506 W Wise Rd
Schaumburg, IL 60193
Cove Shopping Center · Retail Property For Sale

Property tours are available by appointment. Please contact the listing broker to schedule a tour. Investment Highlights: Cash flowing value-add opportunity Long-term tenancy base Strong suburban retail market Great visibility on busy Wise Road with easy access Great signage along Wise Road Abundant parking at 9 spaces per 1,000 SF Estimated traffic count of 25,000 cars per day Near Woodfield Mall which boasts a distinctive collection of shopping, dining and entertainment Investment Overview: Plaza (506-604 Wise Road), a 29,043 rentable square foot multi-tenant retail center situated on 3.36 acres at the northwest corner of Wise Road and Spring Cove Drive in Schaumburg, Illinois. Built in 1988, the property is ideally located along one of Schaumburg's most significant traffic arteries, home to numerous retailers throughout the area. The property benefits from the strong surrounding retail market as Schaumburg is home to such substantial retail projects as The Streets of Woodfield and Woodfield Mall (the largest mall in Illinois). This expansive basis of surrounding retailers, coupled with strong area demographics and the proximity to Schaumburg's significant emplo This expansive basis of surrounding retailers, coupled with strong area demographics and the proximity to Schaumburg's significant employers give Cove Plaza an ideal platform for investors to push occupancy and drive growth. At 53.1% occupied, investors have the opportunity to increase occupancy at the center while capitalizing on the long-term existing tenancy. The property currently maintains a strong positive in-place net operating income and with the Schaumburg Area historically stabilized at 91.7% occupancy, investors will be able to capitalize on accretive leasing to stabilize the center. Area retail demand has kept the Northwest submarket at stabilized occupancy rates for straight three years coupled with positive net absorption in the 2nd quarter of 2017. In conjunction with the stable occupancy, rental rates have held steady in the past four quarters leaving retail centers with a steady flow of leasing momentum and deal velocity. Cove Plaza is ideally positioned within the market as a strong value-add center exceptionally well located with strong upside potential for investors.