Northbrook Meadows

Highlights:

• Unparalleled Redevelopment Opportunity in Chicago’s North Shore
• Within one block of the Metra Station, Village Hall & Library, Sunset Foods, and the restaurants, shops, and service offerings of downtown Northbrook.
• Municipal Alignment: the Village of Northbrook is eager to see the site enhanced or re-developed in accordance with their long-term downtown objectives. 
• Exceptional Demographics – 68,183 Residents within a Three-Mile Radius with $219,276 Average Household Income

Description:

Northbrook Meadows is a 60+ year old, value-add shopping center located in downtown Northbrook, IL. The center contains 89,925 SF of existing building area situated on a 6.94-acre site in the heart of one of north suburban Chicago’s most affluent and desirable communities. For the last five years, ownership has been focused on two goals:

Eliminate long term leases to facilitate a potential redevelopment of the site into a vertical mixed-use project.

Secure a No Further Remediation letter from the State in connection with former dry cleaner and fuel oil contamination on site.

Today, all but one of the longer term leases have been eliminated and replaced with tenants that pay minimal rent but are either month-to-month or have termination options in their leases. In addition, the NFR letter from the State is pending and expected to be received in Q1-2025. 

This will allow a purchaser to implement:  

a re-modeling and re-leasing of the center in it’s current configuration with long term tenants at market rents,

a complete redevelopment of the site into a residential mixed-use project, or

some combination of these options.

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