Prairie Market

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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.

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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%.

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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.