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The Shops at Shoemaker Square

Market Price

3927 West Belmont Avenue, Chicago, IL 60618

Active
Last Updated: 11/20/2024

749,269

NOI

29,123 sqft

Building Size

Details:
NOI:    $749,269
Building Size:    29,123 sqft
Lot Area:    1.13 acres
Occupancy:    100%
Year Built:    2007
Tenancy:    Multiple
Parking Spots:    123
Gross Leaseable Area:    29,123
Highlights:
  • UNANCHORED STRIP CENTER - HEALTHCARE SERVICE TENANTS: 94% of the GLA - Healthcare oriented businesses. Capital-intensive business models, rarely move once establishing a location and clientele. Approximately 13 years of weighted average tenure excluding the newly signed deal.
  • ATTRACTIVE GROWTH PROFILE 5 out of 6 tenants feature contractual annual rent bumps. Net operating income is anticipated to increase over $100,000 over 5 years despite being 100% occupied. Several below-market leases provide longer-term mark-to-market opportunities. 5-Year NOI CAGR - 3.95%
  • RECENT LEASING MOMENTUM: Recent leasing success from the executed lease with Action Behavioral Centers brought the Property's occupancy level to 100%. The new lease is for the remaining 8,583 SF of elbow space displaying the health and demand of unanchored retail space in high-quality markets.
  • RARE PARKING AMENITY: Due to its dense characteristics, parking in the surrounding neighborhood is often difficult to come by especially on busy roads such as Belmont Ave and N Milwaukee Ave. The Property's 123 total parking spaces are a unique amenity that provides superior ease of access enjoyed by both tenants and their customers.
  • EXTREMELY ACCESSIBLE URBAN INFILL LOCATION WITH STRONG DEMOGRAPHICS: Shops at Shoemaker Square are located in a densely populated, urban area in Logan Square / South Irving Park neighborhood. Within a one and two-mile radius of the Property are 54,639 and 239,387 residents respectively. The property enjoys easy access due to its ample parking and proximity to multiple public transit routes.
Description:

CBRE National Retail Partners-Midwest is pleased to present, as an exclusive advisor, the opportunity to acquire Shops at Shoemaker Square, a 29,123 square-foot neighborhood unanchored retail center in Chicago’s Logan Square / South Irving Park neighborhood. The Property is located near the heavily trafficked intersection of W Belmont Ave and N Milwaukee Ave (34,600 VPD), and offers a truely unique parking amenity of 123 spaces. Shops at Shoemaker Square is 100% leased by six tenants, with the recent 7-year lease signed with Action Behavior Centers, increasing the Property’s weighted average lease term to 4.39 years.

Shops at Shoemaker Square is strategically located near multiple public transit routes including eight bus stops within short walking distance and the Belmont Blue Line station a half mile away. With a 2-mile population of 239,387, the surrounding neighborhoods of Logan Square and South Irving Park cater to young working professionals while providing characteristics of a true Chicago neighborhood just 7-miles northwest of downtown.

The Property presents a tremendous opportunity for future investors to acquire a stabilized unanchored retail asset with a proven operating history, secure and stable income stream, and strong underlying real estate fundamentals including desirable urban densities and strong household income.

Map:
Documents:
Title
Offering Memorandum
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Location
Gallery