Stony Creek Promenade - Chicago, IL
4830 W. 111th Street, Oak Lawn, IL, 60453, US
15,422 m²
Asset Description
ADDRESS
700 - 790 W. EUCLID AVE, PALATINE, IL 60067
PROPERTY SIZE
127,973 SF / 14.0 ACRES
# OF TAX PARCELS
2
PARKING SPACES / RATIO
440 | 3.4
VACANT SUITES
14
SUB-1,500 SF VACANCIES
6
1,500 SF - 7,500 SF VACANCIES
7
30,000+ SF VACANCIES
1
YEAR 1 NOI
$449,678
STABILIZED NOI
$1,730,231
5-YEAR NOI GROWTH
295%
5-YEAR NOI CAGR
31.6%
...
Attributes
Year built
2000
Occupancy
48%
Number of buildings
2
WALT
5.6 years
Media
Investment Highlights
MULTIPLE VALUE CREATION OPPORTUNITES
48% OCCUPIED
- Over 66,000 SF of vacant GLA across 14 suites
OPPORTUNITY TO LEASE ANCHOR VACANCY TO GROCER
- Former Dominick’s suite has received LOI interest from a national grocery brand and an ethnic grocer over the last 6 months
POTENTIAL TO BIFURCATE
- Fifth Third Bank on separate tax parcel creates spin-off opportunity at accretive cap rate
STRONG LEASING MOMENTUM I 3 NEW LEASES ACROSS 26,632 SF
DOLLAR TREE (BAA2) OPENED IN 2023 AND REPRESENTS 8% OF INCOME
NEW TRUE VALUE LEASE WITH CORPORATE BACKING
- Formerly leased to franchisee
- 1,350 SF suite increase
- Joyce’s Driving School relocated to accommodate expansion, showcasing each tenants’ commitment to the asset
STRONG TENANT LINEUP WITH LARGELY NATIONAL TENANCY
89% OF OCCUPIED GLA AND 86% OF INCOME DERIVED FROM NATIONAL BRANDS
CURRENT OWNERSHIP’S COMMITMENT TO THE ASSET
RECENT IMPROVEMENTS TO THE CENTER INCLUDE BUT ARE NOT LIMITED TO REMODELING SUITES, REPLACEMENT OF HVAC SYSTEMS, TUCKPOINTING, AND MASONRY WORK
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Last updated
12 Dec 2024
