Tammy Saia Contact Info:
Phone: (630) 570-2226
Email: tsaia@marcusmillichap.com
Tami Andrew Contact Info:
Phone: (630) 570-2179
Email: tandrew@marcusmillichap.com
Jackson Plaza
CLOSED
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
* Sale Price $1,600,000
* Sold at 100% of List
* Closed in 51 Days
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.