Investment Overview

Marcus and Millichap is pleased to present the opportunity to purchase the fee simple interest in a Three-Tenant Retail Outparcel located within the Cherry Creek Shopping Center in Homewood, Illinois. The property is shadow anchored by Walgreens, and other retailers operating within Cherry Creek such as Ace Hardware and numerous medical tenants. One of which, Franciscan Health, recently invested over $10 million into their space. This retail center is leased to a Pop’s Italian Beef, Forever Yogurt, and Home-Slice Pizza Shop. All three tenants operate on triple net leases and have signed numerous renewal options since first taking occupancy. These tenants have over 10 years of tenure at this property and are paying affordable rents in the approximate $20 per square foot range. With some near-term rental upside achievable through the enforcement of administrative fee clauses in the leases, your Year Two Cap rate jumps almost 20bps. Furthermore, Forever Yogurt has a significant rent increase coming in 2028. The property benefits from high end brick construction that has been beautifully maintained, with a new roof installed in 2020, and one of the HVAC units was replaced last year. Homewood is a well-established community located within the greater Chicago MSA, roughly 20 miles south of downtown. There are over 80,000 people and an average household income of $104,000 within a three-mile radius. Homewood is a sought-after neighborhood to raise a family and has an overall rating of “A” on Niche.com, with multiple highly ranked public schools.