1 Plaza Dr Fairview Heights, IL 62208
- Lifestyle centers
- 210,489 SF
- 18.57 lot acres
Current Use by Public Records
- Lifestyle centers
Property Details for 1 Plaza Dr
- Year built
- 1987
- Lot size
- 18.57 lot acres
- Property size
- 210,489 SF
- Property type
- Lifestyle centers
- Property subtype
- Power centers
Description
This 210,489 square foot shopping center in Fairview Heights, IL presents a unique value-add investment opportunity. Located on 18.57 acres at 1 Plaza Dr, this multi-tenant property boasts a 48% occupancy rate and features a strong national tenant base including Best Buy, Dollar Tree, City Trends, and David's Bridal. Many tenants have long-term leases, with Best Buy at 30 years, Dollar Tree at 22 years, and City Trends at 14 years, collectively representing 80% of current revenue. The property benefits from a positive cash flow, allowing for redevelopment without significant carry costs. Its prime location near the intersection of Interstate 64 and Highway 159 provides exceptional visibility and accessibility, with over 1,200 feet of highway frontage. The property is situated within a Tax Increment Financing (TIF) District and Enterprise Zone, offering potential public incentives for redevelopment. The Fairview Heights trade area is a dominant regional shopping destination, serving a population of 258,758 within a 20-minute drive time, and boasting a high average household income of $110,928 within a 3-mile radius. This is a rare chance to acquire a large, contiguous property in a thriving retail market with significant redevelopment potential. The asking price is $8,090,000. The property was built in 1987.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Fairview Heights
- County
- St. Clair
- State
- Illinois
- Longitude
- -89.9931
- Latitude
- 38.5981
