Oswego (Chicago MSA), IL
Prairie Market is a 133,000 square foot Class A shopping center located in a regional retail corridor in Oswego, IL, built in 2008.
The center is anchored by Best Buy, Dicks, and Ulta with Kohl's, Burlington, and Hobby Lobby as shadow anchors. At the time of acquisition, the asset was 88.0% occupied and also had several undeveloped parcels - representing a great value-add opportunity in a market with average occupancy over 90%.
Prairie Market is located in a regional trade corridor on US-34 (30,000 vpd). Other retailers in this corridor include Target, Aldi, TJ Maxx, Walmart, Home Depot, Petsmart, Ross, and others. Demographics in the area are strong with 214,000 people living in a 5 mile radius earning average incomes of $109,000.
PMAT was able to acquire this center at below replacement cost (under $100/SF) with great in-place yield. The Best Buy lease was renewed shortly after acquiring this center. The multi-tenant outparcel can be sold off separately while adjacent land for development provides additional upside.
For Prairie Market Leasing Inquiries, Please Contact:
phone: 202-780-PMAT (7628)