Unmatched coverage
The Springfield News-Sun provides in-depth coverage of issues that affect jobs and the economy in Clark and Champaign counties. For this story we dug into property records to detail a major investment in Springfield’s busiest retail corridor.
The Springfield Commons retail area on North Bechtle Avenue — home to Lowe’s, Best Buy, Planet Fitness and several other tenants — has been sold for about $20 million.
American Realty Capital Properties acquired the two-parcel property May 5 on behalf of Cole Credit Property Trust IV, Inc., ARCP Vice President John Bacon said.
The 26-acre property was purchased for $19,900,000, according to Clark County auditor records. That’s slightly less than the same two parcels sold for 10 years ago, when they were acquired by Springfield Commons Plaza LLC for $21.2 million.
The 206,000 square feet of retail space is listed on ARCP’s website as available for lease, but Bacon said there are no plans for the current tenants to go anywhere.
“Lowe’s, Planet Fitness, Best Buy and PetSmart all have long-term leases,” he said.
There are also no current plans for additional development at the center, Bacon added.
ARCP and its managed trusts own several other retail properties in Springfield, including the buildings that house Advanced Auto Parts, Golden Corral, Red Lobster and the former Tumbleweed restaurant.
The group’s total portfolio includes more than 4,600 properties with a total value of $20.3 billion as of the first quarter of 2015, according to their website.
They list the occupancy rate of the entire portfolio at 98.4 percent.
About the Author