Historical Office Sale Listing - Hickory Point Bank, Millikin Univ. & St. Mary's

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Hickory Point Bank, Millikin Univ. & St. Mary's

1099 West Wood Street, Decatur, IL 62522

N/A

32,497 SF | Office

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Office Property - Off Market

Price:
N/A
Building Size:
32,497 SF
Property Type:
Office
Property Sub-type:
Office Building
Property Use Type:
Investment
Cap Rate:
9.48%
Occupancy:
100%
Tenancy:
Multiple
Lot Size:
3.40 AC
Listing ID
15805450
Last Updated
over 1 year ago

Description

We are pleased to offer a beautiful brick mixed-use
building, built in 2001, consisting of a: Bank, University,
Hospital/Medical and Restaurant. West Towne Square (WTS) is
35,202-square feet and is 100 percent occupied; located adjacent to
Millikin University in Decatur, IL.
WTS is anchored by Hickory Point Bank that is owned by Archer
Daniels Midland and has an S&P rating of A-. They occupy 11,300-
square feet or 34.77 percent of the center and have 12 years left on
their lease. The lease has 2.5 percent annual rent increases and 2-5 year
options.
The property provides a good mix of local and regional tenants.
Millikin University is an independent, four-year University with the
campus and student housing surrounding the center. They lease 6,166-
square feet combined or 18.99 percent of the center with leases
expiring in 2011-2012.
St. Mary's Hospital has been serving Decatur since 1895 and their 21-
acre hospital campus is 1.5 miles away. The remaining tenants: Dr.
Norton (dentist) has a ten-year term with 2-5 year options and Tuscany
Restaurant with a nine year term, both have been tenants since 2002 &
2004.

The subject property is located in Decatur, Illinois. Decatur is located
approximately 180 miles southwest of Chicago and 120 miles northeast of St.
Louis and has a population of approximately 83,880. It is the economic center
and county seat of Macon County which has a population of nearly 115,000.
The city is located along the Sangamon River which meets Lake Decatur, a 2800
acre reservoir and recreation spot and site of many homes.
Major employers include Archer Daniels Midland, a Fortune 500 soybean
processing company, Caterpillar Corporation, AE Staley, Illinois Power
Company, and St. Mary's and Decatur Memorial Hospitals. The two hospitals
form the central health care network for the region and contain over 700 beds.
Decatur is also home to Millikin University, a four year Liberal Arts college which
has been ranked as one of the best comprehensive colleges in the Midwest by
U.S. World & News Reports. The subject property is well located, adjacent to
Millikin University.
The property has great exposure along West Wood Street, with over 30,000 feet
of frontage. The intersection of Wood and Oakland is well traveled with traffic
counts over 15,400 per day.

Map of 1099 West Wood Street, Decatur, IL 62522 (Macon County)

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