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Shopping Neighborhood

Add-Value | Mixed-Use | Drive-Thru Pads

1 S Arlington Heights Rd, Elk Grove Village, IL 60007

Listing Price: $11,300,000

Cap Rate
8.33%
Gross SF
98,791
Rentable SF
62,291
Price/Gross SF
$114.38
Lot Size
7.60 acres
Year Built
1959

Investment Overview

Marcus & Millichap has been selected to exclusively market for sale the fee simple interest in Elk Grove Woods Plaza, located at the intersection of E Higgins Road and S Arlington Heights Road in Elk Grove Village, Illinois. The shopping center comprises 62,291 rentable square feet situated on approximately 7.60-acres. The Plaza presents a value-add opportunity through redeveloping existing outlot restaurant, sub-dividing BMO Bank and the potential to add a drive-thru site. The asset provides over 600 feet of frontage on Higgins Road and over 700 feet of frontage on Arlington Heights Road to over 62,000 combined vehicles per day. The property also features five ingress/egress curb cuts, as well as, additional access from two locations from the gas station. Two pylon signs populate the property, one on Higgins Road and one on Arlington Road. The property is occupied by a number of long-standing reliable tenants including: BMO Harris Bank, Jarosch Bakery, V V Nails, Vini’s Pizza, and 7 Mile Cycles. Busse Woods Forest Preserve is adjacent to the property and is protected public land making it undevelopable. Elk Grove Woods Plaza is in Elk Grove Village, Illinois which was awarded the third safest city to live in in Illinois in 2019. The property is situated less than two miles from O’Hare International Airport which is the third busiest airport in the United States and the fifth busiest airport in the world and is also just 24 miles from Downtown Chicago putting it in the Chicago metropolitan statistical area(MSA). The City offers a multitude of different cultural attractions ranging from its vibrant art scene, excellent shopping, and unique architecture. Demand for retail space in the Chicago market has been increasing steadily in the last three quarters offering rent growth opportunities. Chicago, known affectionately by locals as “Chi-town” or the “Windy City”, is the third most populous city in the United States and the fifth most in all North America. The bustling city is a tourist hotspot bringing in a record 58 million visitors in 2018. The city is home to a plethora of landmarks which include; Millennium Park, the Magnificent Mile, the Art Institute of Chicago, Willis (Sears) Tower, and Lincoln Park Zoo to name a few. Not only is the city filled with many eclectic places of interest of also is an international hub for finance, culture, commerce, industry, technology, telecommunications, and transportation making it a highly desirable area. Elk Grove Woods Plaza draws upon exceptional demographics, with over 33,000 households in a 3-mile radius and a median household income in excess of $70,000.

Investment Highlights

  • Local Shopping Center with an Excellent Mix of National, Regional and Local Tenants
  • Value-Add Opportunity Through Redeveloping Existing Outlot Restaurant and Sub-Dividing BMO Bank
  • High Barrier-to-Entry Property with Excellent Rent Growth at 4.1 Percent Compound Annual Growth Rate (CAGR)
  • The Plaza is Located at the Intersection of East Higgins Road and South Arlington Heights Road
  • Long Operating History
  • Located Directly Off Interstate 90 with 166,300 Total Vehicles Passing per Day
  • Dense Employment Demographics | 136,277 People Work Within Three Miles of Subject Property
  • Heavily Populated with Affluent Demographics | Supports Long-Term Tenancy and Rent Growth

Exclusively Listed By

Shopping Neighborhood

Add-Value | Mixed-Use | Drive-Thru Pads

Listing Price: $11,300,000

Cap Rate
8.33%
Gross SF
98,791
Rentable SF
62,291
Price/Gross SF
$114.38
Lot Size
7.60 acres
Year Built
1959

Investment Highlights

  • Local Shopping Center with an Excellent Mix of National, Regional and Local Tenants
  • Value-Add Opportunity Through Redeveloping Existing Outlot Restaurant and Sub-Dividing BMO Bank
  • High Barrier-to-Entry Property with Excellent Rent Growth at 4.1 Percent Compound Annual Growth Rate (CAGR)
  • The Plaza is Located at the Intersection of East Higgins Road and South Arlington Heights Road
  • Long Operating History
  • Located Directly Off Interstate 90 with 166,300 Total Vehicles Passing per Day
  • Dense Employment Demographics | 136,277 People Work Within Three Miles of Subject Property
  • Heavily Populated with Affluent Demographics | Supports Long-Term Tenancy and Rent Growth

Investment Overview

Marcus & Millichap has been selected to exclusively market for sale the fee simple interest in Elk Grove Woods Plaza, located at the intersection of E Higgins Road and S Arlington Heights Road in Elk Grove Village, Illinois. The shopping center comprises 62,291 rentable square feet situated on approximately 7.60-acres. The Plaza presents a value-add opportunity through redeveloping existing outlot restaurant, sub-dividing BMO Bank and the potential to add a drive-thru site. The asset provides over 600 feet of frontage on Higgins Road and over 700 feet of frontage on Arlington Heights Road to over 62,000 combined vehicles per day. The property also features five ingress/egress curb cuts, as well as, additional access from two locations from the gas station. Two pylon signs populate the property, one on Higgins Road and one on Arlington Road. The property is occupied by a number of long-standing reliable tenants including: BMO Harris Bank, Jarosch Bakery, V V Nails, Vini’s Pizza, and 7 Mile Cycles. Busse Woods Forest Preserve is adjacent to the property and is protected public land making it undevelopable. Elk Grove Woods Plaza is in Elk Grove Village, Illinois which was awarded the third safest city to live in in Illinois in 2019. The property is situated less than two miles from O’Hare International Airport which is the third busiest airport in the United States and the fifth busiest airport in the world and is also just 24 miles from Downtown Chicago putting it in the Chicago metropolitan statistical area(MSA). The City offers a multitude of different cultural attractions ranging from its vibrant art scene, excellent shopping, and unique architecture. Demand for retail space in the Chicago market has been increasing steadily in the last three quarters offering rent growth opportunities. Chicago, known affectionately by locals as “Chi-town” or the “Windy City”, is the third most populous city in the United States and the fifth most in all North America. The bustling city is a tourist hotspot bringing in a record 58 million visitors in 2018. The city is home to a plethora of landmarks which include; Millennium Park, the Magnificent Mile, the Art Institute of Chicago, Willis (Sears) Tower, and Lincoln Park Zoo to name a few. Not only is the city filled with many eclectic places of interest of also is an international hub for finance, culture, commerce, industry, technology, telecommunications, and transportation making it a highly desirable area. Elk Grove Woods Plaza draws upon exceptional demographics, with over 33,000 households in a 3-mile radius and a median household income in excess of $70,000.

Exclusively Listed By

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