Lincoln Park West

Highlights:

• VALUE ENHANCEMENT OPPORTUNITY
• Ground Floor: RJ Grunts, an iconic Chicago restaurant and the original Lettuce Entertain You restaurant, has been operating at Lincoln Park West since 1971, and an investor has the opportunity to negotiate a long-term renewal with the tenant. Given the separate Starbucks, RJ Grunts, and PNC / Lincoln Park Preschool tax parcels, an investor can take advantage of cap rate arbitrage and sell each component at an attractive cap rate differential.
• Second Floor: The currently vacant 19,531 square foot second floor can be reimagined with a number of uses that include retail, office, residential and more. The second floor was previously occupied by PNC Bank as office space and apartment units. The property is zoned B1-3 (Neighborhood Shopping District) and residential uses are not prohibited under the condo association CCRs.

Description:

Mid-America Real Estate Corporation is pleased to present the opportunity to acquire the 100% fee simple interest in Lincoln Park West, an iconic retail asset located at the heart of Lincoln Park, one of Chicago’s most affluent and desirable neighborhoods. The offering features a durable rent roll consisting of dining, financial services, and education users as well as the opportunity to significantly add value through the lease up or adaptive reuse of the 19,531 square foot second floor.

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