Main Street Commons
Main St & Kirk Roads
St. Charles, IL
Suburban Shopping Center
Reduced value by over 34% from purchase price.
Saved over $350,000 Real Estate Taxes
George Relias was retained to evaluate and appeal the assessment for a 171,000 SF shopping center in St. Charles IL known as Main Street Commons. The asset suffered as tenants vacated the property for a more robust retail area along Randall Road in St. Charles. Furthermore, Bennigan's, Borders and other long standing retailers declared bankruptcy and vacated the property.
On appeal the property was successfully distinguished from other, more successful, grocery anchored centers resulting in a 34% reduction in value from the recent purchase price. This assessment reduction resulted in over $350,000 in real estate tax refunds or savings.