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Shopping Strip

10-Yr Dispensary & 7-Yr Tropical Smoothie | New Casino Outparcel

992 S Waukegan Rd, Waukegan, IL 60085

Listing Price: $3,144,285

Cap Rate
7.00%
Gross SF
7,100
Rentable SF
7,100
Price/Gross SF
$442.86
Lot Size
1.25 acres
Year Built
2019

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.

Investment Highlights

  • Two-Tenant, Retail Strip | National Tenant Tropical Smoothie Cafe with 7 Years Remaining on Lease Term
  • Ivy Hall, Operated by World of Weed, Inc., is Set to be the First Cannabis Dispensary in Waukegan | 10 Years Remaining on Lease Term
  • Newer 2019 Construction | Dispensary Opened for Business in March 2023
  • New Construction, High-End Casino and Hotel is Under Construction Directly Behind the Subject Property
  • Ivy Hall has High Anticipated Sales | Ranging Between $8 Million to $10 Million
  • Extremely Close Proximity to a Walmart Supercenter, Featuring a McDonald's, as well as a multitude of Hotels

Exclusively Listed By

  • Sean R. Sharko

    Senior Managing Director Investments

    (630) 570-2238

    Email Sean

    License(s): IL: 471.010712

    Chicago Oak Brook

  • Austin Weisenbeck

    Senior Managing Director Investments

    (630) 570-2169

    Email Austin

    License(s): IL: 475.140200

    Chicago Oak Brook

Financing By

Shopping Strip

10-Yr Dispensary & 7-Yr Tropical Smoothie | New Casino Outparcel

Listing Price: $3,144,285

Cap Rate
7.00%
Gross SF
7,100
Rentable SF
7,100
Price/Gross SF
$442.86
Lot Size
1.25 acres
Year Built
2019

Investment Highlights

  • Two-Tenant, Retail Strip | National Tenant Tropical Smoothie Cafe with 7 Years Remaining on Lease Term
  • Ivy Hall, Operated by World of Weed, Inc., is Set to be the First Cannabis Dispensary in Waukegan | 10 Years Remaining on Lease Term
  • Newer 2019 Construction | Dispensary Opened for Business in March 2023
  • New Construction, High-End Casino and Hotel is Under Construction Directly Behind the Subject Property
  • Ivy Hall has High Anticipated Sales | Ranging Between $8 Million to $10 Million
  • Extremely Close Proximity to a Walmart Supercenter, Featuring a McDonald's, as well as a multitude of Hotels

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.

Exclusively Listed By

  • Sean R. Sharko

    Senior Managing Director Investments

    (630) 570-2238

    Email Sean

    License(s): IL: 471.010712

    Chicago Oak Brook

  • Austin Weisenbeck

    Senior Managing Director Investments

    (630) 570-2169

    Email Austin

    License(s): IL: 475.140200

    Chicago Oak Brook

Financing By

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