The Shoppes at Meadowview

Lee & Associates is pleased to present for sale the Fee Simple interest in “The Shoppes at Meadowview”. The subject property consists of a 15.14 acre site improved with 133,157 SF of retail space. The property is currently 66.7% occupied, creating the opportunity to add value through the lease up of the vacancy. The subject property is one of the largest and most diverse retail properties in Kankakee, IL less than 60 miles from downtown Chicago. Meadowview has a diverse and unique merchandise mix focused on essential needs based tenants. With a focus on fitness, discount retail and food and beverage, Meadowview has the ideal co-tenancy to attract best of class tenants during the stabilization and lease up process. Meadowview will trade far below replacement cost providing a low basis to a new investor looking to achieve an above market yield during the hold / repositioning period and will further recognizing a significant return on equity at exit. The Shoppes at Meadowview has attractive in place financing that can be assumed. The loan originated in 2021 with an original funding of $4,450,000 and benefits from an attractive below market 4% rate through 11/18/2026 then has a reset to 325 bps over the five-year treasury. The debt amortizes on a 25-year schedule. The term is 10 years and has a maturity date of 11/17/2023. An investor has the ability to assume the in-place debt benefiting from the below market 4% rate with a runway of nearly 3 years to affect the reposition in advance of the reset and look to exit the deal or originate new permanent financing. The Shoppes at Meadowview is a rare opportunity to acquire a retail asset with a true value add strategy less than 60 miles from Chicago. With exceptional visibility, strong fundamentals and the ability to assume debt with a below market rate, the Shoppes at Meadowview is the preeminent add value retail opportunity in the greater Chicago area.