2002-2030 W Galena Ave
Freeport, IL 61032
Freeport Park Plaza - Freeport, IL · Retail Property For Sale

SHOP Companies is pleased to present the exclusive opportunity to acquire Freeport Park Plaza Center, a highly visible 71,345 SF (GLA) grocery-anchored neighborhood shopping center located on 8.13 acres in Freeport, IL. The property is 91.5% occupied and anchored by Sullivan’s Foods, a long-standing regional grocer occupying 41,812 SF. The property is the only grocery store and major retail center within a 2.5-mile radius, driving strong local demand. Freeport Park Plaza features a diversified tenant mix that includes national and regional tenants such as Goodwill (15,246 SF) and T-Mobile, alongside a variety of small shop tenants. This combination enhances tenant stability and attracts consistent consumer traffic to the center. The Sullivan’s Foods lease ($5.05/SF), is signed by Associated Wholesale Grocers (AWG)—a $12.3 billion food distribution company—as the tenant and sublet to Coborn’s, Inc., a $1.3 billion grocery store operator. Coborn’s acquired the J.B. Sullivan companies in 2023 and now operates this location. With in-place rents averaging $6.48/SF across the property, upcoming lease renewals or increases for five of the six tenants in the next two years, and two vacant bays offering additional leasing potential, Freeport Park Plaza Center presents a compelling investment opportunity for both stable income and significant near-term upside.