Jackson Plaza

Jackson Plaza

Pizza Hut | Corporate Guarantee, H & R Block | Corporate Guarantee


Verizon Operator Has Ten Stores In the Area
Value With Lease Up of Vacant Spaces
Visibility From I74 | Signage Income Potential
Excellent Demographics to Spur Retail Tenant Growth

939-959 West Jackson Street, Morton, IL 61550

Request Offering Memorandum

Market Summary

Price                                    $1,600,000

Cap Rate                             6.24%

NOI                                      $99,828

Pro-Forma Cap Rate          12.73%

Pro-Forma NOI                   $203,747

Rentable SF                        20,200 SF

Price per SF                        $79.21

Year Built                            2001

Lot Size                               2.3 Acres

Description

Marcus & Millichap is pleased to present Jackson Plaza located at 939-959 W Jackson in Morton, IL.​ Morton is located in Central Illinois in close proximity to Bloomington/Normal, Peoria, and Springfield.​ Morton is a growing community with a continued projected household and population increase over the next five years.​ Average household income is above the national average with a 13.5% increase expected in the next five years.​ In addition, the current unemployment rate in Morton is hovering above two percent, well below the national average.​

 

Jackson Plaza is adjacent to Kroger/CVS and has national tenants such as Verizon, Pizza Hut, and H & R Block.​ The site is very conveniently located at the full interchange of I74 and Morton Avenue, a major thoroughfare in the community.​ The property is being offered as a value add opportunity for an opportunistic buyer.​ Leasing up the remaining space will significantly increase the return a new buyer would be getting.​

Morton's economy has been shaped by its proximity to both east/west and north/south interstates (I-74, I-474, I-155, I-55), central location between Chicago, St.​ Louis, and Indianapolis, the presence of Caterpillar's logistics center, proximity to Caterpillar's corporate headquarters in Peoria, and the surrounding fertile farmland.​ Morton is a net importer of the workforce due to the high concentration of major employers and has an unemployment rate of 2.61% which below the state rate of 4.2%.​ Major industry clusters include advanced manufacturing and logistics/distribution.​ Other major employers in the area include Libby's Pumpkin cannery and Morton Buildings.​

UNDER CONTRACT