102 S. Galena Ave., Dixon, IL

Office for Sale
Also listed as Retail-Commercial
Catylist Listing ID: 30258132
Property Subtypes: Office Building, Other
Building Size (RSF): 9,450 SF
Gross Land Area: 0.49 SF
Sale Price: $895,000
Unit Price: $94.71 PSF
Property Use Type: Net Leased Investment (NNN), Business
Building Name: 102 S. Galena Ave., Dixon, IL
Class of Space: Class B
Sale Terms: Undisclosed
Cap Rate: Undisclosed
Last Updated: 9/14/2018

Overview / Comments

CBRE is pleased to present for sale 102 South Galena Avenue in Dixon, IL at $895,000. The building is a 9,540 SF (excluding lower level) freestanding bank branch, constructed in 1925 and situated on a 0.49-acre site. This well-maintained, modernized facility features a two-story structure, with fully finished lower level, as well as a two-story parking garage with 35 parking spaces on the upper deck and covered drive-thru, ATM lanes, and parking on the first floor. Located in the heart of downtown Dixon, IL., on the main through fare of Galena Ave. (IL routes 52 and 26), the building enjoys easy accessibility, high visibility and readily available parking with a 3.7 spaces per 1,000 SF ratio. The building has been professionally maintained and offers many unique architectural components.

Primary Tenant: The current facility owner, Fifth Third Bank, plans to lease back the first floor bank branch containing approximately 4,491SF for an initial 10-year term. Fifth Third proposes entering into a lease at an initial net base rental rate of $8.00 per SF. Fifth Third will also be responsible for its proportionate share of common area maintenance, real estate taxes and insurance, which are currently estimated at approximately $7.25 per SF. The space will be leased “as is” the lease term will commence at closing.

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. As of December 31, 2017, the Company had $142 billion in assets and operates 1,154 full-service Banking Centers, and 2,469 Fifth Third branded ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North Carolina. In total, Fifth Third provides its customers with access to more than 54,000 fee-free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Wealth & Asset Management. Fifth Third is among the largest money managers in the Midwest and, as of December 31, 2017, had $362 billion in assets under care, of which it managed $37 billion for individuals, corporations and not- for-profit organizations through its Trust and Registered Investment Advisory businesses. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the NASDAQ® Global Select Market under the symbol “FITB.”

Additional Leasing: Approximately 880 SF tenant, Hughes Services, Inc., d/b/a Hughes Resources, is occupying a portion of the 2nd floor. They have extended their lease for an additional two years beginning May 1, 2018 at a $1,000 per month gross rental rate. Hughes Services is an employment agency with offices in Freeport, Dixon and Monroe.

Community: Dixon is a thriving community of 16,000 located along the scenic Rock River in northern Illinois. Dixon serves as the county seat for Lee County and, being at the hub of four major highways and just off I-88, Dixon is the economic center of the county and an important focus for agriculture, industry, service, retail, recreation and residential growth.

Employers: Dixon is a regional employment hub and is part of two fast growing distribution and warehousing and food processing districts: one is I-88 West and the other, the I-39 Logistics Corridor. The biggest industries are healthcare and government. Healthcare employs over 1,700, while government jobs approach 1,500. The Dixon Correctional Center employs over 600 workers, as does the Department of Transportation. KSB Hospital has nearly 1,000 employees. Dixon has many industries employing thousands of the region’s residents. The largest are Raynor Garage Doors, Donaldson Inc., Borg Warner, and Spectrum Brands. Fifteen miles away in Ashton, Crest Foods employees over 600.

Additional Details

Nearest MSA: Dixon
County: Lee
Property Located Between: SEC of 1st St. and Galena Ave. Situated at a signalized intersection along Galena Avenue,
Property Visibility: Excellent
Highway Access: Interstate 88
Site Description: 9,540 SF (excluding lower level) two-story office building with two-story parking deck attached
Area Description: Located in the heart of downtown Dixon, IL., on the main through fare of Galena Ave. (IL routes 52 and 26).
Total Number of Buildings: 1
Number of Stories: 2

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 7,171 18,260 19,572
Median Age: 39.09 40.64 40.98
Households: 3,052 6,862 7,391

Contact

Photograph of Listing Agent

Karen Walsh

CBRE, INC. ICEx Member
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