1 Plaza DrFairview Heights, IL 62208

For Sale
$8,090,000

High-yield retail redevelopment opportunity

Overview

Added:
Dec 11, 2024
Days on market:
93
This 210,489 square foot shopping center in Fairview Heights, IL presents a unique value-add investment opportunity. Located on 18.57 acres at 1 Plaza Dr, this multi-tenant property boasts a 48% occupancy rate and features a strong national tenant base including Best Buy, Dollar Tree, City Trends, and David's Bridal. Many tenants have long-term leases, with Best Buy at 30 years, Dollar Tree at 22 years, and City Trends at 14 years, collectively representing 80% of current revenue. The property benefits from a positive cash flow, allowing for redevelopment without significant carry costs. Its prime location near the intersection of Interstate 64 and Highway 159 provides exceptional visibility and accessibility, with over 1,200 feet of highway frontage. The property is situated within a Tax Increment Financing (TIF) District and Enterprise Zone, offering potential public incentives for redevelopment. The Fairview Heights trade area is a dominant regional shopping destination, serving a population of 258,758 within a 20-minute drive time, and boasting a high average household income of $110,928 within a 3-mile radius. This is a rare chance to acquire a large, contiguous property in a thriving retail market with significant redevelopment potential. The asking price is $8,090,000. The property was built in 1987.

Highlights

  • $8,090,000 asking price for a value-add retail investment opportunity.
  • 18.57-acre, 210,489 SF shopping center in Fairview Heights, IL, with 48% occupancy.
  • Located in a strong regional trade area with public incentives (TIF District & Enterprise Zone).
  • High visibility and accessibility from I-64 and Hwy 159 (120,000+ VPD), with over 1,200 ft of frontage.
  • Positive cash flow with national tenants including Best Buy, Dollar Tree, City Trends, and David's Bridal.
  • Tenured tenants, with Best Buy (30 years), Dollar Tree (22 years), and Citi Trends (14 years) representing 80% of in-place revenue.

Property Details for 1 Plaza Dr

Property type
Lifestyle centers, Power centers
Square Feet
210,489 SF
Year Built
1987
Lot Size (sq. ft)
808,909 SF

Location Insight

City
Fairview Heights
County
St. Clair
State
Illinois
Latitude
38.598077644558
Longitude
-89.993055022963
1 Plaza Dr, Fairview Heights, Illinois

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1 Plaza Dr
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