Crystal Point

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Crystal Lake, IL

 

     

Crystal Point is a 317,00-square-foot grocery-anchored open-air retail center in Crystal Lake, IL.

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The center is anchored by Best Buy, The Fresh Market, TJ MAxx, Ross, Steinhafels, and World Market. At the time of acquisition, the asset was 86.8% occupied - representing a great value-add opportunity in a market with average occupancy over 90%. Four existing outparcels and a potential for a new outparcel development provide further opportunities to add value.

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Crystal Point is located in a regional trade corridor on Northwest Highway (26,000 vpd). Other retailers in this corridor include Target, Sam’s Club, Mariano’s, Fresh Thyme, Hobby Lobby, Jewel Osco, Petco, Aldi, and others. Demographics in the area are strong with 125,000 people living in a 5 mile radius earning average incomes of over $122,000. 

 

PMAT was able to acquire this center at below replacement cost (under $100/SF). Within a few months of ownership, PMAT executed leases with Burlington and Sierra Trading Post, bringing this asset to 100% occupancy. The multi-tenant outparcels can be sold off separately while PMAT is also working on approvals for a new, yet to be developed outparcel.