Mullet Magic in St. Charles:
Our New Flex/Retail Acquisition

At Good Harbor, we’re not just collecting assets—we’re curating them.

Our latest acquisition is a 47,400 SF small-bay flex building in St. Charles, IL, just outside of Chicago. This one’s got character. Think of it like a mullet: retail in the front, industrial in the back. A bit rough around the edges, but with the right kind of attention, we see a lot of potential.

The Property

Address: 1519 E Main St, St. Charles, IL

Size: 47,400 SF

Units: 14 suites ranging from 1,000–2,000 SF

Occupancy: 54.6% (but not for long)

Ceilings: 14’–16’

Traffic: 33,000 cars/day

Household Income Nearby: $110K+ median

Purchase Price: $2.45M ($52/SF)

Cap Rate: ~8% at acquisition, ~11% projected stabilized

The Deal

We snagged the asset for about one-third of replacement cost. Given its condition—some deferred maintenance, a roof that needs replacing, and some cosmetic updates—it was a fair price for both parties. The seller originally bought it for $600K back in 2011, so they did just fine.

The bonus? We didn’t need outside capital. We secured seller financing and structured the deal internally.

Our Value Creation Plan

We’re re-roofing, repainting, and reconfiguring the property to elevate it to its full potential. The location and layout are ideal for hybrid uses:

• Retail or experiential concepts like escape rooms or golf simulators
• Back-of-house operations like contractor offices, distribution, or storage

We see high demand in this segment and expect occupancy to rise quickly.

Why We Like It

This is a textbook Good Harbor deal—quirky, underpriced, and packed with upside. We’re staying active in the small-bay flex space and this one checked a lot of boxes.

Want to collaborate on something similar?

Let’s talk. If you’ve got anything that fits this profile—or if you’re just curious about how we’re approaching the market—drop us a line.