Log In/Sign Up
Your email has been sent.
Town & Country Center Redevelopment Opp. 2301-2585 S MacArthur Blvd 259,592 SF 30% Leased Retail Building Online Auction Sale Springfield, IL 62704
INVESTMENT HIGHLIGHTS
- Built in 1961 and seeking redevelopment, Town & Country Center is on 18.9 acres and consists of 259,592 square feet of retail space.
- Offering currently comprises two in-line multi-tenant buildings and four outlot buildings fronting MacArthur Boulevard.
- Town & Country Center has been replatted and rezoned to allow for mixed-use redevelopment.
- Great visibility with 1,300 feet of frontage on SWC of MacArthur Boulevard and Outer Park Drive and four points of ingress/ egress.
- With 1,056 parking spaces, the center features a generous parking ratio of 4.1 spaces per 1,000 square feet.
- Current zoning permits the development of self-storage and 40 multifamily units to complement the existing retail spaces.
EXECUTIVE SUMMARY
Town & Country Center is situated in an underserved region of Springfield with virtually no other retail offerings. Ideally positioned at the southwest corner of MacArthur Boulevard and Outer Park Drive, the center sits directly across from an exceptionally high-performing Hy-Vee and serves as a primary retail destination for the local community. Its strategic location, 2 miles from the White Oaks trade area, ensures no overlap or conflict with tenants already established along the Veterans Parkway corridor, offering unique leasing opportunities.
This property offers a truly rare and exciting value-add opportunity. It features fully entitled plans for a mixed-use redevelopment and strong support from the local government. A recent replat provides maximum flexibility, allowing select lots to be sold separately to lower an investor's basis and take advantage of cap rate arbitrage.
Town & Country Center benefits from exceptional local government support. The property received unanimous approval from the city council and the Sangamon County Regional Planning Commission for its mixed-use redevelopment plans, including variances for self-storage and multifamily uses.
The subject property hosts a well-balanced mix of national, regional, and local retailers, many of whom have operated at the shopping center for many years. In-place tenants include Oak Street Health, Dollar Tree, CitiTrends, Chuck E Cheese's, and the Illinois Board of Elections.
Town & Country Center benefits from exceptional cross-traffic due to its prime location adjacent to the highly successful Hy-Vee Grocery Store, which is ranked #2 out of 17 Illinois locations and in the 83rd percentile nationally, according to Placer.AI. Hy-Vee operates over 280 stores across eight Midwestern states and stands among the largest privately held companies in the nation, generating annual sales exceeding $13 billion.
The center is located in a highly populated residential area, with 72,700 residents within a 3-mile radius. This strong population density ensures a robust local customer base and built-in demand for retail, self-storage, and multifamily uses. The daytime population in the same radius increased by 43%, further supporting the need for a strong mixed-use development to serve the community.
This property offers a truly rare and exciting value-add opportunity. It features fully entitled plans for a mixed-use redevelopment and strong support from the local government. A recent replat provides maximum flexibility, allowing select lots to be sold separately to lower an investor's basis and take advantage of cap rate arbitrage.
Town & Country Center benefits from exceptional local government support. The property received unanimous approval from the city council and the Sangamon County Regional Planning Commission for its mixed-use redevelopment plans, including variances for self-storage and multifamily uses.
The subject property hosts a well-balanced mix of national, regional, and local retailers, many of whom have operated at the shopping center for many years. In-place tenants include Oak Street Health, Dollar Tree, CitiTrends, Chuck E Cheese's, and the Illinois Board of Elections.
Town & Country Center benefits from exceptional cross-traffic due to its prime location adjacent to the highly successful Hy-Vee Grocery Store, which is ranked #2 out of 17 Illinois locations and in the 83rd percentile nationally, according to Placer.AI. Hy-Vee operates over 280 stores across eight Midwestern states and stands among the largest privately held companies in the nation, generating annual sales exceeding $13 billion.
The center is located in a highly populated residential area, with 72,700 residents within a 3-mile radius. This strong population density ensures a robust local customer base and built-in demand for retail, self-storage, and multifamily uses. The daytime population in the same radius increased by 43%, further supporting the need for a strong mixed-use development to serve the community.
