75 W. Plummer Blvd, Chatham, IL, 62629

Acquisition Date: July 2019
Acquisition Price: $3,825,000
Acquisition Cap Rate: 8.7%
Building Size: 55,463 SF
Acquisition Cost per SF:  $68.96
Property Type: Retail
Tenant: Single (Anchored by Goodwill of Lincoln)
Occupancy: 100%
Highlights: The Chatham Goodwill building is a quality retail property with an excellent main thoroughfare location in a growing affluent suburb of Springfield, IL. Envision believes that the current rents are 20-30% below-market and expects to take advantage of this upside, with the possibility to add tenancy in the near future at market rates. In addition, Envision was able to negotiate $765,000 of non-recourse financing from the seller through a repeat broker relationship, substantially increasing annual returns, and ultimately giving us additional comfort with the seller’s investment in the property.
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