J.B. Sullivan Inc. Office & Warehouse | 425 First St
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J.B. Sullivan Inc. Office & Warehouse 425 First St
13,200 SF 100% Leased Office Building Savanna, IL 61074 $925,000 ($70/SF) 7% Cap Rate
Investment Highlights
- Absolute NNN Leased 7,200 SF Office Building and 6,000 SF Warehouse
- In June 2023, Coborn's (St. Cloud) Acquired the J.B. Sullivan Chain and Continues to Utilize this Office as Headquarters for Sullivan's Foods
- Strategically Positioned on the Eastern Shore of the Mississippi River with Excellent Access to the River as well as the BNSF Railroad
- Coborn's Now Manages 66 Grocery Stores and 135 Business Units Across Various Sectors
Executive Summary
SHOP Companies is exclusively retained to offer for sale an absolute NNN leased J.B. Sullivan Inc. Office & Warehouse, located in downtown Savanna, Illinois. ("The property") features a 7,200-square-foot office building alongside a 6,000-square-foot warehouse. The absolute NNN lease (no landlord responsibilities) has 3.5 years remaining along with four (4), 5 year option periods.
The property is strategically positioned on the eastern shore of the Mississippi River along the Illinois-Iowa border. The property benefits from excellent access to the river and the BNSF railroad running directly behind it.
Savanna is a key market for Sullivan's Foods, where the company opened its first grocery store in 1967, just down the street from the subject property. Today, Sullivan's Foods continues to operate at that original location, along with two additional retail sites in Savanna: Ace Hardware and Savanna Station Convenience Store.
In June 2023, Minnesota-based Coborn's acquired the J.B. Sullivan chain of grocery stores, which will continue operating under the Sullivan's Foods name. With this acquisition, Coborn's now manages 66 grocery stores and a total of 135 business units, including liquor stores, fuel centers, dry cleaners, pharmacies, and franchised restaurants. Coborn's grocery banners now include Sullivan's Foods, Cash Wise Foods, Marketplace Foods, Hornbacher's, and Tadych's Marketplace Foods.
In Association with ParaSell, Inc. | Costa Mesa, California | A Licensed Illinois Broker #478027307
The property is strategically positioned on the eastern shore of the Mississippi River along the Illinois-Iowa border. The property benefits from excellent access to the river and the BNSF railroad running directly behind it.
Savanna is a key market for Sullivan's Foods, where the company opened its first grocery store in 1967, just down the street from the subject property. Today, Sullivan's Foods continues to operate at that original location, along with two additional retail sites in Savanna: Ace Hardware and Savanna Station Convenience Store.
In June 2023, Minnesota-based Coborn's acquired the J.B. Sullivan chain of grocery stores, which will continue operating under the Sullivan's Foods name. With this acquisition, Coborn's now manages 66 grocery stores and a total of 135 business units, including liquor stores, fuel centers, dry cleaners, pharmacies, and franchised restaurants. Coborn's grocery banners now include Sullivan's Foods, Cash Wise Foods, Marketplace Foods, Hornbacher's, and Tadych's Marketplace Foods.
In Association with ParaSell, Inc. | Costa Mesa, California | A Licensed Illinois Broker #478027307
Property Facts
Sale Type
Investment NNN
Property Type
Office
Building Size
13,200 SF
Building Class
C
Year Built
2001
Price
$925,000
Price Per SF
$70
Cap Rate
7%
NOI
$64,750
Percent Leased
100%
Building Height
1 Story
Typical Floor Size
13,200 SF
Building FAR
0.18
Lot Size
1.67 AC
Opportunity Zone
Yes
PROPERTY TAXES
| Parcel Number | 08-07-09-201-008 | Improvements Assessment | $93,451 |
| Land Assessment | $22,653 | Total Assessment | $116,104 |
PROPERTY TAXES
Parcel Number
08-07-09-201-008
Land Assessment
$22,653
Improvements Assessment
$93,451
Total Assessment
$116,104
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J.B. Sullivan Inc. Office & Warehouse | 425 First St
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