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Shopping Neighborhood

Grocery Anchored Retail Center | Hanover Square

6606 Barrington Rd, Hanover Park, IL 60133

Listing Price: $8,137,153

Cap Rate
8.50%
Gross SF
111,828
Rentable SF
111,828
Price/Gross SF
$72.76
Lot Size
9.08 acres
Year Built
1965

Investment Overview

Marcus & Millichap is pleased to present Hanover Square Grocery Anchored Center located in Hanover Park, Illinois. This shopping center consists of two outlots anchored by full-service grocer and well-known gymnastics training center. Diverse mix of national, regional and local tenants. Many tenants with long operating history. Eight tenants have operated at this location for at least 10 years, four tenants with at least 20 years of operating history. This is a value-add opportunity to add cap rate growth through leasing remaining 25,032 square feet of vacant space. Excellent real estate fundamentals with an outlot on northeast corner and 472-surface spaces. The majority of the roof has been replaced between 2013-2017. Significant tax savings with subject property benefits from the 7C Cook County Tax Incentive, assessed at 10 percent instead of the typical 25 percent assessment on commercial properties. Located within the Chicago Metropolitan Statistical Area. Situated on a signalized, hard-corner intersection with over 30,00 total vehicles passing per day. Less than .25 miles to heavily traveled Lake Street/Barrington Road intersection with 78,575 total vehicles passing per day. Easily accessible with less than a mile from the Elgin-O’hare Tollway/Illinois Route 390 interchange. Illinois Route 390 is a tollway connecting Interstate 290 which also connects to Interstate 355 and 90 within five miles. Ideally positioned between Two Metra Rail Milwaukee-District West stations (5,904,808 annual ridership). 900 feet to the Hanover Park Park District Community Center and Park. Hanover Park Park District is currently surveying the community for input on what amenities to implement at community park with renovations to be completed in 2021. Attractive demographics in this densely populated area with 114,424 people living within three miles with an average household income of $102,168. 219,972 people work within five miles of subject property.

Investment Highlights

  • Shopping Center Consisting of Two Outlots Anchored by Full-Service Grocer and Well-Known Gymnastics Training Center
  • Many Tenants with Long Operating History
  • Value-Add Opportunity
  • Excellent Real Estate Fundamentals
  • Situated on a Signalized, Hard-Corner Intersection | Over 30,00 Total Vehicles Passing per Day
  • Easily Accessible | Less Than a Mile from the Elgin-O'Hare Tollway/Illinois Route 390 Interchange
  • 900 Feet to the Hanover Park Park District Community Center and Park
  • Attractive Demographics | Densely Populated Area | 114,424 People Live Within Three Miles with an Average Household Income of $102,168

Exclusively Listed By

Shopping Neighborhood

Grocery Anchored Retail Center | Hanover Square

Listing Price: $8,137,153

Cap Rate
8.50%
Gross SF
111,828
Rentable SF
111,828
Price/Gross SF
$72.76
Lot Size
9.08 acres
Year Built
1965

Investment Highlights

  • Shopping Center Consisting of Two Outlots Anchored by Full-Service Grocer and Well-Known Gymnastics Training Center
  • Many Tenants with Long Operating History
  • Value-Add Opportunity
  • Excellent Real Estate Fundamentals
  • Situated on a Signalized, Hard-Corner Intersection | Over 30,00 Total Vehicles Passing per Day
  • Easily Accessible | Less Than a Mile from the Elgin-O'Hare Tollway/Illinois Route 390 Interchange
  • 900 Feet to the Hanover Park Park District Community Center and Park
  • Attractive Demographics | Densely Populated Area | 114,424 People Live Within Three Miles with an Average Household Income of $102,168

Investment Overview

Marcus & Millichap is pleased to present Hanover Square Grocery Anchored Center located in Hanover Park, Illinois. This shopping center consists of two outlots anchored by full-service grocer and well-known gymnastics training center. Diverse mix of national, regional and local tenants. Many tenants with long operating history. Eight tenants have operated at this location for at least 10 years, four tenants with at least 20 years of operating history. This is a value-add opportunity to add cap rate growth through leasing remaining 25,032 square feet of vacant space. Excellent real estate fundamentals with an outlot on northeast corner and 472-surface spaces. The majority of the roof has been replaced between 2013-2017. Significant tax savings with subject property benefits from the 7C Cook County Tax Incentive, assessed at 10 percent instead of the typical 25 percent assessment on commercial properties. Located within the Chicago Metropolitan Statistical Area. Situated on a signalized, hard-corner intersection with over 30,00 total vehicles passing per day. Less than .25 miles to heavily traveled Lake Street/Barrington Road intersection with 78,575 total vehicles passing per day. Easily accessible with less than a mile from the Elgin-O’hare Tollway/Illinois Route 390 interchange. Illinois Route 390 is a tollway connecting Interstate 290 which also connects to Interstate 355 and 90 within five miles. Ideally positioned between Two Metra Rail Milwaukee-District West stations (5,904,808 annual ridership). 900 feet to the Hanover Park Park District Community Center and Park. Hanover Park Park District is currently surveying the community for input on what amenities to implement at community park with renovations to be completed in 2021. Attractive demographics in this densely populated area with 114,424 people living within three miles with an average household income of $102,168. 219,972 people work within five miles of subject property.

Exclusively Listed By

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