Investment Overview

Marcus & Millichap is pleased to offer for sale this Chase Bank Anchored, two-tenant retail center located at 350 East 162 Street in South Holland, Illinois. The property sits next door to a Walgreens on a 0.57-acre parcel with ample parking and 6,000-square feet of rentable space. The high image building was constructed in 2007 and offers a drive-thru for the dry-cleaner tenant. The parking lot was recently re-surfaced/sealed and striped. All new LED parking lot lighting was installed, lowering utility costs. The building also benefits from an all brick exterior, providing low maintenance. The anchor tenant, JPMorgan Chase (Standard & Poor’s: A-), recently executed a five-year lease extension demonstrating their commitment to this location. The bank has a strong deposit base of $74.59 million. Chase is operating on a NNN lease with ten percent rent increases scheduled to begin every five years. CD One Price Cleaners is a dry-cleaning franchise with over 40 locations, with plans to expand even further in the Midwest. The tenant has approximately nine years of term remaining on their gross lease, featuring attractive three percent annual rent increases. This is a drop-off and pick-up location. Tenant does not do dry cleaning on-site. This center is strategically located near the corner of East 162 Street and South Park Avenue with combined traffic counts of over 41,500 vehicles per day. The area benefits from a densely populated market with 50,490 full-time residents in a five-mile radius. The average household income within a mile of the asset exceeds $84,000 per year.