WANSFORD WAY PLAZA 5621 Wansford Way • Rockford, IL 61109 Offering Memorandum
WANSFORD WAY PLAZA5621 Wansford Way • Rockford, IL 61109
Offering Memorandum
N O N - E N D O R S E M E N T A N D D I S C L A I M E R N O T I C E
Confidentiality and DisclaimerThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and
should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified
information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due
diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the
future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB's or
asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any
tenant's plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be
reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these
matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to
verify all of the information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved.
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name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product,
service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.
PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
WANSFORD WAY PLAZA
Rockford, IL
ACT ID Z0260173
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TABLE OF CONTENTS
SECTION
INVESTMENT OVERVIEW 01Offering Summary
Location Overview
Regional Map
Local Map
Aerial Photo
FINANCIAL ANALYSIS 02
Tenant Summary
Lease Expiration Chart
Operating Statement
Notes
Pricing Detail
Acquisition Financing
MARKET OVERVIEW 03
Market Analysis
Demographic Analysis
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INVESTMENT
OVERVIEW
PROPERTY OVERVIEW
WANSFORD CROSSING
PROPERTY OVERVIEW
Marcus & Millichap is pleased to present the Wansford Crossing retail center in Rockford, Illinois. The property is a one story, 13,200-square foot, brick construction building
with seven suites. The property is well located on a hard corner with excellent visibility and two sources of ingress and egress. Wansford Crossing is situated on
approximately 1.47 acres and features approximately 65 parking spots.
Wansford Crossing has been well maintained by current ownership and with the current cash flows should provide stable income for a new owner for many years to come.
Wansford Crossing features a diverse tenant mix with two local restaurants anchoring the property and a variety of retail tenants in the remainder of the space. With the
current leases in place, a new investor will acquire a property that features 54% of the space leased through 2023.
Rockford is the 3rd largest city in Illinois and In 2017, the average household income was $72,218 within a one mile radius of the subject property. The population within a 5
miles radius of this property is approximately 117,000 people. The Rockford MSA features a population of ~350,000 people per the 2010 census. Rockfords cheap cost of
living and low housing cost makes it a great place to do business outside of Chicago. The Rockford region is home to four separate tier-one Aerospace companies and is the
largest center of aerospace production in Illinois and ranks #6 in the US for aerospace production.
PROPERTY OVERVIEW
▪ Rockford is the Third Largest City in Illinois▪
▪ Adjacent to many local, regional, and national retailers▪
▪ 91% Occupied Multi-Tenant Retail Center▪
▪ Upside in Full NNN Lease conversions▪
▪ 20,000 VPD Pass Wansford Crossing▪
▪ 54% of GLA Leased Through 2023
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PROPERTY PHOTO
WANSFORD CROSSING
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EXECUTIVE SUMMARY
OFFERING SUMMARY
MAJOR EMPLOYERS
EMPLOYER # OF EMPLOYEES
Hamilton Sundstrand Corp 2,300
Saint Anthony Medical Center 1,500
Gca Services Group Inc 1,176
Rockford Park District 851
Swedishamerican Hospital 779
Andrews Staffing Inc 750
I D Pennock Branch 680
PCI Services of Illinois 640
Rockford Fire Department 635
Bergstrom Inc 600
Invensys Environmental Contrls 550
Estwing Manufacturing Co Inc 500
DEMOGRAPHICS
1-Miles 3-Miles 5-Miles
2017 Estimate Pop 5,519 52,739 117,003
2017 Census Pop 5,634 53,730 119,397
2017 Estimate HH 2,212 21,334 47,498
2017 Census HH 2,267 21,895 48,827
Median HH Income $61,595 $49,025 $48,364
Per Capita Income $29,011 $25,375 $26,628
Average HH Income $72,218 $62,078 $65,145
VITAL DATA
YEAR 1 YEAR 5
Price $1,324,000 CAP Rate 8.81% 10.11%
Down Payment 25% / $331,000Net Operating Income
$116,688 $133,813
Loan Amount $993,000 Pre Tax Cash Flow 10.49% / $37,190 15.67% / $51,859
