Investment Overview

Marcus & Millichap is pleased to present the opportunity to purchase the fee simple interest in a ‘med-tail’ neighborhood strip center opportunity located in the infill Gage Park neighborhood of Chicago. Build in 2018, this asset features high-end, masonry construction, with shallow depth bay retail suites. Additionally, there’s a surface parking lot with multiple points of ingress and egress to the property. This retail center shares that parking lot with one of the highest-performing Starbucks in the state of Illinois (ranked 10th, out of 350+ locations per Placer.ai), as a result, the tenants enjoy access to a constant flow of traffic. With tenants such as Midwest Express Clinic, Saint Anthony Hospital, and Kidzee Dental, the rent roll is dominated by medical users. The two non-medical tenants are T-Mobile (a corporate location—not a franchisee) and a Snipes sneaker and streetwear store. Snipes has more than 300 locations nationwide and this location is ranked 9th overall by annual visits and is their number 2 location by visits per square foot of selling space. This pocket of Gage Park is home to a particularly healthy retail node within the city of Chicago. There’s a 24-hour Walgreens store located across the street, and the property is also shadow anchored by a newly renovated – and by all accounts very high traffic – Esporta Fitness. With visibility to 32,700 vehicles per day, the property’s prominent, electrified pylon sign and internally illuminated channel signage further enhances street presence and visibility. Area demographics sing – with 250,000 plus people living within a 3 mile radius. Plus, Chicago Midway International Airport is located just 2.5 miles west of this location. This is an opportunity to purchase a newly constructed retail center, with a stabilized and synergistic tenant line-up, at a reasonable basis and an attractive going in cap rate.