Rockford Crossing flyer.indd - Mid

ROCKFORD CROSSINGS
Northeast Corner of State Street (IL Business Route 20) & Perryville Road
Rockford, Illinois
For further information contact owner’s exclusive representatives
Ben Wineman
(630) 954-7336
bwineman@midamericagrp.com
Rockford Crossings offers an excellent opportunity to acquire a 100% occupied power
center located at the “Main & Main” intersection of the region’s premier retail corridor.
INVESTMENT CONSIDERATIONS
Mid-America Real Estate Corporation has been retained by the owner to sell the 100% fee simple interest in Rockford Crossings.
Rockford Crossings is an attractive retail investment encompassing the following highlights:
• Irreplaceable Location - Rockford Crossings is
strategically located along State Street, the primary
commercial thoroughfare for the Rockford regional trade
area. Over 54,200 vehicles travel by Rockford Crossings
each day at the corner of State Street and Perryville Road,
making it one of the busiest intersections in the Rockford
area. The center is located less than one mile west of a full
interchange with Interstates 39 and 90, and draws from a
large consumer base in northwestern Illinois.
• Strong Tenant Mix – Dynamic rent roll featuring nationally
prominent retailers and anchored by Ross Dress for Less
and Best Buy, as well as shadow-anchored by Home Depot
and hhgregg.
• Dominant Trade Area - The property is located along
Northern Illinois’ largest and most prominent retail trade
corridor. The area features virtually every major national
retailer and contains over 1.5 million square feet of space.
The corridor is further anchored by the nearby CherryVale
Mall, the region’s only super-regional enclosed mall. The
850,000 square foot mall is currently 97% occupied with
2014 sales of $335 per square foot, and is anchored by
Bergner’s, JCPenney, Macy’s, and Sears. The superregional mall draws consumers from a wide radius to the
trade area from throughout Northern Illinois.
• Surrounding Demographics – The property is located
amongst the dense and growing residential developments
at the eastern edge of Rockford. The area within a threemile radius of the center has an estimated 2015 residential
population of 44,336 residents and an average household
income of nearly $77,000. The area features a strong office
market, with a daytime population count of over 80,000 in
the 5-mile radius.
• Free and Clear – The property is being offered “free and
clear” of any debt and offers an attractive opportunity for a
buyer to take advantage of favorable debt markets.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information.
References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
LOCATION & MARKET
• Rockford is located at the crossroads of Interstates 39 and 90
in Northwestern Illinois, approximately 90 miles northwest of
Chicago and 65 miles south of Madison, Wisconsin. Rockford is
the county seat of Winnebago County and is the most populous
county in the state not in the Chicago MSA.
• Chrysler is the largest employer in the Rockford area, employing
over 4,500 people at its Belvidere Assembly Plant. Other large
employers include UPS, which has a sorting facility in Rockford,
and UTC Aerospace Systems, one of the world’s largest
suppliers of aerospace and defense products.
• Rockford Crossings is located along the most prominent
retail corridor within a 25 mile radius. With a wide variety of
destination-oriented retailers, the area has tremendous drawing
power within this wider regional area and features a strong draw
from multiple counties. The regional community within a 10-mile
radius of the center contains nearly 285,000 individuals, and with
most retailers having few locations in the area, this population is
largely a captive audience for the Rockford corridor.
• The Rockford trade area located along State Street contains
nearly every major national retailer totaling 3.6 million square
feet and is 95% leased. The line-up includes Sam’s Club,
Walmart Supercenter, Lowe’s, The Home Depot, Kohl’s,
Gordmans, Old Navy, Marshalls, Michaels, Petco, Bed Bath &
Beyond, Target, Hobby Lobby, Aldi, Schnucks, Dick’s Sporting
Goods, Jo-Ann Fabrics, Petsmart, Kmart, Big Lots, and many
others. While not directly anchored by it, the trade area also
features the superregional CherryVale Mall, which is anchored
by Macy’s, Bergner’s, Sears, and JC Penney. Lowe’s, Barnes &
Noble, MC Sports, and several other retailers are also located
surrounding the mall.
2015 Population
2015 Households
2015 Housing Units
2015 Daytime Demographics
Radius from Subject
1 Mile
3 Mile
5 Mile
Radius Radius Radius
6,008 44,336 124,193
2,691 18,371 51,146
2,859
8,636
19,469
40,985
54,830
80,446
2015 Average Household Income $70,223 $76,626 $68,829
2015 Median Household Income $57,005 $59,323 $50,734
2015 Median Age
42.8
44.9
40.5
11.28 acres of land. A separately owned hhgregg electronics
retailer is located adjacent to the subject property in a former
Borders bookstore (not included in the sale).
• A dual-lane entrance along a portion of the north property line
and accessible from Argus Drive provides access to the patron
parking lots generally located along the north and east sides of
the site. Another dual-drive entrance is located in the southwest
corner, along the east side of Deane Drive, which connects to a
drive aisle south of Ross Dress for Less, which continues to the
east parking lot.
TENANCY
• Rockford Crossings features a strong and complementary
tenant lineup of national retailers. The full lineup includes Ross
Dress for Less, Best Buy, Hallmark, Great Clips, along with
a separately owned hhgregg (NAP). The center is shadowanchored by a highly trafficked Home Depot as well.
• The anchor tenants at the center, along with the area’s other
retailers, offer unrivaled draw on the region’s population. Both
Best Buy and Ross Dress for Less operate their only locations
within 30 miles at Rockford Crossings, allowing them to service
the regional community through access from nearby I-90 and
I-39.
• Best Buy is the nation’s largest electronics retailer with over
1,700 stores, generating over $40 billion in revenue in its most
recent fiscal year. The Rockford Crossings location opened in
2002 and recently renewed its lease through March 2021.
• Ross Dress for Less is the largest off-price apparel and home
fashion chain in the United States with 1,400 locations in 33
states. Ross opened at Rockford Crossings in 2011 and has
a lease at well-below market rate, giving a potential purchaser
significant upside potential upon lease rollover.
FINANCIAL
Rockford Crossings offers a purchaser the opportunity to acquire
a regional power center with value-add potential located in a
strong, established regional trade corridor in Rockford, Illinois.
The property is being offered “free and clear” of any existing
debt, allowing a purchaser to take advantage of the current debt
financing climate.
Proforma Net Operating Income:
PROPERTY DESCRIPTION
• Rockford Crossings was constructed in phases beginning in
1999 and running through 2001. The center contains 89,047
square feet of space area and is situated on approximately
$834,770
For further information contact owner’s
exclusive representatives.
Ben Wineman
(630) 954-7336
bwineman@midamericagrp.com
CLICK HERE to sign Confidentiality Agreement
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