Loan Type Financed Total Return (Pre Tax) 18.69% / $61,869 25.68% / $84,988
Interest Rate / Amortization
5.00% / 20 Years
Gross Leasable Area (GLA) 13,255 SF
Price/SF $99.89
Year Built / Renovated 2000
Lot Size 1.46 acre(s)
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THE OFFERING
Property Wansford Crossing
Price $1,324,000
Property Address 5621 Wansford Way, Rockford, IL
Assessors Parcel Number 16-04-204-009
Zoning C-3
SITE DESCRIPTION
Number of Stories One (1)
Year Built/Renovated 2000
Gross Leasable Area 13,255 SF
Ownership Fee Simple
Lot Size 1.46 acre(s)
Parking 90 Free Surface Spaces
Parking Ratio 7.80/1,000 SF
Topography Flat
Access Points Two (2)
CONSTRUCTION
Foundation Concrete Slab
Framing Steel-Frame
Exterior Masonry
Parking Surface Asphalt
Roof Rubber Membrane
PROPOSED FINANCING
First Trust Deed
Loan Amount $993,000
Loan Type Financed
Interest Rate 5.00%
Amortization 20 Years
Loan Term 5 Years
Loan to Value 75%
AERIAL PHOTO
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LOCAL MAP
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LOCATION OVERVIEW
CLOSE PROXIMITY TO:
5621 Wansford Way, Rockford, IL 61109
LOCATION OVERVIEWTENANT SUMMARYPRICING AND VALUATION MATRIX
PROPERTY NAMEWANSFORD WAY PLAZA
PRICING AND VALUATION MATRIX
PROPERTY NAMEWANSFORD CROSSING
LOCATION OVERVIEW
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WANSFORD CROSSING
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FINANCIAL
ANALYSIS
FINANCIAL ANALYSIS
WANSFORD CROSSING
OPERATING STATEMENT
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FINANCIAL ANALYSIS
WANSFORD CROSSING
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TENANT SUMMARY
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MARKET
OVERVIEW
MARKET OVERVIEW
OVERVIEW
CHICAGO
Chicago-Naperville-Elgin is one of the largest metros in the nation.
Also know as the greater Chicagoland area, it is bounded to the east
by Lake Michigan, expands over a 5,000-square-mile region in
northeastern Illinois and extends into Wisconsin and Indiana. The
metro houses 9.6 million people and comprises 14 counties. The city
of Chicago contains 2.7 million residents. The greatest growth during
the past 20 years occurred in the western portion of the region. In
recent years, however, businesses are relocating back into the city to
attract young workers, supporting the development of high-rise
residential towers in the downtown Chicago.
MARKET OVERVIEW
METRO HIGHLIGHTS
THIRD-LARGEST METROPOLITAN AREA
The metro population trails only New York City and
Los Angeles in size. It will expand to nearly 9.9
million residents by 2023.
WEALTH OF INTELLECTUAL CAPITAL
The number of corporate headquarters in Chicago is
second only to New York City. There are 33 Fortune
500 companies based locally.
LARGE, DIVERSE EMPLOYMENT BASE
The Chicago metro employs more than 4.7 million
individuals in an array of industries, including a
growing tech sector.
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MARKET OVERVIEWMARKET OVERVIEW
TRANSPORTATION
▪ The region’s transit network ranks among the largest and most
efficient in the world.
▪ The vast network of freeways, centralized location, largest rail-truck
intermodal facility in the U.S., and the Port of Chicago contribute to
the metro’s position as a major distribution and logistics hub.
▪ Chicago is the nation’s premier freight rail hub, with four carriers,
BNSF, Union Pacific, CSX, and Norfolk Southern, that service the
region.
▪ Amtrak routes originate from Union Station, while the Metra
commuter rail and the Chicago L provide passenger service
throughout the metro area and beyond.
▪ International airports include O’Hare, Midway and Gary/Chicago.
Seven smaller airports also provide air service for the region.
MORE THAN OF ILLINOIS RESIDENTS LIVE IN
THE SUBURBS OF CHICAGO,
MANY OF WHOM COMMUTE INTO
THE CITY FOR WORK40%
16.3Million TEU’s
MOVED THROUGH METRO
IN 2016
3CHICAGO HAS
INTERNATIONAL
AIRPORTS
7FOR FREIGHT, PASSENGER
AND COMMUTER
RAIL LINES
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MARKET OVERVIEW
ECONOMY
▪ The metro has one of the biggest economies in the nation
and is buoyed by its distribution, finance, manufacturing
operations and growing high-tech sectors.
▪ Fortune 500 companies headquartered in the metro include
Boeing, Walgreens, Allstate and McDonald’s.
▪ The area is a major global tourist and convention destination.
Last year, a record 55.2 million people visited the metro,
supporting 146,500 jobs.
