Bubin Buys Site for Mixed-Use Development

The sales price was nearly $1.1 million. Bubin plans to invest $4 million in the property to redevelop it with retail on the first floor and construct a second floor addition with residential condominium units, she says. There was not a cap rate for the sale because the building was vacant, says Alex Ruggieri, with Sperry Van Ness/Ramshaw Real Estate. Ruggieri represented both the seller and the buyer in the transaction.

The 1.9-acre property is located on Neil Street, a main arterial road in Champaign and is near the University of Illinois, which has between 34,000 and 35,000 students, Ruggieri says. The building, which was constructed in 1934 for White Line Laundry, had been the JBJ Center for 25 years. "It is a beautiful historic building," Bubin says. "All the features are going to be preserved." The gift shop had closed about two years ago and the building had been vacant since then, Ruggieri says. There will be an addition of a second floor to the building with 11 residential condominium units.

Bubin, who is a co-owner of the Champaign restaurant and bar KoFusion, will operate a natural foods store in the building, she says. The natural foods store is expected to occupy between 12,000 sf and 15,000 sf of the first floor of the building. There will also be a restaurant and other retail space leased to tenants, Bubin says. Lease rates have not been determined yet. Bubin said she acquired the property to open the natural foods store with there not being any other similar stores in the area.