Burlington & JoAnn 2-Ten / Schnucks Adjacent 6350-6360 E State St

Illinois Broker of Record: Michael Schertler - License No 471011764
Faris Lee Investments is pleased to present a well-located 2 National tenant investment opportunity at State Street Market, shadow anchored by dominant grocery operator - Schnucks - strategically located at 6350-6360 E State St, Rockford, IL. Anchored by established retailers, Burlington and JOANN, this property offers a rare chance to invest in a high-performing retail asset with strong national tenants in one of Rockford’s most dominant retail corridors. Benefiting from direct access to Interstate 90 with over 75,000 vehicles per day (VPD), the property draws from an extensive trade area, including the greater Rockford MSA and beyond. Situated along East State Street, with over 30,000 vehicles per day (VPD), the property enjoys high visibility and easy access, driving consistent foot traffic and economic activity. Proximity to major shopping centers such as Forest Plaza (4.5 million annual visits) and Rockford Township Center (3.3 million annual visits) further strengthens the property’s draw, contributing to 1.9 million visits annually at State Street Market.
Burlington is one of the most rapidly growing soft goods retailers in the U.S. and commands a market cap exceeding $15.8 billion (as of October 2024). The company generated $9.7 billion in fiscal 2023 revenue, with a 2% year-over-year growth in comparable sales, demonstrating strong financial performance and resilience in the off-price retail space. Burlington has had strong historical sales within the center, and recently downsized in the center from a former 72,000 sq ft footprint.
The property’s excellent location significantly enhances its investment appeal. As the largest city in Illinois outside of the Chicago metro area, Rockford is the primary economic, healthcare, and educational hub for northwest Illinois. Positioned along major interstates, including direct access to Interstate 90 (connecting Chicago to Minneapolis), Interstate 39 (leading to Bloomington and Peoria), and Interstate 43 (to Milwaukee), Rockford offers convenient access to major markets throughout the Midwest. Within a 5-mile radius, the population exceeds 141,000, with a daytime population of 74,000 and an average household income over $90,000 within 3 miles, creating strong demand for retailers. The property’s retail environment is further bolstered by nearby national retailers such as HEB, Target, and Ross at Forest Plaza, and Walmart, Kohl’s, and Dollar Tree at Rockford Township Center, contributing to the area’s consistent foot traffic and vibrant commercial activity.
This property offers an exceptional investment opportunity due to the combination of its high quality location, strong national tenants, and favorable lease structures. The long-term NNN leases ensure consistent rental income with scheduled increases every five years, offering a hedge against inflation and enhancing return on investment. The presence of strong, national tenants like Burlington and JOANN provides financial stability and impressive income growth potential. With limited landlord responsibilities and significant market synergy in the surrounding area, State Street Market is positioned to deliver stable and appealing returns for investors looking to acquire a highly desirable retail asset in Rockford, IL.