"The investors bought the property primarily for their own use as the cornerstone of their Rockford business office," Miller tells GlobeSt.com. "It's in the downtown river district, which is where they're going to be purchasing more properties." The investors were represented in the purchase by Ray King of Humpall Realtors. The building was purchased for Bodett-Las Casas Properties' full asking price.
The three-story building offers about 12,000 square feet of retail, which is fully occupied by interior designer Tom Littrell Design. The space is leased for about $12 per square foot, gross, Miller says. The property, which was built in 1929 and renovated in 1984, also includes six residential units, the majority of which are leased for about $800 a month. The top floor of residential units is currently undergoing renovations and upgrades, and upon completion will be leased for around $2,500 a month, Miller says.
"The building is so beautiful. It's pretty much ready to go," Miller says. "There isn't a whole lot they could do to make improvements."
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