OFFERING MEMORANDUM Click Here to Access
DATA ROOM Click Here to Access
- Offering Memorandum
- Operating and Financials
- Plat
- Purchase Agreement
- Third Party Reports
- Title and Insurance
PROPERTY FACTS
Sale Type
Investment
Sale Condition
Auction Sale
Type of Ownership
Fee Simple
Property Type
Retail
Building Size
259,592 SF
Building Class
B
Year Built
1961
Percent Leased
30%
Tenancy
Multiple
Building Height
1 Story
Loading Docks
1 Exterior
Building FAR
0.32
Lot Size
18.90 AC
Parcel Numbers
Zoning
S-2 - Community Shopping & Office District
Parking
1,056 Spaces (4.07 Spaces per 1,000 SF Leased)
Frontage
1,287’ on Macarthur Blvd
AMENITIES
- Signalized Intersection
DEMOGRAPHICS
Demographics
1 Mile
3 Mile
5 Mile
2024 Population
11,003
75,799
125,258
2020 Population
11,286
74,032
121,927
2029 Population
10,850
75,462
124,785
2024-2029 Projected Population Growth
-1.4%
-0.4%
-0.4%
Daytime Employees
5,980
94,020
129,736
Total Businesses
895
8,453
10,310
Average Household Income
$82,955
$72,728
$78,373
Median Household Income
$66,029
$55,368
$60,357
Total Consumer Spending
$147M
$893M
$1.5B
Median Age
39.7
39.8
40.7
2024 Households
5,205
35,224
56,170
Percent College Degree or Above
23%
18%
18%
Average Home Value
$183,583
$166,983
$183,568
$ values in USD
NEARBY MAJOR RETAILERS
SALE ADVISORS
SALE ADVISORS
Jeffrey Johnston, Senior Vice President
Jeff has completed transactions totaling more than $3 billion and 40 million square feet. He specializes in income-producing investment properties, primarily in the $5 million to $50 million range, including retail centers, office and industrial buildings. Jeff successfully markets such properties for sale on behalf of national institutions, regional developers and local investors, having developed a highly effective sales process that consistently results in maximized pricing for the property. He also contributes his expertise to a variety of clients by marketing development land and providing financial structuring and general real estate consulting services. Jeff is a Certified Public Accountant with exceptional financial and valuation skills that are critical for proper pricing and for negotiation with potential buyers. He frequently assists buyers in identifying and purchasing investment properties, including coordinating 1031 tax deferred exchanges.
Christopher Prosser, Senior Vice President
Chris’ focus is the sale of retail, office and industrial income producing properties throughout Ohio and the Northern Kentucky region. Chris has completed transactions totaling over 36 million square feet valued at over $2.5 billion. Chris specializes in the private market property space ($1-10 million) sale assignments and provides his clients with in-depth valuation analyses, asset management recommendations and go-to-market strategies. Prior to joining CBRE, Chris was a Brokerage Senior Vice President at Colliers International and a Market Research Director for Eagle Realty Group, which provided a strong understanding of the regional commercial marketplace and a solid foundation for his Investment Sales focus.
ABOUT THE AUCTION TECHNOLOGY
Auctions by Ten-X are the #1 transaction technology powering commercial real estate transactions online. With over $34B in total transactions, these auctions use best-in-class technology and real-time asset intelligence to put listings in the best position to find the perfect buyer. The expedited auction timeline, comprehensive due diligence, and buyer qualification make transactions twice as fast and twice as certain for brokers, owners, and investors.
Read More
AUCTION CONTACT
Taylor Cunningham
Contact
Auctioneer License:
Ten-X Arlene Richardson RE Brkr 478027045
1 of 22
VIDEOS
MATTERPORT 3D EXTERIOR
MATTERPORT 3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
3% Transaction Fee
Based on Winning Bid Amount
Minimum Transaction Fee
$20,000 USD
Maximum Transaction Fee
$300,000 USD
Example Calculation
Winning Bid Amount
$5,000,000 USD
Transaction Fee
$150,000 USD (3%)
Total Purchase Price
$5,150,000 USD
Presented by
Town & Country Center Redevelopment Opp. | 2301-2585 S MacArthur Blvd
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.
Presented by
Town & Country Center Redevelopment Opp. | 2301-2585 S MacArthur Blvd
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.