▪ Large tech firms such as Amazon, Groupon and Google
attract startup companies.
▪ The workforce is considered one of the most diverse and well
trained among major U.S. metros.
MAJOR AREA EMPLOYERS
Amazon.com, Inc.
Advocate Healthcare
Walmart
Northwestern University
United Continental Holdings Inc.
Allstate Corp.
Walgreens Boots Alliance, Inc.
Abbott Labs
JPMorgan Chase
AT&T
SHARE OF 2017 TOTAL EMPLOYMENT
MANUFACTURING GOVERNMENT
HEALTH SERVICES
EDUCATION AND
+
LEISURE AND HOSPITALITY FINANCIAL ACTIVITIES
CONSTRUCTION
PROFESSIONAL AND
BUSINESS SERVICES
OTHER SERVICES
AND UTILITIES
TRADE, TRANSPORTATION INFORMATION
* Forecast
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9% 18% 7%12% 10%
4%20% 2%4% 15%
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MARKET OVERVIEW
▪ Chicago is the third most populous metro in the U.S. and is
expected to grow by approximately 270,000 people during the next
five years.
▪ Younger professionals moving to the area for employment provide a
skilled workforce and contribute to the median age of 37 years,
below that of the nation.
▪ World-class education institutions including Northwestern University
and the University of Chicago help provide a skilled labor pool.
Nearly 35 percent of residents age 25 and older hold a bachelor’s
degree and of these, 13 percent have also earned a graduate or
professional degree, which is well above the national level.
▪ Local homeownership of 65 percent is slightly above the national
rate of 64 percent.
QUICK FACTS
* Forecast
DEMOGRAPHICS
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2017
MEDIAN AGE:
U.S. Median:
37.8
$65,400
2017 MEDIAN
HOUSEHOLD INCOME:
U.S. Median:
$56,300
3.5M
2017
HOUSEHOLDS:
Growth
2017-2022*:
4.2%
9.6M
2017
POPULATION:
Growth
2017-2022*:
2.8%
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MARKET OVERVIEW
Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune;
Moody’s Analytics; U.S. Census Bureau
QUALITY OF LIFE
The Chicago metro has something to offer every one of its residents and visitors,
whether it is legendary blues and jazz music, cultural and educational venues,
professional sports, dining, entertainment, shopping or recreational amenities.
The Chicago area’s relative affordability is largely due to its lower housing costs. The
median home price is significantly less than in other cities of its size and is below that
of many smaller cities, including Seattle and Denver.
Cultural activities and venues underpin the metro’s cosmopolitan lifestyle. The region
is home to various well-known museums, including the world-class Field Museum,
Shedd Aquarium, Art Institute of Chicago and Adler Planetarium. The theater scene
rivals the world’s best, and troupes, dance companies, symphony orchestras and
music venues abound.
29 MILESOF SHORELINE
$248,800MEDIAN HOME PRICE VARIOUS MUSUEMS
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ARTS & ENTERTAINMENT
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PROPERTY NAME
MARKETING TEAM
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DEMOGRAPHICS
Source: © 2017 Experian
Created on April 2018
POPULATION 1 Miles 3 Miles 5 Miles
▪ 2022 Projection
Total Population 5,828 53,686 117,935
▪ 2017 Estimate
Total Population 5,519 52,739 117,003
▪ 2010 Census
Total Population 5,634 53,730 119,397
▪ 2000 Census
Total Population 4,893 50,642 117,459
▪ Current Daytime Population
2017 Estimate 3,776 62,567 134,823
HOUSEHOLDS 1 Miles 3 Miles 5 Miles
▪ 2022 Projection
Total Households 2,362 21,939 48,398
▪ 2017 Estimate
Total Households 2,212 21,334 47,498
Average (Mean) Household Size 2.50 2.43 2.44
▪ 2010 Census
Total Households 2,267 21,895 48,827
▪ 2000 Census
Total Households 1,935 20,839 47,860
▪ Occupied Units
2022 Projection 2,362 21,939 48,398
2017 Estimate 2,398 23,531 53,242
HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles
▪ 2017 Estimate
$150,000 or More 7.91% 4.44% 5.83%
$100,000 - $149,000 14.07% 10.36% 10.63%
$75,000 - $99,999 17.92% 13.68% 12.54%
$50,000 - $74,999 19.64% 20.60% 19.55%
$35,000 - $49,999 14.89% 16.23% 15.14%
Under $35,000 25.55% 34.68% 36.34%
Average Household Income $72,218 $62,078 $65,145
Median Household Income $61,595 $49,025 $48,364
Per Capita Income $29,011 $25,375 $26,628
