Deal Summary:

Frontline Real Estate Partners acquired the subject property from a large financial institution. The property consists of a 323,000 square foot shopping center on 48 acres in the center of Kankakee, Illinois. The shopping center is anchored by Ultra Foods and includes national tenants such as McDonald’s, Family Dollar, Planet Fitness, Radio Shack, and H&R Block. The shopping center also includes many local tenants that have occupied space at the center for more than 20 years. Ownership has executed a value-add business plan taking the center from 53% occupancy at time of acquisition to over 80% today. A capital improvements plan has also been implemented including renovation of building facades, painting, landscaping improvements, and parking lot repairs.