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202 Lindow Ln
Marengo, IL 60152
Sullivan's Foods Marengo · Retail Property For Sale
Investment Highlights
- 12-Year Absolute NNN Lease to Grocery Operator with 100% Leased Small Shop Space: J.B. Sullivan’s occupies 85% of the center
- Exclusive Market Presence: Only Grocery Option within a 12-mile radius (20-minute Drive)
- Strong Incomes: Average household incomes of $122,617 within a 5-mile radius
- Grocery Lease Signed By Large Corporate Wholesaler: Associated Wholesale Grocers (“AWG”), Reporting over $12B in Revenue, signs the lease as “Tenant”
- Low Lease Rates Drive Stability: Sullivan’s Foods pays only $5.05 PSF, well-under market for similar quality construction
- Strategic Location Near Schools: Marengo Shopping Center is located in direct proximity to Marengo HS, MS, and ES (1,467 total students)
Executive Summary
As exclusive agent for the owner, Parasell Inc. is pleased to present Marengo Shopping Center, a 38,230 SF, 100%-leased, grocery-anchored neighborhood center in Marengo, Illinois. Approximately 85% of the GLA is occupied by the anchor grocer under a 12-year absolute NNN lease with tenant responsibility for CAM, roof, and structure.
The anchor lease is signed by Associated Wholesale Grocers (AWG), a national grocery wholesaler reporting over $12 billion in annual revenue, and sub-leased to J.B. Sullivan’s Foods, an 11-unit, wholly owned subsidiary of Coborn’s, Inc., which operates 135 retail locations, including 77 grocery stores across the Midwest. Sullivan’s occupies 32,376 SF and pays $5.05 PSF, below prevailing market rents for comparable construction.
Sullivan’s Foods has operated at this location since 2013 and has historically reported strong sales with low rent-to-sales ratios. The property serves as the only grocery option within a 12-mile (approximately 20-minute) radius and is supported by average household incomes of $122,617 within five miles. The center is located adjacent to Marengo High School, Middle School, and Elementary School, totaling approximately 1,467 students.
The remaining shop space is fully leased to daily-needs and service tenants, including CORA Physical Therapy, Dairy Queen, and Gaming Café, providing complementary traffic to the grocery anchor.
The anchor lease is signed by Associated Wholesale Grocers (AWG), a national grocery wholesaler reporting over $12 billion in annual revenue, and sub-leased to J.B. Sullivan’s Foods, an 11-unit, wholly owned subsidiary of Coborn’s, Inc., which operates 135 retail locations, including 77 grocery stores across the Midwest. Sullivan’s occupies 32,376 SF and pays $5.05 PSF, below prevailing market rents for comparable construction.
Sullivan’s Foods has operated at this location since 2013 and has historically reported strong sales with low rent-to-sales ratios. The property serves as the only grocery option within a 12-mile (approximately 20-minute) radius and is supported by average household incomes of $122,617 within five miles. The center is located adjacent to Marengo High School, Middle School, and Elementary School, totaling approximately 1,467 students.
The remaining shop space is fully leased to daily-needs and service tenants, including CORA Physical Therapy, Dairy Queen, and Gaming Café, providing complementary traffic to the grocery anchor.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
34,264 SF
Building Class
A
LoopNet Rating
4 Star
Year Built
2013
Price
$3,537,000
Price Per SF
$103.23
Cap Rate
7.25%
NOI
$256,445
Tenancy
Single
Building Height
1 Story
Loading Docks
2 Exterior
Building FAR
0.20
Lot Size
3.96 AC
Parking
60 Spaces (1.93 Spaces per 1,000 SF Leased)
Frontage
238’ on Lindow Ln
Amenities
- Signage
Property Taxes
| Parcel Number | 17-06-102-007 | Improvements Assessment | $1,158,772 |
| Land Assessment | $159,741 | Total Assessment | $1,318,513 |
Property Taxes
Parcel Number
17-06-102-007
Land Assessment
$159,741
Improvements Assessment
$1,158,772
Total Assessment
$1,318,513
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