Breaking NewsGlobeSt.com will be offline for scheduled maintenance Friday Feb. 26 9 PM US EST to Saturday Feb. 27 6 AM EST. We apologize for the inconvenience.

 
X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHAMPAIGN, IL-A 39,480-sf vacant retail property at 723 N. Neil St. has been acquired by local restaurateur Janet Bubin who plans to redevelop the site into a mixed use development. Bubin acquired the property from Joe Berhernd, a private investor from Urbana, IL.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.