MAIN ST. COMMMONS
ST. CHARLES, IL
171,500 SQ FT.
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.
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.
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.
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.