Overview

Description

CBRE is pleased to offer, as the exclusive advisor, the opportunity to acquire 100% fee interest in a 6,150 square-foot two-tenant property located in the affluent northern suburb of Skokie, Illinois, approximately 16 miles from Chicago’s Central Business District. The property is strategically located with direct access to and from Touhy Avenue which boasts incredible traffic counts of 33,400 vehicles per day. Touhy Avenue is a major east/west thoroughfare that serves as a vital artery running through Chicago and the near north suburbs.
The property is 58.2% occupied, providing a tremendous opportunity for future investors to boost NOI by nearly $130,000 through the lease-up of the 2,570-square-foot vacant unit. This space, previously operated as a restaurant, will require minimal landlord contribution and features flexible use restrictions.
The site is located in the heart of a dominant retail corridor with an abundance of national and regional tenants, creating a significant draw to the area. Directly south of the site is the 722,000-square-foot Village Crossing Shopping Center anchored by Jewel-Osco, Dick’s Sporting Goods, AMC Theatres, Best Buy, Five Below, Michaels, OfficeMax, PetSmart, and Barnes & Noble. Just west of the site is the 325,700-square-foot Pointe Plaza which is anchored by Walmart, Fresh Farms, Ross Dress for Less, and dd’s DISCOUNTS.

Highlights

• EXCEPTIONAL REGIONAL RETAIL CORRIDOR: The Subject Property is located in the center of a 2.5 million square foot, 94% occupied retail corridor with an abundance of national and regional tenants, creating a significant draw from several affluent suburbs – Park Ridge, Niles, Morton Grove, and the northwest side of Chicago. Directly south of the site is the 722,000-square-foot Village Crossing Shopping Center, one of the best-performing shopping centers in the Chicago metro area. Village Crossing is ranked in the top 2% of community shopping centers nationally and in the top 1% in Illinois (Placer.ai). The center is anchored by Jewel-Osco, Dick’s Sporting Goods, AMC Theatres, Best Buy, Five Below, Michaels, OfficeMax, PetSmart, and Barnes & Noble. Just west of the site, Pointe Plaza is also ranked in the top 3% nationally for foot traffic and the top 3% statewide (Placer.ai). The 325,700-square-foot center is anchored by Walmart, Fresh Farms, Ross Dress for Less, and dd’s DISCOUNTS.
• PROVEN RETAIL DESTINATION: The site benefits from excellent nearby tenancy drawing significant traffic to the immediate area. Noodles & Company, Chuck E. Cheese, and Corner Bakery Café all rank #1 for foot traffic in the state of Illinois (Placer.ai), further demonstrating the dominance of the retail corridor.
• SIGNIFICANT VALUE-ADD OPPORTUNITY: Future investors are provided the opportunity to add value by leasing up the remaining available 2,570-square-foot vacant unit. Lease-up of the vacancy could increase NOI by an additional $129,300. This space, previously operated as a restaurant, will require minimal landlord contribution and features flexible use restrictions.
• STRONG DEPOSITS: Bank of Hope reports over $195 million in deposits yearly, a strong performer compared to the national average. The strong creditworthiness and performance at the site showcase the security of the income stream future investors will receive.
• UNMATCHED ACCESS & VISIBILITY: The site has unmatched visibility and access right off of Touhy Avenue, a heavily trafficked (33,400 VPD) major east/west thoroughfare that serves as a vital artery running through Chicago and the near north suburbs. The property is also just west of the Edens Expressway (I-94 - 132,000+ VPD) providing convenient access from the neighboring communities.
• DENSE, AFFLUENT CUSTOMER BASE: The 5-mile primary trade area surrounding the site features a highly desirable demographic base, with 703,640 residents located within a five-mile radius. These residents enjoy average household incomes of $121,863, significantly above the national, state, and county averages.
• PROMINENT NORTHERN SUBURBAN LOCATION: The site is located in the dynamic and densely populated suburb of Skokie, at the convergence of communities that contain some of the most attractive demographic profiles in the Chicago MSA: Niles, Morton Grove, Park Ridge, Lincolnwood, and the far north side Chicago neighborhoods of Edgebrook, Norwood Park, Edison Park, Sauganash, and Peterson Park.
• ROBUST CHICAGO MSA: Chicago is the 3rd largest MSA in the United States and one of the most attractive and dynamic markets in the nation with a population of over 9.7 million. Chicago boasts an attractive retail market, with the third largest economy in the nation, and over $127.9 billion in annual retail sales (2018 Metro Chicago sales; Melaniphy).

Documents

---