Regions Bank - Northtown Center

REVISED

Regions Bank - Northtown Center

Since coming to market, the owner has signed a new lease with a new tenant.​  They will rent the 2nd floor of the property for $3500/month for up to 7 months.​  They will then move downstairs in the current Vieweg space for $4100/month.​  They have a 3- year lease with 2% annual increases in rent.​  At this time, seller is not raising the price for the property.​

 

Anchor Tenant is Regions Bank | Over $119,000,000 in Deposits

In the Market for Over 70 Years | Standard & Poor's BBB+ Rating

Regions has 2, 5-Year Options to Renew at FMV | Glenda Williamson Realty has 1, 3-Year Options to Renew with 2% Increases

Exceptional Value-Add Opportunity | No New Inventory Coming to Market

Over 20,000 Vehicles Pass Daily on Pershing Road

Newer Development in the Area

333 East Pershing Road, Decatur, IL 62526

Request Offering Memorandum

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Market Summary

Price                                    $2,707,468

Cap Rate                             12.93%

NOI                                      $349,975

Rentable SF                        27,455 SF

Price per SF                        $98.61

Year Built                             1968

Lot Size                                1.9 Acres

Description

Marcus & Millichap is pleased to present a multi-tenant office building in Decatur, Illinois. The property is located on very busy Pershing Road, a major east/west thoroughfare through North Decatur, with a daily traffic count of about 20,000 vehicles.

Since coming to market, the owner has signed a new lease with a new tenant.​  They will rent the 2nd floor of the property for $3500/month for up to 7 months.​  They will then move downstairs in the current Vieweg space for $4100/month.​  They have a 3- year lease with 2% annual increases in rent.​  At this time, seller is not raising the price for the property.​

 

The property is comprised of a two-story office building with a finished lower level that is leasable and included in the 27,455 square feet that make up the building. The property includes a six-lane drive up for the bank and 82 parking spaces. Current occupancy is 73.3 percent, with the top floor currently vacant.

The building is anchored by Regions Bank, the wholly-owned subsidiary of Regions Financial Corporation. They occupy the first floor and lower level of the building. The second floor is currently vacant. The first-floor space that is occupied by Vieweg Real Estate has been updated recently. This tenant is month-to-month and their rent is not included in the income. The vacancy rate is historically low on the Pershing Road corridor, with only one other space available. The space is available due to the bank downsizing its footprint.

Regions Bank is the anchor tenant of the property and has been in the market for 70 years. They currently have three banking offices in the Decatur market and deposits at this facility are over $119,000,000 which is up from $64 million two years ago. The bank has approximately 1,302 banking offices. Their Standard Poor's credit rating is BBB+. The corporation is located in Birmingham, Alabama and serves the lower Midwest, Texas and southeast portion of the United States.