HOUSEHOLDS BY EXPENDITURE 1 Miles 3 Miles 5 MilesTotal Average Household Retail Expenditure
$76,754 $66,567 $65,785
▪ Consumer Expenditure Top 10 Categories
Housing $20,706 $17,875 $17,688
Transportation $14,564 $12,194 $12,083
Shelter $12,784 $11,027 $10,888
Food $7,591 $6,725 $6,628
Personal Insurance and Pensions $6,647 $5,371 $5,327
Health Care $5,767 $4,805 $4,783
Utilities $3,796 $3,407 $3,375
Entertainment $3,114 $2,678 $2,645
Household Furnishings and Equipment
$2,137 $1,747 $1,742
Apparel $1,905 $1,608 $1,583
POPULATION PROFILE 1 Miles 3 Miles 5 Miles
▪ Population By Age
2017 Estimate Total Population 5,519 52,739 117,003
Under 20 23.09% 24.28% 25.18%
20 to 34 Years 17.06% 20.87% 19.46%
35 to 39 Years 5.84% 5.97% 5.79%
40 to 49 Years 11.46% 11.77% 11.92%
50 to 64 Years 22.09% 20.20% 20.46%
Age 65+ 20.48% 16.91% 17.18%
Median Age 43.80 39.03 39.63
▪ Population 25+ by Education Level
2017 Estimate Population Age 25+ 3,958 36,263 80,085
Elementary (0-8) 3.42% 3.26% 3.52%
Some High School (9-11) 9.27% 8.03% 9.07%
High School Graduate (12) 28.11% 32.18% 30.50%
Some College (13-15) 26.40% 24.88% 22.96%
Associate Degree Only 10.41% 8.64% 8.16%
Bachelors Degree Only 13.91% 14.18% 14.66%
Graduate Degree 7.18% 7.95% 9.76%
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Income
In 2017, the median household income for your selected geography is
$48,364, compare this to the US average which is currently $56,286.
The median household income for your area has changed by 12.09%
since 2000. It is estimated that the median household income in your
area will be $57,808 five years from now, which represents a change
of 19.53% from the current year.
The current year per capita income in your area is $26,628, compare
this to the US average, which is $30,982. The current year average
household income in your area is $65,145, compare this to the US
average which is $81,217.
Population
In 2017, the population in your selected geography is 117,003. The
population has changed by -0.39% since 2000. It is estimated that
the population in your area will be 117,935.00 five years from now,
which represents a change of 0.80% from the current year. The
current population is 48.62% male and 51.38% female. The median
age of the population in your area is 39.63, compare this to the US
average which is 37.83. The population density in your area is
1,486.75 people per square mile.
Households
There are currently 47,498 households in your selected geography.
The number of households has changed by -0.76% since 2000. It is
estimated that the number of households in your area will be 48,398
five years from now, which represents a change of 1.89% from the
current year. The average household size in your area is 2.44 persons.
Employment
In 2017, there are 62,845 employees in your selected area, this is also
known as the daytime population. The 2000 Census revealed that
59.25% of employees are employed in white-collar occupations in
this geography, and 40.47% are employed in blue-collar occupations.
In 2017, unemployment in this area is 7.22%. In 2000, the average
time traveled to work was 23.00 minutes.
Race and Ethnicity
The current year racial makeup of your selected area is as follows:
72.81% White, 11.36% Black, 0.05% Native American and 4.37%
Asian/Pacific Islander. Compare these to US averages which are:
70.42% White, 12.85% Black, 0.19% Native American and 5.53%
Asian/Pacific Islander. People of Hispanic origin are counted
independently of race.
People of Hispanic origin make up 16.05% of the current year
population in your selected area. Compare this to the US average of
17.88%.
PROPERTY NAME
MARKETING TEAM
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Housing
The median housing value in your area was $119,828 in 2017,
compare this to the US average of $193,953. In 2000, there were
32,135 owner occupied housing units in your area and there were
15,724 renter occupied housing units in your area. The median rent at
the time was $442.
Source: © 2017 Experian
DEMOGRAPHICS
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WANSFORD CROSSING
DEMOGRAPHICS
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BROKER OF RECORDSTEVEN WEINSTOCK
One Mid-America Plaza Ste 200Oak Brook Terrace, IL 60181
Tel: (630)570-2250License: 471.011175