Retail Center Investment Opportunity 100% Leased

SaleOfficeRetail +/- 14,567 SF
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2402-16 W Springfield Ave
Champaign, IL 61821
Price: $1,150,000
Available Space: +/- 14,567 SF
Lot Size (sqft): +/- 59,918 SF
Zoning: CG – Commercial General
Tax PIN: 41-20-10-300-009
RE: $29,156.94
NOI: $101,118
Cap Rate: 8.79%
Year Built: 1984

Property Description

Coldwell Banker Commercial Devonshire Realty (CBCDR) is proud to exclusively offer for sale 2402-2416 W Springfield Avenue in Champaign, Illinois. The property is located just west of the intersection of Mattis Avenue and Springfield Avenue, which boasts combined average annual daily traffic counts of nearly 40,000 vehicles per day. The property is extremely well situated between high-growth residential subdivisions in west Champaign, and major commercial developments and the University of Illinois campus to the east. The property is also strategically located immediately south of Interstate 72, which provides additional access to Interstate 57 and Interstate 74. Parkland College (20,000+ student & 700+ faculty and staff), and Kraft Heinz (1,000+ employees) lies just north of the site – Kraft Heinz completed a 730,000 SF expansion in 2013, showing their commitment to the area and Parkland College completed a $35 million renovation to their student union in 2014. 2402 – 2416 West Springfield Avenue; better known as Stoneybrook Plaza, was constructed in 1984 and also features an extremely long combined rental history of 93 years, and a solid roster of successful retail, office and service tenants:

  • Swann Special Care Center: 22 Years
  • J&P Hair Salon: 36 Years
  • CosmoProf (Beauty Systems): 15 years
  • Maligaya’s: 13 Years
  • Tower Loan: 7 Years

The subject property provides excellent pylon and tenant-space signage, and benefits from strong visibility from Springfield Avenue, abundant parking, and easy ingress/egress to the shopping center.

Location Description

The city of Champaign is a vibrant community in central Illinois that is home to the state’s flagship University – the University of Illinois at Urbana-Champaign. The City of Champaign lies 134 miles south of Chicago, and is the tenth most populous city in the state of Illinois, and the fourth most populous city outside of Chicago metro. The city is also 126 miles west of Indianapolis, IN and 178 miles northeast of St. Louis, MO. Champaign-Urbana has seen continued population growth year-after-year and grew nearly 9% between 2010 and 2017. The area benefits from a strong healthcare industry and is served by Carle (6,000+ employees and 345-bed hospital), OSF (800+ employees and 210-bed hospital) and Christie Clinic (900+ employees multi-specialty group medical practice). Champaign-Urbana is home to the University of Illinois, which is ranked as the #11 public university in the nation and has nearly 50,000 students and 10,000+ faculty and staff, and Parkland College (18,000+ students and 700+ faculty & staff). The area is also a vibrant tech community with offices for Yahoo!, Abbott Labs, ADM, Abbvie, NVIDIA, Caterpillar, Amdocs, Capital One, Grainger, Wolfram Research, Dow, and many more. The 700,000+ SF Research Park at the University of Illinois employs over 2,100 people in high-technology careers across 120+ companies.