Stony Creek Promenade - Chicago, IL
4830 W. 111th Street, Oak Lawn, IL, 60453, US
15,422 sm
Asset description
Jones Lang LaSalle Americas (Illinois), L.P. (“JLL”) has been retained on an exclusive basis to offer qualified the opportunity to acquire Lake Meadows Shopping Center– a grocery anchored neighborhood center in a high barrier to entry location within the Chicago MSA. This Property is anchored by category leading anchor tenancy that includes Jewel, LA Fitness, and Walgreens (Baa3) and is supported by dominant regional and national small-shop users. Both Jewel and LA Fitness had recent renewals, with Jewel extending early for 10 years through 2039, and LA Fitness renewing for 10 years through 2033. Lake Meadows Shopping Center is a unique opportunity to acquire a stable income stream anchored by market dominant tenancy while providing investors with exit flexibility due to the 7 standalone buildings.
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Attributes
Building area net
16,639 sm
Year built
1954
Year renovated
1989
Occupancy
95.4%
Buildings
7
Media
Investment highlights
7 SEPARATE BUILDINGS PROVIDE EXIT FLEXIBILITY
- Advantageous for investors and provides arbitrage opportunities through single transaction spin downs
- Includes 2 high performing single tenant outlots on their own tax parcels
9 YEAR WALT AND 23 YEAR WEIGHTED AVERAGE TENURE
- Jewel has been in place since 1987 and has 15 years of remaining term
- Walgreens has been in place since 1954 and has 15 years of remaining term
MINIMAL CAPITAL EXPENDITURES
- The majority of roofs have warranty through at least 2030
- Jewel parking lot redone ($25k) in Spring of 2024
DIVERSIFIED NATIONAL TENANT MIX
- 90% of Income Attributable to National Tenancy
- Healthy ratio of big/junior box (57%) to small shop (43%) percentage of total income
SIGNIFICANT LEASING MOMENTUM
- Recent 10-year early lease extension of Jewel extending term through 2039
- 10-year lease extension of LA Fitness
- Recent expansion of Maxim Nails nearly doubles tenant’s SF
DENSE TRADE AREA WITH REGIONAL DRAW
Demographics/Spending in 1-Mile Radius:
- Population: 31,895
- Households: 15,250
- Average HHI: $57,624
Spending:
- Food & Alcohol: 30%
- Transportation: 22%
- Household: 16%
- Entertainment/Hobbies/Pets: 15%
- Apparel: 7%
- Education & Daycare: 6%
- Healthcare: 4%
PROXIMITY TO NEARBY APARTMENTS
- Adjacent to Lake Meadows Apartments - 1,900 unit, 9 building apartment complex sold in 2023
- 4,500 multi-family units within 1/2 a mile of the property, creating a significant immediate consumer base
Contact brokers
Lake Meadows Shopping Center (0 Properties)
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Last updated
Oct 21, 2024
