Investment Overview

Marcus & Millichap is pleased to present the opportunity to purchase the fee simple interest in a pair of class A unanchored neighborhood strips in Homer Glen, Illinois, a suburb of Chicago located in Will County. Featuring an optimal tenant mix of food, medical and other necessity retailers, the eight-tenant property is 100 percent occupied and stabilized with 4½ years of weighted average lease term. The rent roll also offers excellent fixed rent increases that boost the in-place cap rate 21 basis points between Year One and Year Two. The offering is an outparcel to a larger development that is also home to Meijer, ALDI, and Home Depot. Featuring shared access drives and prominent signage, these necessity retail tenants draft off their proximity to their larger, traffic driving neighbors. Suite sizes average below 2,000 square feet, and, with their shallow bays, the site plan provides an ideal configuration for neighborhood retail generally. Between Bell Road and the signalized intersection at Bell and Glengary, the property is visible to just over 17,000 vehicles per day. Many of the tenants have long tenures at the property, and those that have vacated have been replaced in recent years with increasingly buzzy names such as Illinois Bone & Joint and Jersey Mike’s. This is an opportunity to purchase an ideally configured neighborhood retail center featuring a desirable tenant mix and built-in rent increases that push a new owner’s return substantially year over year.