DOWNTOWN OAK PARK ILLINOIS

Transcription

1 DOWNTOWN OAK PARK ILLINOIS

2 3 SUBJECT OFFERING Retail Shops at The Emerson consists of two retail stores in a vertical subdivision; being offered for purchase fee simple. The Project is situated along Lake Street, Maple Avenue and Westgate Street in Oak Park, Illinois, less than 10 miles directly west of Downtown Chicago. This asset gives potential buyers the opportunity to own a newly constructed, trophy retail property in the heart of affluent Oak Park. The project includes a 2,131 square foot The Groomery by PetSmart, and a 1,055 square foot Firecakes Donuts in the N. Maple Avenue phase, and is shadow anchored by a 22,171 square foot Target. The Retail Shops at The Emerson is merely steps away from three major public transportation stops, and less than a mile from Interstate 290. The combination of strong tenancy, residential density, affluence, proximity to Chicago, rental increases and desirable location within the trade area, make this a terrific asset for many retail investors. PROPERTY HIGHLIGHTS TENANTS/ADDRESS: PETSMART/FIRECAKES ( N. MAPLE AVENUE) GLA: N. MAPLE AVENUE 3,186 SF TERM: 5 (PETSMART) / 10 YEARS (FIRECAKES) LEASE STRUCTURE: VERTICAL SUB-DIVISION FOR THE GROOMERY BY PETSMART AND FIRECAKES DONUTS YEAR BUILT: 2017 ASKING PRICE: $1,700,000 CAP RATE: 7.00%

3 4 INVESTMENT HIGHLIGHTS NEWLY CONSTRUCTED MIXED-USE DEVELOPMENT The Retail Shops at The Emerson is the 3,186 square foot retail component of a newly constructed, mixed-use development that also includes 271 luxury residential units, a 418 space parking garage, and small format new Target that serves as a shadow anchor to the shop retail. Both tenants are operating under new leases with options to extend and rent escalations. These lease structures make for an increasing yield throughout the life of the investment. IRREPLACEABLE LOCATION WITH STRONG SURROUNDING RETAILERS There is virtually no other area for tenants to come into this marketplace, making the location extremely desirable. Outside of The Emerson s front door resides the Shops of Downtown Oak Park, home to GAP, Pier 1 Imports, Old Navy, AT&T and others. River Forest Town Center, just across Harlem to the West, is another fantastic project anchored by Whole Foods, Ulta, Petco, DSW, and Ann Taylor LOFT. These retailers combine with over 50 regional and local merchants to provide an authentic, urban mix of shopping and dining destinations. DENSELY POPULATED AND AFFLUENT CHICAGO SUBURB Within one mile of the site, there are more than 34,406 people earning an impressive $112,564 annually per household. These levels increase to over 118,371 residents with average household incomes of $100,158, within 2 miles. This dense and affluent population base make owning property in this location for a generation an enviable proposition. STRONG VEHICLE COUNTS AND INCREDIBLE DAILY PUBLIC TRANSIT VOLUME At the busy intersection of Lake Street and Harlem Avenue, there are a combined 47,300 vehicles per day. The site has access from all four directions to Harlem Avenue, Lake Street, Westgate Street, Maple Avenue and Marion Street. The site is also easily accessible for commuters at the Harlem & Lake Green line stop as well as Metra stop, which enters/exits a few blocks to the west on Keystone Street. There were over 1.26 million riders in 2016 that entered and exited at the Harlem / Lake CTA Green Line stop, illustrating how many people will pass by this location annually. There are also an additional 330,000 passengers annually who will be entering and exiting the Metra Station. POPULATION 34,469 HOUSEHOLDS 16,827 DAYTIME POPULATION 25,984 AVERAGE HH INCOME $112,564 5 YR EST. AVERAGE HH INCOME GROWTH 13.38% *all demographics within a one-mile radius

4 TRADE AREA - EAST Subject Offering 5

5 TRADE AREA - SOUTHWEST Subject Offering 6

6 SITE AERIAL Subject Offering 7

7 RELY ON THE MIDWEST S RETAIL REAL ESTATE EXPERTS. For further information contact owner s exclusive representatives. Carly Gallagher Mid-America Real Estate Corp. Vice President Direct: CGallagher@midamericagrp.com Ben Wineman Mid-America Real Estate Corp. Principal Direct: BWineman@midamericagrp.com