Cleeman Realty Group is pleased to announce the $6,300,000 sale of Kent Plaza in Springfield, IL as we continue to close transactions thru the pandemic. The 94,260 square-foot center is anchored by County Market, a regional supermarket chain with over 100 stores. The retail center sits on approximately 9.42 acres off the highly trafficked 6th street and was over 90% occupied at closing.
Cleeman Realty’s Michael Cleeman and Sam Seelenfreund represented both the buyer and the seller in this off-market transaction. The seller was the original owner of the property and this is the first time that the property has been sold. The buyer was a private investment firm based out of Maryland.
“The buyer was familiar with many of the tenants at the center and was attracted to the upside potential with the vacancy at the center” said Cleeman. “The transaction faced many unexpected challenges as a result of the COVID-19 outbreak,” said Seelenfreund “but it was Cleeman Realty Group’s expertise along with the patience of both parties that allowed the transaction to remain on track.”
Cleeman Realty Group is a full-service real estate advisory and investment group, specializing in the investment sales of retail, multifamily and industrial properties throughout the United States. With offices in New York and New Jersey, the Cleeman Team utilizes deeply rooted industry contacts to identify and evaluate off-market transactions with unparalleled efficiency. To sell your property or to inquire about our available acquisition opportunities, please contact one of our team members at cleeman.com.