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Shopping Strip

JPMorgan Chase Anchored Center

350 E 162nd St, South Holland, IL 60473

Listing Price: $2,088,700

Cap Rate
7.00%
Gross SF
6,000
Rentable SF
6,000
Price/Gross SF
$348.12
Lot Size
0.57 acres
Year Built
2007

Investment Overview

Marcus & Millichap is pleased to offer for sale this JPMorgan Chase Anchored, Two-Tenant retail center located at 350 East 162 Street in South Holland, Illinois. The property sits next door to a Walgreens on a 0.57-acre parcel with ample parking and 6,000-square feet of rentable space. The high image building was constructed in 2007 and offers a drive-thru for the dry-cleaner tenant. The parking lot was recently re-surfaced/sealed and striped. All new LED parking lot lighting was installed, lowering utility costs. The building also benefits from an all brick exterior, providing low maintenance. The anchor tenant, JPMorgan Chase (Standard & Poor’s: A-), recently executed a five-year lease extension demonstrating their commitment to this location. The bank has a strong deposit base of $76.8 million and has seen a steady increase of twenty-nine percent year-over-year since 2015. Chase is operating on a NNN lease with ten percent rent increases scheduled to begin every five years. CD One Price Cleaners is a dry-cleaning franchise with over 40 locations, with plans to expand even further in the Midwest. The tenant has approximately nine years of term remaining on their gross lease, featuring attractive three percent annual rent increases. This center is strategically located near the corner of East 162 Street and South Park Avenue with combined traf?c counts of over 41,500 vehicles per day. The area bene?ts from a densely populated market with 50,490 full-time residents in a five-mile radius. The average household income within a mile of the asset exceeds $84,000 per year. The subject property is positioned 20 minutes from Downtown Chicago between a Walgreens and Panera anchored center. Down the street from South Suburban College (9,000+ Students) and three miles from River Oaks Center, the 7th largest shopping mall in the Chicago MSA totaling 1.38M square feet. Nearby national and regional retailers include Jewel-Osco, Starbucks, Chipotle, UPS, Wendy’s, Burger King, BMO Harris Bank and many others.

Investment Highlights

  • Rare JPMorgan Chase Anchored Center (S&P A-) | Recent Five-Year Lease Extension
  • Strong Deposit Base ($76.8 Million) | 29% Year-Over-Year Increases Since 2015
  • Drive-Thru Property | Demand is at an All Time High
  • No Capex | Low Maintenance | Pride of Ownership
  • New LED Parking Lot Lights | Lower Utility Costs • New Parking Lot Re-Surfacing, Sealing & Striping
  • Densely Populated Market | 250,490 Full-Time Residents Within Five Miles
  • Average Household Income Exceeds $84,000 in a One-Mile Radius
  • 20-Minute Drive to Downtown Chicago | Three Miles from Chicago's 7th Largest Shopping Mall | 1.38 Million Square-Feet

Exclusively Listed By

Broker of Record

  • Steven D. Weinstock

    First Vice President / Regional Manager / Designated Managing Broker

    (630) 570-2200

    License(s) IL: 471.011175

    Illinois

Shopping Strip

JPMorgan Chase Anchored Center

Listing Price: $2,088,700

Cap Rate
7.00%
Gross SF
6,000
Rentable SF
6,000
Price/Gross SF
$348.12
Lot Size
0.57 acres
Year Built
2007

Investment Highlights

  • Rare JPMorgan Chase Anchored Center (S&P A-) | Recent Five-Year Lease Extension
  • Strong Deposit Base ($76.8 Million) | 29% Year-Over-Year Increases Since 2015
  • Drive-Thru Property | Demand is at an All Time High
  • No Capex | Low Maintenance | Pride of Ownership
  • New LED Parking Lot Lights | Lower Utility Costs • New Parking Lot Re-Surfacing, Sealing & Striping
  • Densely Populated Market | 250,490 Full-Time Residents Within Five Miles
  • Average Household Income Exceeds $84,000 in a One-Mile Radius
  • 20-Minute Drive to Downtown Chicago | Three Miles from Chicago's 7th Largest Shopping Mall | 1.38 Million Square-Feet

Investment Overview

Marcus & Millichap is pleased to offer for sale this JPMorgan Chase Anchored, Two-Tenant retail center located at 350 East 162 Street in South Holland, Illinois. The property sits next door to a Walgreens on a 0.57-acre parcel with ample parking and 6,000-square feet of rentable space. The high image building was constructed in 2007 and offers a drive-thru for the dry-cleaner tenant. The parking lot was recently re-surfaced/sealed and striped. All new LED parking lot lighting was installed, lowering utility costs. The building also benefits from an all brick exterior, providing low maintenance. The anchor tenant, JPMorgan Chase (Standard & Poor’s: A-), recently executed a five-year lease extension demonstrating their commitment to this location. The bank has a strong deposit base of $76.8 million and has seen a steady increase of twenty-nine percent year-over-year since 2015. Chase is operating on a NNN lease with ten percent rent increases scheduled to begin every five years. CD One Price Cleaners is a dry-cleaning franchise with over 40 locations, with plans to expand even further in the Midwest. The tenant has approximately nine years of term remaining on their gross lease, featuring attractive three percent annual rent increases. This center is strategically located near the corner of East 162 Street and South Park Avenue with combined traf?c counts of over 41,500 vehicles per day. The area bene?ts from a densely populated market with 50,490 full-time residents in a five-mile radius. The average household income within a mile of the asset exceeds $84,000 per year. The subject property is positioned 20 minutes from Downtown Chicago between a Walgreens and Panera anchored center. Down the street from South Suburban College (9,000+ Students) and three miles from River Oaks Center, the 7th largest shopping mall in the Chicago MSA totaling 1.38M square feet. Nearby national and regional retailers include Jewel-Osco, Starbucks, Chipotle, UPS, Wendy’s, Burger King, BMO Harris Bank and many others.

Exclusively Listed By

Broker of Record

  • Steven D. Weinstock

    First Vice President / Regional Manager / Designated Managing Broker

    (630) 570-2200

    License(s): IL: 471.011175

    Illinois

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