Investment Overview

Investors are offered the rare opportunity to acquire a 20,815 square foot unanchored strip center located in one of the most supply constrained markets in the country. Lake Park Plaza is ideally positioned at the hard corner, lighted intersection of 47th Street and Lake Park Avenue, less than one quarter mile from Lake Michigan. The center features direct access off Lake Shore Drive (108,300 vehicles per day) and is situated steps from the Kenwood Metra Station. Surrounding Lake Park Plaza are numerous high density residential complexes which provide a steady stream of patrons to tenant base. The Kenwood/Hyde Park area is densely populated and affluent with a daytime population of 110,737 people within a two-mile radius and an average household income of $128,057 within a 0.5-mile radius. Area landmarks include the University of Chicago, world renowned University of Chicago Medical Center and the Obama Presidential Center. Underpinning the center’s exceptional location are strong property level fundamentals. Lake Park Plaza benefits from a secure weighted average lease term (WALT) of 5.34 years. NOI growth is strong as all tenant leases have annual rent increases, resulting in a five-year CAGR of 2.58 percent. Furthermore, the tenant roster contains an optimal mix of food and service users, providing an investor with a true daily need/necessity-based center.