Corbin Schwartz, Mark Heidecke and Anthony Spangler of Horvath & Tremblay completed the sale of the Watertower Plaza in South Elgin, Illinois.
Horvath & Tremblay represented the seller and procured the buyer to complete the transaction at a sale price of $1.05 million.
Watertower Plaza is located at 1268-1282 W Spring Street in South Elgin, Illinois. The plaza was constructed in 2002 and contains 9,713 square feet on a 1.05-acre parcel of land. The Plaza is improved by four local tenants that serve the needs of the local community and one vacant unit.
The Property is leased to The Hair Place, National Karate School, SF K-9 Training and El Grande Burrito. All of the tenants’ leases call for attractive increases in either the base term or the renewal options, providing the investor with an attractive increase in revenue and a hedge against inflation. Additionally, the Property has a 2,400 square foot vacancy that offers significant upside through lease up.
The Property is situated adjacent to the signalized intersection of W Spring Street and S McLean Boulevard, two of the area’s primary commercial and commuter corridors. The Property is part of a commercial cluster that includes Butera Market (grocery store), Walgreens, CVS, McDonald’s, and Dunkin’ and surrounded by densely developed residential neighborhoods providing a built-in customer base. The Property offers convenient access to US Route 20 and IL Roues 31 and 25 as well as Elgin Community College.
