Galesburg Crossing
Shadow Grocery Anchored Multi-Tenant Retail Asset | Fully Stabilized Center with National Tenants
Marketing description
Northmarq, on behalf of ownership, is pleased to exclusively offer for sale the opportunity to acquire the 100% fee simple interest in the Galesburg Crossing asset, a +/- 75,651 SF multi-tenant retail center located in Galesburg, Illinois (“The Property”). The Property is a multi-tenant retail building that sits on a 9.9 acre lot, adjacent to a HyVee grocery store. The retail center is home to five retailers, three of which are publicly traded entities. Led by Marshalls (a wholly-owned subsidiary of TJX Companies: S&P Rating of A), the five-tenant roster is all signed up on a long-term basis, with the average weighted lease term of 3 years and 7 months remaining on The Property.
The Property is located in Galesburg, Illinois - the principal city of Knox county. The Property is situated 50 miles northwest of the city of Peoria, and sits along the commuting route between Chicago and Kansas City. The Property sits adjacent to the on/off ramp of the Chicago - Kansas City Expressway, a major thoroughfare that connects commuters with the central retail corridor of Galesburg.
The Property is connected to a HyVee Grocery store - a large midwestern chain that operates more than 280 locations and acts as a major economic driver to the areas in which it operates. Additionally, The Property is surrounded by major national retailers that drive traffic to the commerce center. National retailers such as Lowe's Home Improvement, Tractor Supply Co, Target, and Applebee's sit either next to or across the street from the Galesburg Crossing retail center.
Investment highlights
High Quality, Grocery Shadow-Anchored Retail Center
The Property was renovated in 2018 and is adjacent to the grocery anchor tenant, HyVee. The Property is located in the primary retail corridor of Galesburg, with other nearby tenants including Target, Lowe's, Tractor Supply Co, Starbucks, Wells Fargo, Applebee's, Rent-A-Center and many more.
Stabilized Multi-Tenant Retail Asset
The Property features 10-year leases to Marshall's, Five Below, Harbor Freight Tools, Dollar Tree, and PetSmart. The tenant combination provides investors the stability of a diverse tenant mix, with the average weighted lease term of 3 years and 7 months remaining on the Property.
Highly Visible, Easily Accessible Location
The Property is located on National Blvd near the intersection of N Henderson St and W Carl Sandburg Dr and has ample ingress/egress at National Blvd, N Henderson St, W Carl Sandburg Dr, and Home Blvd.
Favorable Lease Structures with Rental Escalations
The Property offers investors a passive investment with landlord responsibility limited primarily to roof and structural components of the Property. The roof was new in 2018 and comes with a 25-year warranty. Most of the leases feature rental increases either throughout the base term or during options.
Best-in-Class Tenant Mix
The Property offers leases from Marshalls (Parent Company TJX has S&P Credit Rating of A and a revenue of $56.36 billion in the fiscal year 2025), PetSmart (According to Statista.com 2025 revenue was $11.20 billion), Harbor Freight (1,500+ stores nationwide), Five Below ($3.88 billion in revenue), and Dollar Tree ($17.58 billion in revenue). Three of the five tenants are public companies, and all five national tenants are leaders in their respective industries and best-in-class retailers.
Potential Additional Value
The center comes with a .84 acre separate parcel, valued at $400,000, which the new owner can sell off or lease to a new tenant. Additionally, the entire square footage of the building is roughly 100,000 square feet, which allows for future expansion opportunities for the existing tenants with the additional 24,000 square feet of space.
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