Listed by Mid-America Real Estate
$999,000
1107 E State Street
Details
Property Type Retail
Sub Type Storefront
Square Footage 33,028
Occupancy 100%
Tenancy Single
Lease Type Gross
Lease Term 7
Lease Options 4-5 Year
Acreage 3.370
Zoning C-5 Commercial
Investment Type Sale/Leaseback
Retail | 33,028 SqFt
Marketing description
Mid-America Real Estate Corporation has been retained by the owner to sell the fee simple interest in 1107 East State Street, a retail building leased to a national tenant, in Rockford, Illinois. The national investment grade tenant is operating on a seven-year gross lease that will commence at the close of escrow.
Sign a CA for more information: https://properties.midamericagrp.com/1107-e-state-st-rockford-sale
Investment highlights
- Investment Grade A+ S&P Rated Tenant
- New Seven-year Sale Leaseback on Ground Floor of Building|
- 3.37 Acre Parcel in Thriving Rockford MSA
- Low Winnebago County Taxes
- Mid-America Real Estate Corporation has been retained by the owner to sell the fee simple interest in 1107 East State Street, a retail building leased to a national tenant, in Rockford, Illinois. The national investment grade tenant is operating on a seven-year gross lease that will commence at the close of escrow.
- Investment Grade Tenant Sale Leaseback: At the close of escrow, the Seller will sign a brand-new seven-year gross lease for approximately 9,028 SF of ground floor space. The Seller is a publicly traded company on the New York Stock Exchange and carries an S&P A+ credit rating.
- Upside Opportunity | Lease Remaining Retail and Office Space: An investor has the opportunity to lease the 10,950 SF of basement space, the remaining 2,100 SF of ground floor space, and the entire 10,950 SF second floor. The offering is located near popular national and local tenants such as Dollar Tree, Ace Hardware, Rockford City Market, and others. The surrounding market also contains a high-performing Schnuck’s grocery store, CVS, Family Dollar, Chuck E Cheese, and more, which support the strong daytime and evening traffic to the area. An investor can enjoy surety of income from the S&P A+ rated tenant with the opportunity to further enhance returns by bringing the subject offering to full occupancy through the lease up of the remaining retail and office space. The second floor space could be utilized by medical and wellness clinics, general office, or professional services firms.
- Adjacent to Top-ranked Hospital: The subject offering is located to the 357-bed SwedishAmerican Hospital and Level II trauma center. The hospital has been serving patients from 12 different Illinois and Wisconsin counties since 1911 and is home to more than 350 physicians in over 40 specialties. The hospital provides a large base of nearby, upper-income customers and supports the lease up the remaining retail and office vacancies. Several medical office buildings in the area demonstrate the demand for hospital adjacent office space.
- Downtown Rockford Location | #1 Housing Market in United States: Rockford was ranked the #1 housing market in the United States by the Wall Street Journal and Realtor. The city has become popular in recent years on account of its affordable cost of living, desirable northern Illinois location, and rich amenities and resources. Residents of Rockford enjoy abundant job opportunities at top employers that include Collins Aerospace (engineering), GE Aviation (engineering), Woodward (aerospace), UPS (logistics), MercyHealth (healthcare), and others. Notable tailwinds for Rockford also include the recent construction of the Hard Rock Casino Rockford, a $1 billion clean energy facility proposal by Monarch Energy, and the recently announced $334 million investment in Stellantis’ vehicle assembly plant.
- Positioned Adjacent to 357-bed Swedish American Hospital
Listing Contacts
Listed by Mid-America Real Estate
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