Marcus & Millichap announced the sale of North Second Building, a 12,674-square-foot retail property located in Loves Park, Illinois, according to First Vice President and District Manager Josh Caruana of the firm’s Indianapolis office. The asset sold for $1,675,000.
First Vice President Forest Bender and Senior Vice President Joseph DiSalvo in Marcus & Millichap’s Indianapolis office had the exclusive listing to market the property on behalf of the seller, a local private investment group. Steven Weinstock, Illinois Broker of Record, assisted in closing this transaction.
North Second Building is located at 5303 North 2nd St. in Loves Park, Illinois. The property is situated on a roughly 2.07-total-acre parcel which features a 12,600 square foot building. The property was built in 2008 and has been well maintained by current ownership. The North Second Building is currently 86% occupied, leaving additional upside for new ownership.
The property features a variety of long-standing tenants, with Edward Jones and Anytime Fitness having been on site for over 10 years, and Dotty’s Café, which has been on site for over eight years. All the tenants have weathered COVID-19 and should be poised to do well for many years to come at this site.
The Rockford MSA features a population of around 350,000 people, per the 2010 census. Rockford’s cheap cost of living and low housing cost makes it a great place to do business outside of Chicago. The Rockford region is home to four separate tier-one Aerospace companies and is the largest center of aerospace production in Illinois, ranking No. 6 in the US.
