Investment Overview

Marcus & Millichap is pleased to present a two-tenant, retail strip that is an outlot to a new high-end casino and hotel which is set to open in 2025. At present, there is a temporary casino operating adjacent to the construction site. Both tenants are net leases with ideal lease terms and 10% rental increases every five years. The center has Tropical Smoothie Cafe, a national tenant with over 7 years remaining on the lease term, and Ivy Hall, which is operated by World of Weed, Inc with 10 years remaining on the lease term. Ivy Hall opened in March of 2023, the first cannabis dispensary in Waukegan and the second closest to the Illinois-Wisconsin State Line, as well as the closest to Milwaukee. The anticipated sales for the dispensary range from $8-$10 Million. The property was built in 2019 and is situated on a hard corner, stoplight intersection that sees upwards of 25,800 vehicles a day. It shares Ingress/Egress with the adjacent retail strip, offering a symbiotic shopping center, notable tenants include AT&T, MOD Pizza, and Jersey Mike's. It is also in close proximity to a Walmart Supercenter, a multitude of hotels, Chilli’s, Culver’s, Raising Cane’s, Starbucks, Potbelly, Denny’s, Dollar Tree, Buffalo Wild Wings, Sally Beauty, Dunkin’, Chipotle, Panda Express, and more. The area has over 77,400 people within a three-mile radius with 184,459 people who work within five miles.