Property History
Marcus & Millichap is pleased to present the opportunity to acquire a fee simple, single-tenant Storming Crab Restaurant in Rockford, Illinois. The 5,860-square-foot freestanding building sits on a generous 1.29-acre parcel and formerly operated as a Perkins Restaurant & Bakery for 24 years, underscoring the location’s stability. The Property Offers Strong In-Place Cash Flow with a well-located asset, while also providing excellent underlying real estate value for future redevelopment should the tenant choose not to renew their lease.
Ideally positioned along high-traffic State Street, with over 50,000 vehicles passing by daily, the property benefits from excellent visibility and is surrounded by major national retailers, including Target, ALDI, Ulta Beauty, Hobby Lobby, Burlington, and PetSmart, creating strong retail synergy and increased traffic to the area.
In 2024, Hard Rock Casino Rockford opened less than half a mile away and quickly became a major regional draw, ranking third in revenues in Illinois by early 2025. T
This location has a strong sales performance and operates as part of a 24-national franchise. The tenant has 10 years remaining on the lease with two (5-year) renewal options with 10% rental increases, offering long-term income stability and growth.
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15.75-Year Absolute Net Lease with 10 Years Remaining, Providing 10% Rent Increases Every 5 Years and 2-(5 Yr) Options
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Exceptional Underlying Real Estate Value for Future Redevelopment Should the Tenant Choose not to Renew their Lease
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Exceptional Underlying Real Estate Value for Future Redevelopment Should the Tenant Choose not to Renew their Lease
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Situated on the Premier Retail Corridor at a Signalized Intersection, Boasting Over 50,000 Vehicles Per Day
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In 2024 Hard Rock Casino Opened Less than Half a Mile Away and Quickly Became a Major Regional Draw Ranking Third in Revenues in Illinois by Early 2025
The site itself is on one of the best signalized corners in the entire Rockford market (350,000-person MSA). The State Street corridor runs east/west starting with Interstate 90 on the east side and continuing west to just past Roxbury Rd. The Subject Property sits right in the middle of it all and shares its access with Target, Aldi, Ulta Beauty, Hobby Lobby, HomeGoods, a new Smokey Bones restaurant, Sprint, Longhorn Steakhouse, Applebee’s, and many others. Additional retailers immediately nearby include Schnucks Grocery, Dick’s Sporting Goods, PetSmart, Burlington, Buffalo Wild Wings, Starbucks, Olive Garden, Nissan, Best Buy, Lowe’s, Ross, and Chick-fil-A. This is THE corridor in Rockford that the majority of the retailers want to be on, and the Subject Property is perfectly positioned to offer convenient and easy access with excellent visibility to the 34,980 vehicles passing by daily along East State Street. It also offers access to S Perryville Rd, which is the area’s primary north/south corridor.
- New 15 Year Lease
- Absolute NNN
- 10.00% Rent Increases
- Premier Signalized Corner
- Plenty of Parking
- Center of Retail Trade Area
- Shadow Anchored by Target, ALDI, Best Buy
- Large Lot Size with Excellent Access and Visibility
- Strong Financials on Tenant
Loan History
Financial History
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