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Shopping Strip

Lexington Commons

1085 E Lake Cook Rd, Wheeling, IL 60090

Listing Price: $3,450,000

Cap Rate
7.25%
Gross SF
27,232
Rentable SF
27,232
Price/Gross SF
$126.69
Lot Size
2.18 acres
Year Built
2014

Investment Overview

Marcus & Millichap is pleased to present the opportunity to purchase the fee simple interest in Lexington
Commons, a 27,000 square foot neighborhood retail center with 25 percent vacancy and enticing value add potential. Lexington Commons is anchored by a drive-thru Starbucks positioned on an outparcel with unobstructed visibility at the signalized intersection of Lake Cook and Lexington.

The vacancy in the center is comprised of four shallow bay units located in the in-line shop space. The vacant space has been proactively vanilla boxed by current ownership and is in highly leasable condition with active re-tenanting prospects currently in play. The state of Illinois completed roadwork on Lake Cook Road within the last 12 months, but that roadwork had suppressed economic activity in the plaza that resulted in increased vacancy.

Lexington Commons has been professionally managed and well maintained by the current owners, who happen to be the original developers of the plaza. The building façade is updated and the tenants’ suites all feature internally illuminated channel signage. All the tenants operate on triple net leases, with the majority of tenants reimbursing for management fees in addition to taxes, CAM and insurance.

Located on the border of Wheeling and Buffalo Grove, Lexington Commons benefits from unusually dense suburban demographics – over 100,000 people live within three miles of the property and average household incomes exceed $130,000 annually within the same radius. This retail property further benefits from visibility to 30,000 vehicles per day on Lake Cook Road.

Please contact Marcus & Millichap with additional questions about Lexington Commons.

Investment Highlights

  • Beautifully Maintained Value-Add Neighborhood Retail Center Positioned at a Signalized Intersection in Wheeling, Illinois
  • Anchored by a Drive-Thru Starbucks Directly Fronting Lake Cook Road
  • Starbucks Just Exercised Two Simultaneous Renewal Options, Extending their Lease Term for 10 Years
  • 75 Percent Occupancy with Four Small Bay Suites Currently Available and in Highly Leasable Condition
  • Offered at an Appealing Basis – Only $126 per Square Foot with Pro Forma Leveraged Returns of Over 20 Percent Once Stabilized
  • Dense Suburban Demographics – 100,000 People Live within Three Miles of the Site with Household Incomes in Excess of $130,000 Annually
  • Exposure to 30,000 Vehicles per Day

Exclusively Listed By

Shopping Strip

Lexington Commons

Listing Price: $3,450,000

Cap Rate
7.25%
Gross SF
27,232
Rentable SF
27,232
Price/Gross SF
$126.69
Lot Size
2.18 acres
Year Built
2014

Investment Highlights

  • Beautifully Maintained Value-Add Neighborhood Retail Center Positioned at a Signalized Intersection in Wheeling, Illinois
  • Anchored by a Drive-Thru Starbucks Directly Fronting Lake Cook Road
  • Starbucks Just Exercised Two Simultaneous Renewal Options, Extending their Lease Term for 10 Years
  • 75 Percent Occupancy with Four Small Bay Suites Currently Available and in Highly Leasable Condition
  • Offered at an Appealing Basis – Only $126 per Square Foot with Pro Forma Leveraged Returns of Over 20 Percent Once Stabilized
  • Dense Suburban Demographics – 100,000 People Live within Three Miles of the Site with Household Incomes in Excess of $130,000 Annually
  • Exposure to 30,000 Vehicles per Day

Investment Overview

Marcus & Millichap is pleased to present the opportunity to purchase the fee simple interest in Lexington Commons, a 27,000 square foot neighborhood retail center with 25 percent vacancy and enticing value add potential. Lexington Commons is anchored by a drive-thru Starbucks positioned on an outparcel with unobstructed visibility at the signalized intersection of Lake Cook and Lexington. The vacancy in the center is comprised of four shallow bay units located in the in-line shop space. The vacant space has been proactively vanilla boxed by current ownership and is in highly leasable condition with active re-tenanting prospects currently in play. The state of Illinois completed roadwork on Lake Cook Road within the last 12 months, but that roadwork had suppressed economic activity in the plaza that resulted in increased vacancy. Lexington Commons has been professionally managed and well maintained by the current owners, who happen to be the original developers of the plaza. The building façade is updated and the tenants’ suites all feature internally illuminated channel signage. All the tenants operate on triple net leases, with the majority of tenants reimbursing for management fees in addition to taxes, CAM and insurance. Located on the border of Wheeling and Buffalo Grove, Lexington Commons benefits from unusually dense suburban demographics – over 100,000 people live within three miles of the property and average household incomes exceed $130,000 annually within the same radius. This retail property further benefits from visibility to 30,000 vehicles per day on Lake Cook Road. Please contact Marcus & Millichap with additional questions about Lexington Commons.

Exclusively Listed By

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