Shopping Neighborhood
T.J. Maxx, Ross, Best Buy Anchored Power Center
17800-17960 S Halsted St, Homewood, IL 60430
Listing Price: Request For Offer
Investment Overview
Marcus & Millichap is pleased to present for sale Washington Park Plaza, in Homewood, Illinois. Washington Park Plaza is located in a major retail corridor in Homewood, Illinois (roughly 28 miles directly south of Chicago) that services an area of up to an 11-mile radius with sparse competition. The power center is made up of 92 percent national tenants with an exceptional and diverse array of general retail, food, and service-oriented operators. Additionally, this opportunity has potential upside through leasing the remaining 17,661 square feet, which accounts for roughly 8% of the gross leasable area. Furthermore, two empty areas at the rear of the property hold potential for added value when renovated. These areas (not included in overall GLA) can be reimagined as storage compartments, recreational areas, or any number of other possibilities.
The center offers a best in class tenant line-up with T.J. Maxx, Ross Dress for Less, Best Buy, Old Navy, Five Below, and Petco anchoring the property. Furthermore, the asset has benefited from some recent leasing activity with Athletico, U.S. Oral Surgery, and Essence Salon Suites joining the rent roll.
Washington Park Plaza is ideally situated in a major retail thoroughfare on a heavily traveled, hard-corner stoplight intersection with nearly 50,000 vehicles passing per day. Additional anchor tenants in surrounding shopping centers include Kohl’s, Target, Menards, Jewel-Osco, and Home Depot. 216,386 people live within five miles of the shopping center. The center benefits from the additional 298,500 vehicles traveling on Interstate 294 and 80, located less than 2.5 miles away, and the Metra/Amtrak station with approximately 3.5 million annual riders.
Additionally, the subject property is situated five minutes from a new $529 million casino development, currently in progress and set to open summer 2024. Wind Creek Chicago Southland is expected to include many high-end amenities, including a skyline lounge, and is anticipated to bring 800 new jobs to the area.
T.J. Maxx, Ross, Best Buy Anchored Power Center
Investment Highlights
- Power Shopping Center with National Tenants Making up 92 Percent of Leased Space | Anchored by T.J. Maxx, Ross Dress for Less, and Best Buy
- Stable, Healthy NOI Growth Through Contractual Rental Increases in Leases
- Attractive Lease Terms | Six Recent Leases and Renewals
- Ability to Add Value and Grow NOI by Leasing Roughly 8 Percent Vacancy | Unlock Additional Growth Through Transforming Back Vacant Spaces into Leasable Areas
- Long-Term Tenancy | 13 Tenants have been Located in this Center for More than 15 Years
- Situated in a Major Retail Thoroughfare on a Heavily Traveled, Hard-Corner Stoplight Intersection with Nearly 50,000 Vehicles per Day
Shopping Neighborhood
T.J. Maxx, Ross, Best Buy Anchored Power Center
Listing Price: Request For Offer
Investment Highlights
- Power Shopping Center with National Tenants Making up 92 Percent of Leased Space | Anchored by T.J. Maxx, Ross Dress for Less, and Best Buy
- Stable, Healthy NOI Growth Through Contractual Rental Increases in Leases
- Attractive Lease Terms | Six Recent Leases and Renewals
- Ability to Add Value and Grow NOI by Leasing Roughly 8 Percent Vacancy | Unlock Additional Growth Through Transforming Back Vacant Spaces into Leasable Areas
- Long-Term Tenancy | 13 Tenants have been Located in this Center for More than 15 Years
- Situated in a Major Retail Thoroughfare on a Heavily Traveled, Hard-Corner Stoplight Intersection with Nearly 50,000 Vehicles per Day
Investment Overview
Marcus & Millichap is pleased to present for sale Washington Park Plaza, in Homewood, Illinois. Washington Park Plaza is located in a major retail corridor in Homewood, Illinois (roughly 28 miles directly south of Chicago) that services an area of up to an 11-mile radius with sparse competition. The power center is made up of 92 percent national tenants with an exceptional and diverse array of general retail, food, and service-oriented operators. Additionally, this opportunity has potential upside through leasing the remaining 17,661 square feet, which accounts for roughly 8% of the gross leasable area. Furthermore, two empty areas at the rear of the property hold potential for added value when renovated. These areas (not included in overall GLA) can be reimagined as storage compartments, recreational areas, or any number of other possibilities. The center offers a best in class tenant line-up with T.J. Maxx, Ross Dress for Less, Best Buy, Old Navy, Five Below, and Petco anchoring the property. Furthermore, the asset has benefited from some recent leasing activity with Athletico, U.S. Oral Surgery, and Essence Salon Suites joining the rent roll. Washington Park Plaza is ideally situated in a major retail thoroughfare on a heavily traveled, hard-corner stoplight intersection with nearly 50,000 vehicles passing per day. Additional anchor tenants in surrounding shopping centers include Kohl’s, Target, Menards, Jewel-Osco, and Home Depot. 216,386 people live within five miles of the shopping center. The center benefits from the additional 298,500 vehicles traveling on Interstate 294 and 80, located less than 2.5 miles away, and the Metra/Amtrak station with approximately 3.5 million annual riders. Additionally, the subject property is situated five minutes from a new $529 million casino development, currently in progress and set to open summer 2024. Wind Creek Chicago Southland is expected to include many high-end amenities, including a skyline lounge, and is anticipated to bring 800 new jobs to the area.
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