Two of Kenosha’s larger shopping centers with supermarkets and major national anchor stores are on the market.
Plaza 50 and Sunnyside Park shopping centers are seeking buyers.
The Chicago office of SRS Real Estate Partners has listed 201,220-square-foot Plaza 50 Shopping Center, home to Pick ‘n Save, Ross Dress for Less, Marshalls and Burlington, as an investment opportunity for $28.5 million.
Built in 1980, the Plaza 50, 5710-5960 75th St., has 156,249 square feet of leasable space.
It is located at the corner of Highway 50 and 60th Avenue and is fully occupied, according to the brokerage’s listing report.
Plaza 50 comprises one inline building and six outlying buildings that include Arby’s, H&R Block, Cricket and “a well-rounded mix of daily needs and service-based tenants.”
Two of the major tenants have leases that end December 2025 while Pick ‘n Save has a lease that ends December 2023. The Marshalls lease is due to end December 2020.
The retailers are expected to continue operation. None have announced they are closing.
In its report, SRS also said, “Plaza 50 consists of six separate parcels, allowing an investor flexibility and the option to break up the shopping center. By including all of the out-parcels in this acquisition, it provides a significant value and potential for an investor through the ability to reposition them.”
SRS noted that the shopping center has an attractive assumable loan in place.
Frontline Real Estate Partners of Highland Park has listed Sunnyside Park, 2207-2215 80th St., as investment property for $6.3 million.
Constructed in 1997, it is considered a neighborhood shopping center consisting of 68,250 square feet of inline space and a 1,500 square feet of out lot buildings.
The property consists of 12 units, 10 of which are leased. Tenants include Piggly Wiggly, CVS Pharmacy, Family Dollar, TCF National Bank, Taco City, New China and Tobacco Outlet.
The brokerage in its listing report said Piggly Wiggly’s lease continues through October 2021. CVS has recently renewed a five-year lease that runs through 2023.
Sunnyside is 93 percent leased and produces an estimated $612,000 operating income, according to Frontline.