Acquisition Date: March 2021. Disposition Date: December 2022
Shops on State is a new ground up development in the primary retail corridor in Rockford, Illinois. The existing office building will be replaced with a freestanding Valvoline Instant Oil Change (Parcel A) and a two-tenant retail center leased to Five Guys and Mission BBQ (Parcel B).
The property benefits from its close proximity to Interstate-39/Interstate-90 and high daily traffic counts on State Street of approximately 29,500 vehicles per day. Nearby national tenants include Target, Lowe’s, Home Depot, Ross Dress For Less, Best Buy, Marshalls, Dick’s Sporting Goods, HomeGoods and more. The area has strong demographics of over 131,300 residents and over $76,875 in average household income within a five-mile radius of the property. Rockford has an overall metropolitan population of over 344,000 people making it the second largest metropolitan area in Illinois behind only Chicago.