o Fisher Auction Company Inc.

      License: #040000273