Laketown Shopping Center
10% Cap Rate | Service Based Retail | 32,080 SF
Marketing description
Marcus & Millichap, as exclusive advisor, is pleased to present the opportunity to acquire a 100% fee simple interest in Laketown Shopping Center (the “Property”), a 32,080-square-foot community retail center located at 1800 Stevenson Drive in Springfield, Illinois.
Laketown Shopping Center is a fully occupied, multi-tenant retail center built in 1956 and situated on a 2.35-acre site in a dense, infill Springfield corridor. The Property is home to 10 tenants spanning fitness, food and beverage, personal services, office, and entertainment uses. Providing an e-commerce-resistant roster that drives consistent, everyday foot traffic. With 100% occupancy and in-place rents averaging just $6.79/SF, the Property offers investors a compelling blend of fully stabilized current income and meaningful below-market rent upside as leases roll over the coming years.
BLH Computers has anchored this property for over 26 years, occupying 12,080 SF and nearly 38% of the total GLA. Progressive has been equally committed, holding their 4,800 SF space for over 24 years. Alongside long-standing occupants Tracey & Heather Dance Synergy (4,500 SF) and Eric Anderson-Games (4,600 SF), these four tenants collectively occupy over 81% of the GLA — a core of proven, long-term occupants that give this property income reliability and stability.
In-place rents average just $6.79/SF across the center, representing a substantial spread to market and a clear runway for NOI growth as below-market leases roll to current rates. Lucy’s Place (Suite 6) demonstrates the achievable market rent profile, currently paying $20.87/SF under a long-term lease with annual 2% escalations — nearly 3x the center average. This rent differential, combined with full occupancy from day one, positions Laketown Plaza as an attractive value-add investment opportunity in one of central Illinois’ most stable markets.
Investment highlights
100% OCCUPIED — FULLY STABILIZED INCOME FROM DAY ONE
- All 10 suites are leased and paying, delivering immediate, uninterrupted cash flow to a new owner with zero lease-up risk at acquisition
- The fully occupied rent roll generates $217,902 in total annual base rent — providing a reliable, well-underwritten income foundation
- The four largest tenants, BLH Computers, Progressive, Eric Anderson-Games, and Dance Synergy, collectively
ANCHOR TENANT WITH DEEP COMMITMENT
- BLH Computers occupies 12,080 SF ~37.7% of total GLA — and has operated continuously at the Property since 2010, representing over 26 years of sustained tenancy
- BLH holds a Right of First Refusal on the adjacent suite, a contractual signal of long-term operational commitment that meaningfully reduces rollover risk for the largest income contributor
- Progressive Ken Po has occupied since 2001, over 24 years of continuous tenancy, making them one of the longest-running operators in the center and a near-permanent fixture in the income base
BELOW-MARKET RENTS CREATE COMPELLING VALUE-ADD UPSIDE
- In-place rents average just $6.79/SF across the portfolio — a substantial discount to market rates evidenced by tenants such as Lucy’s Place paying $20.87/SF and the Accountant paying $14.60/SF in the same center
- Multiple leases rolling within 1–2 years provide a new owner with near-term, actionable opportunities to re-lease at market —adding material NOI without requiring capital investment or leasing risk
- This upside is low-risk and well-supported: the market is already absorbing rents well above in-place averages within the very same building, creating a clear and validated path to meaningful rent growth
DIVERSE, E-COMMERCE RESISTANT TENANT MIX
- 10 tenants spanning fitness, food & beverage, personal services, entertainment, office, and specialty retail — uses that require a physical presence and drive consistent, repeat foot traffic
- Service and experience-oriented tenants — a martial arts studio, dance academy, gyros restaurant, and gaming lounge — are inherently insulated from e-commerce competition and provide durable demand for the Property
- Diversification across tenant categories and lease expirations reduces single-tenant concentration risk and limits exposure to any one category slowdown
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