500 N Walnut St

For Lease 38,540 SF

500 N Walnut St, Champaign, IL 61820

New Market Commons is Champaign’s newest re-purposed building project consisting of roughly 40,000 SF on 1.5 acre site at the northeast edge of the revitalized Downtown Champaign. Currently there are 6 tenant spaces available from 1,782 SF to 5,990 SF. See floor plan and price list for more information. Construction/renovation began in Spring 2018 and were completed by in fall 2018. Individual spaces to be delivered as per the following: Storefront per elevations, Finished demised space, Electrical and Lighting to code, Sealed concrete floor, 1 ADA restroom, and separate HVAC & Electrical. Ownership is willing to consider additional buildout for qualified tenants. Property is broker owned.

Rental Details

  • Number of spaces 1
  • Total square feet available 38,540 SF
  • For Lease $20.00 - $30.00/SF/YR
  • Space Type Retail
  • Lease Type Modified Gross
  • Latest Update Oct 2, 2026
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1 Space Available

Space Available

Space Type
Retail
Lease Rate
$20.00 - $30.00/SF/YR
Total Space
38,540 SF
Lease Type
Modified Gross

Contacts

AJ Thoma III

Coldwell Banker Commercial Devonshire Realty

Building Details

  • For Lease $20.00 - $30.00/SF/YR
  • Property Type Retail
  • Property Size 38,540 SF
  • Additional Rent Price on request
  • Date Updated Oct 2, 2026

Location

  • City Champaign, IL
  • Neighborhood Downtown Champaign
  • Zip Code 61820
  • Walk score 84/100 Very Walkable
  • Transit score 58/100 Good Transit
  • Bike score 77/100 Very Bikeable
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Points of Interest

Champaign-Urbana

0.30 miles

Circle K

0.68 miles

QuikTrip

0.85 miles

ChargePoint

0.93 miles

Shell

1.12 miles

Mobil

1.22 miles

Phillips 66

1.31 miles

Tesla Supercharger

2.06 miles

Walnut and Washington

0.06 miles

Main and Market

0.16 miles

North First Street Lot

0.19 miles

Laura Apartments Parking

0.62 miles

Whitehall Apartments Garage

0.63 miles

Outpatient Dialysis Visitor Parking

0.67 miles

Campus Center

0.82 miles

A21

0.82 miles

Parkette 151

0.82 miles

A3

0.87 miles

Far East Grocery

0.55 miles

AM-KO Oriental Foods and Gifts

0.57 miles

County Market

0.61 miles

World Harvest Foods

0.62 miles

Target

0.90 miles

Asian Supermarket

1.09 miles

TJ Maxx

1.21 miles

Kohl's

1.27 miles

Gordmans

1.38 miles

Macy's

1.46 miles

Listing Summary

  • Retail Space Costs at 500 N Walnut St

    The asking rent for retail space in this property starts at $20.00/SF/YR.

  • Retail Space Available

    The property exclusively contains Retail space totaling 38,540 square feet. The leasing opportunity here is available under Modified Gross lease terms.

  • Space Sizes
    • 500 N Walnut St includes 1 large retail space of more than 10,000 square feet, which is typically a good choice for businesses that need lots of showroom space or the flexibility to set up specialized operations.
  • Area Characteristics

    500 N Walnut St is located in the Downtown Champaign neighborhood of Champaign. The Downtown Champaign retail market offers 4 retail listings, representing a total of 43,322 square feet of retail space for lease.

    The most common retail type in the Downtown Champaign neighborhood is Baytowne, of which the market currently offers 7 spaces.

    You can also find 7 Mattis Commercial Park spaces. Additionally, leasing opportunities here include 4 In Town spaces.

Contact AJ Thoma III
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