Shopping Strip
South Loop Ground Floor Multi-Tenant Retail
1160 S Michigan Ave, Chicago, IL 60605
Listing Price: $2,842,500
Investment Overview
Marcus and Millichap is pleased to present the opportunity to purchase the fee simple interest
in a 2-tenant, ground floor retail opportunity located at the intersection of Michigan Avenue
and Roosevelt in Chicago. Positioned at the base of The Columbian condominium building,
a 47-story residential skyscraper, the two tenants are Burger Bar Chicago, a full-service
restaurant and bar, and Elements Massage, a national massage franchise with 250 locations.
Both tenants just exercised 5 year renewal options, increasing their rents and extending their
term until at least 2030. The current weighted average lease term is just over 5 years.
Located in Chicago’s South Loop, the signalized intersection of Michigan Avenue and Roosevelt
features high traffic counts of over 44,300 vehicles per day — few intersections in the city have
this level of visibility to this many people. Foot traffic is also uniquely high in this location as
well, due to its proximity to Grant Park and the Museum Campus. The Roosevelt (Red, Orange
and Green Lines) CTA ‘L’ station is two blocks from the front door of The Columbian. Between
its proximity to public transit and exposure to street traffic on Michigan Avenue, this is the
kind of underlying real estate that retailers clamor for — as evidenced by the property’s high
historical occupancy.
Average household incomes within a one-mile radius exceed $140,000 annually, and the 2024
population figures indicate that nearly 60,000 people live within one mile of the property — a
9% increase over the 2020 population numbers.
Burger Bar and Elements Massage operate on NNN leases and reimburse for operating
expenses, including a management fee. This is a stabilized multi-tenant retail opportunity,
priced at an 8% CAP rate. The projected cash-on-cash returns are quite compelling as well,
even in an elevated interest rate environment.
Please reach out to Marcus & Millichap with additional questions about this retail offering.
South Loop Ground Floor Multi-Tenant Retail
Investment Highlights
- 2-Tenant retail offering on the ground floor of The Columbian, a 517-foot-tall, 47-story Residential Skyscraper
- Both tenants just extended for 5 years at significantly increased rents over their preceding terms, signaling strong commitment to the location
- Dense population center with ~60,000 people residing in a one-mile radius – a 9% increase in area population over the last 4 years
- High foot traffic trade area, steps away from multiple 'L' lines, and two blocks from the Museum Campus commuter rail station
- Located at the signalized intersection of Michigan Avenue and Roosevelt Road, across the street from Grant Park and the Museum Campus
- Exposure to 44,300 vehicles per day
- Average household incomes exceed $140,000 annually
- Priced to provide attractive leveraged returns — a rare feature in the current interest rate environment
Exclusively Listed By
Listing Price: $2,842,500
Investment Highlights
- 2-Tenant retail offering on the ground floor of The Columbian, a 517-foot-tall, 47-story Residential Skyscraper
- Both tenants just extended for 5 years at significantly increased rents over their preceding terms, signaling strong commitment to the location
- Dense population center with ~60,000 people residing in a one-mile radius – a 9% increase in area population over the last 4 years
- High foot traffic trade area, steps away from multiple 'L' lines, and two blocks from the Museum Campus commuter rail station
- Located at the signalized intersection of Michigan Avenue and Roosevelt Road, across the street from Grant Park and the Museum Campus
- Exposure to 44,300 vehicles per day
- Average household incomes exceed $140,000 annually
- Priced to provide attractive leveraged returns — a rare feature in the current interest rate environment
Investment Overview
Marcus and Millichap is pleased to present the opportunity to purchase the fee simple interest in a 2-tenant, ground floor retail opportunity located at the intersection of Michigan Avenue and Roosevelt in Chicago. Positioned at the base of The Columbian condominium building, a 47-story residential skyscraper, the two tenants are Burger Bar Chicago, a full-service restaurant and bar, and Elements Massage, a national massage franchise with 250 locations. Both tenants just exercised 5 year renewal options, increasing their rents and extending their term until at least 2030. The current weighted average lease term is just over 5 years. Located in Chicago’s South Loop, the signalized intersection of Michigan Avenue and Roosevelt features high traffic counts of over 44,300 vehicles per day — few intersections in the city have this level of visibility to this many people. Foot traffic is also uniquely high in this location as well, due to its proximity to Grant Park and the Museum Campus. The Roosevelt (Red, Orange and Green Lines) CTA ‘L’ station is two blocks from the front door of The Columbian. Between its proximity to public transit and exposure to street traffic on Michigan Avenue, this is the kind of underlying real estate that retailers clamor for — as evidenced by the property’s high historical occupancy. Average household incomes within a one-mile radius exceed $140,000 annually, and the 2024 population figures indicate that nearly 60,000 people live within one mile of the property — a 9% increase over the 2020 population numbers. Burger Bar and Elements Massage operate on NNN leases and reimburse for operating expenses, including a management fee. This is a stabilized multi-tenant retail opportunity, priced at an 8% CAP rate. The projected cash-on-cash returns are quite compelling as well, even in an elevated interest rate environment. Please reach out to Marcus & Millichap with additional questions about this retail offering.
Exclusively Listed By
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