510-588 S. Perryville Rd.

Retail-Commercial for Sale
Catylist Listing ID: 30275656
Property Subtypes: Street Retail, Other
Building Size (RSF): 22,579 SF
Gross Land Area: 2.38 Acres
Sale Price: $3,950,000
Unit Price: $174.94 PSF
Property Use Type: Investment
Building Name: Perryville Center
Sale Terms: Undisclosed
Cap Rate: Undisclosed
Last Updated: 9/13/2018

Overview / Comments

Perryville Center is a 96% occupied retail center located just south of the strongest retail corner in Rockford, the third largest MSA in Illinois. The center enjoys high traffic counts and highly visible building and pylon signage. Situated at a signaled intersection in a Sam’s outlot and at the corner of the route to Walmart from S. Perryville, the center also enjoys easy access. Built in 1994, the center has consistently remained well occupied, with vacant spaces being re-leased quickly. The property has also been well maintained with ownership replacing a majority of the rooftop hvac units in 2012, performing an exterior remodel, including new awnings and updated paint scheme – in 2015, and installing LED lighting throughout the parking area in 2016.

Frontage: 473' along the east side of S. Perryville Rd. and 220' along
the south side of Walton Rd.

Access: Located at southeast corner of signalized S. Perryville Rd./
Walton Rd. intersection, change to "just south (and in view)
of Rd. / E. State St. intersection
Net Rentable Area: 22,597 SF (22,870 SF gross)

Total Land Area: 103,673 SF (2.38 acres)

Strong Traffic Counts

Parking Ratio: 159 spaces (63 spaces onsite plus 96 per EA)
7.04 spaces /1,000 RSF

Year Built: 1994

Zoning: Primary site: C-2 Limited Commercial District
Secondary site: AG (Winnebago County)

Current Tenants

Tenant Business Name Plato's Closet
Tenant Notes Plato’s Closet is a national brand name driven resale retailer with over 330 stores nationally. The retailer is aimed at the demanding and discerning teen and twenty-something demographic. Plato’s Closet’s success has been recognized across the industry, being included in Entrepreneur Magazine’s “Franchise 500” for eleven consecutive years and ranked #1 “best $150,000 - $500,000 investment" in all of franchising by Forbes Magazine in 2014. Inventory includes a variety of apparel, shoes and accessories with a hip focus. Customers both supply a majority of the product as well as purchase it. The owners of this Plato’s Closet also own five other Plato’s Closets as well as two Once Upon A Child locations (1 in Rockford).
Tenant Business Name Movement Fitness
Tenant Notes Movement Fitness is a well recognized Rockford based training facility centered around three core areas: 1) training to enhance athletic performance, 2) adult training and 3) injury rehabilitation. All are designed to help clients maximize performance in their sport or overall fi tness goals. Staff is comprised of experienced trainings, a number with a variety of medical specialty training. Ownership and additional trainers are highly credentialed in a variety of medical specialties including PT and athletic training.
Tenant Business Name Andco Kitchens and Baths
Tenant Notes Andco Kitchens and Baths is a full service remodeling company specializing in kitchens and baths. The company began operations in 1928 selling appliances and has evolved into the well-respected cabinetry designer and distributor. Purchased in 1995 by its current owner and located on S. Perryville since 2000, Andco services clients throughout northern Illinois and southern Wisconsin from its Perryville store and 15th St. warehouse.
Tenant Business Name Murphy's Pub and Grill
Tenant Notes Murphy’s Pub and Grill has been a popular Rockford establishment since 2010. The restaurant, which includes a large televised sports viewing business, outdoor seating, weekend music, and catering, has a strong following and is highly rated on Open Table (4.5/5 stars). The restaurant serves breakfast, lunch and dinner from this location. Its owners have been active in the restaurant business for nearly 20 years.
Tenant Business Name The Allstate Company
Tenant Notes The Allstate Company is one of the largest insurance providers in the US and the largest that is publicly held. Offices are run by individual agents who all market under the Allstate brand. The local agent in this location is a life-long Rockford resident and insurance professional since 2007.

Additional Details

Nearest MSA: Rockford
County: Winnebago
Market Type: Medium
Retail Clientele: General, Family, Business, Traveler, Tourist, Other
Property Located Between: East State Street and S. Perryville Road
Side of Street: East
Road Type: Paved
Property Visibility: Excellent
Largest Nearby Street: East State Street
Traffic/Vehicle Count: 30,100
Transportation: Highway
Highway Access: I-90/39
Airports: Rockford Airport
Site Description: Signalized access from S. Perryville Road, just south of E. State St.
Area Description: Strong Traffic Counts on East State Street and S. Perryville Road
Tenancy: Multiple Tenants
Total Number of Buildings: 1
Number of Stories: 1
Property Condition: Excellent
Year Built: 1994
Construction/Siding: Block, Brick
Exterior Description: Brick and block exterior with color accents and architectural accents Exterior plantings of bushes and flowers.
Total Parking Spaces: 159
Parking Ratio: 7 (per 1000 SF)
Parking Type: Surface
Parking Description: 159 spaces (63 spaces onsite plus 96 per EA)
Heat Type: Other
Zoning Description: Primary site: C-2 Limited Commercial District Secondary site: AG (Winnebago County)

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Photograph of Listing Agent

Karen Walsh

CBRE, INC. ICEx Member
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