South Elgin Commons

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South Elgin (Chicago MSA), IL

 

     

South Elgin Commons is a 128,000 square foot Class A shopping center located in a regional retail corridor in South Elgin, IL, built in 2010.

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The center is anchored by Ross and LA Fitness with Target as a shadow anchor. At the time of acquisition, the asset was 63.4% occupied representing a great value-add opportunity in a market with average occupancy over 90%.

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South Elgin Commons is located in a regional trade corridor on Randall Road (30,000 vpd). Other retailers in this corridor include Target, Best Buy, TJ Maxx, Petsmart, Petco, Kohls, Jewel-Osco, and others. Demographics in the area are strong with 127,000 people living in a 5 mile radius earning average incomes of $117,000. 

 

PMAT was able to acquire this institutionally-owned center at below replacement cost (under $100/SF). A recently vacated 58,000 SF former Toys R Us / Babies R Us box provides rare value-add potential in this otehrwise well occupied submarket. Adjacent land for development provides additional upside.