June 13, 2024 – Corbin Schwartz and Mark Heidecke of Horvath & Tremblay have successfully completed the sale of a retail plaza in South Elgin, Illinois. Horvath & Tremblay represented the seller and procured the buyer to complete the transaction at a sale price of $3,200,000.
The Property is located at 1225 and 1275-1291 W Spring Street in South Elgin, Illinois and is comprised of an eight-unit retail plaza and a free-standing single tenant restaurant leased to Beef Villa. The retail plaza was constructed in 1988 and contains 11,940 square feet on a 1.68-acre parcel of land. The single tenant restaurant was constructed in 1998 and contains 3,269 square feet on a 1.04-acre parcel of land. Beef Villa signed a 1-year lease upon the close of escrow, and will vacate upon the expiration of their term. The Retail Plaza is improved by four local tenants that serve the needs of the local community and is 100% occupied. All the retail plaza leases call for attractive increases in either the base term or the renewal options, providing the investor with an attractive increase in revenue and a hedge against inflation. Additionally, the Property offers upside through the lease up of the single tenant building after the 1-year lease expires. The Property is situated adjacent to the signalized intersection of W Spring Street and S McLean Boulevard, two of the area’s primary commercial and commuter corridors. The Property is part of a commercial cluster that includes Butera Market (grocery store), Walgreens, CVS, McDonald’s, and Dunkin’ and surrounded by densely developed residential neighborhoods providing a built-in customer base. The Property offers convenient access to US Route 20 and IL Roues 31 and 25 as well as Elgin Community College.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.