MAIN ST. COMMMONS

ST. CHARLES, IL

$16,750,000

171,500 SQ FT.

Main Street Commons

AT A GLANCE

  • Sold Midwest neighborhood center during time of major uncertainty / negative investor sentiment with box tenants in secondary markets.

  • Newly signed leases with Ross, TJ Maxx, Ulta, and Five Below.

  • Provided advisory to seller for two years prior to marketing property.

CHALLENGES

  • Located in a secondary market with high vacancy.

  • Stringent co-tenancy provisions allowing rent reductions with just one anchor going dark or vacating.

  • Seller cap rate expectations of 75 basis points lower tha market comps.

MARKETING STRATEGY

  • Heavily marketed towards private capital one ither cost as Midwet investors knew of prior foreclosure and were not comfortable.

  • Aligned with peroperty's leasing agent to gain better understanding how national retailers were attracted to property.

  • Implemented thorough buyer qualification process including sight visitn and buyer underwriting evaluation.

RESULTS

  • Generated six offers from private investors.

  • Sourced Florida-based syndication investor with no Midwest property investments.

  • Achieved cap rate at approximately 100 basis points lower than market comps.