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1508 Essington Rd, Joliet, IL 60435

Commercial property for sale

  • Description
  • The subject investment property is a 100% occupied neighborhood 10,000 sf multi-tenant retail strip center, located south on Essington Rd on the SEQ of the intersection of Essington Rd & Theodore St in Joliet, IL , a suburb located ~35 miles southwest of downtown Chicago. Joliet is the 4th largest city in IL, and one of the fastest growing cities in the US from the last census. This particular center is located on the west side of town about 2.5 miles from the regional mall on a secondary retail/office corridor. This area has a lot of residential growth over the past couple of years, but retail has not established itself much on this corridor. This center as is other multi-tenant centers in this corridor is made up of mostly local and regional non-credit tenants, and with the exception of a grocery store a mile to the north, there is no anchor on this corridor. The average rents in the immediate area of ~$12/sf NNN - $19/sf NNN or a gross rent of $16.50/sf - $22/sf Gross. These rents are lower than the anchored multi-tenant centers on Rt 59, 1 mile to the west, a major retail corridor. This corridor is anchored by major national big box retailers such as Meijers, Kohls, Target, Menards, Jewel, Walmart, and many strip centers with shadow anchors and inline multi-tenant retail. It is a more heavily travelled 4 lane road rents are in the range of $18/sf - $25/sf NNN or $23/sf - $30/sf Gross, a much more attractive but expensive pull for tenants than the Essington corridor, which lacks major anchor retailers or massed retail presence, but does have a good daytime population with many offices, traffic, and density of homes. The strip center is located on 1.4 acres net of detention and has plenty of parking. It is constructed with a steel skeleton and a masonry & brick exterior with a Efface parapet. Access is ok with a full access on Essington but no lighted entrance. Signage is very visible on a pylon sign on Essington with fairly good visibility on the building, with. The strip center was built in 2000 and is in good aesthetic shape. The center currently is 100% full with local non-credit tenants. The rents are on the low end of the market, but in-line with other local centers. The average modified gross rents are $18.23/sf which equates to approximately $12.74/sf NNN rents. The expenses are in-line with the market at $5.71/sf. The market in general is pretty stable and does have a good mixture of office and retail with 25,000+ cars a day going by. Currently, there is over 200,498 sf of small shop retail vacancies within 5 miles of the size 1000sf
  • Property Details
  • Property Type: Retail
    Use Types: Street Retail
    Status: Available
    Price: $ 115 +/SF
    MSA: Chicago-Joliet-Naperville
    Buildings: 1
    Tenancy: Multiple Tenants
    Terms: Cash to Seller
    Added: 08/20/2012
    Last Update: 09/15/2012
  • Contact info
  • 815-436-5700 [Office]
  • Note

  • Details Info about this row that located on 1508 Essington Rd, Joliet, IL 60435 was got from trusty sources, but All Foreclosures Homes can't guarantee that details about listing price, status, facts, images and owner are correct, because this listing can be changed or removed from market without notice. If You need to receive additional details about this property try to ask directly listing agent or owned.

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