Map pin2828 North Clark Street, Chicago, IL, 60657, US

The Century

The Century _Property for Sale

Attributes

Building area net
16,264 m²
Year built
1920
Year renovated
2000
Occupancy
73%
Parking spaces
408
Zoning
B3 Chicago

Asset Description

The Century is a historic piece of Chicago’s real estate landscape, located at the convergence of the bustling three-way intersection of Clark, Broadway, and Diversey. Situated in Lakeview proper and straddling Lincoln Park, The Century enjoys an affluent and astute customer base. Exceptional co-tenancy including Trader Joe’s Dom’s Fresh Market, Target, Blue Mercury, Starbucks, and TJ Maxx as well as dense residential housing stock abound. Citydwellers, suburbanites, and a plethora of tourists frequent this trade area known for its excellent dining, entertainment, and shopping options, along with iconic sites including Wrigley Field, Lincoln Park, Chicago’s Lakefront Trail, and the Belmont and Diversey Harbors.


The Century offering collateral consists of 8 floors of mixed-use space including entertainment, fitness, medical office, and retail totaling 175,065 SF as well as a 6-story, 408-stall parking garage. The asset is currently broken into 22 suites, 10 of which are leased resulting in 73% occupancy, however one of those suites is leased to CVS through January 2038, who is dark but paying rent. The occupancy when considering CVS vacant is 67%. The three largest tenants, LA Fitness, Landmark Century Cinema and Aveda all have a long and successful history at the property. LA Fitness occupies the 7th and 8th floors and houses an indoor pool, on-site personal training, racquetball courts, and saunas, among other amenities. They comprise 29% of the GLA, 34% of the revenue, and have a lease running through 2028 with several options. Bally’s ran a successful health club at this location from 1985 until 2011 when LA Fitness bought 171 of their clubs. Landmark Century Theater has operated a 7-screen theater on the 4th, 5th, and 6th floors at this location since 1998. They comprise 18% of the GLA and 9.6% of the revenue and are leased through 2040. Aveda has operated a successful training facility at this location since 2001, making up 11.5% of the GLA and 12% of the revenue. The balance of the lower levels house traditional retail and service tenants, emerging entertainment concepts, and professional classroom suites.


With 3 “L” train stations within a ½ mile and multiple CTA bus routes nearby, the prime location of The Century makes it easily accessible by public transportation. Additionally, the asset is a mile away from Lake Shore Drive and less than 3 miles from Interstate-90 for those customers who prefer to drive and take advantage of the onsite garage.


The Century embodies the energy and feel of Chicago’s North Side neighborhoods. A recognizable and historic exterior combined with a diverse tenant mix creates an impressive, multi faceted destination for entertainment, services, and more.

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Investment Highlights

  • VALUE-ADD POTENTIAL THROUGH LEASE-UP AND DIVERSIFICATION OF INCOME


  • RARE OPPORTUNITY TO ACQUIRE A LARGE-FORMAT MIXED-USE ASSET IN CHICAGO WITH SIGNIFICANT UPSIDE


  • PRIME LAKEVIEW LOCATION


  • EXCEPTIONAL DEMOGRAPHICS WITHIN A 3-MILE RADIUS


  • LOCATED ½ MILE FROM THE ADVOCATE ILLINOIS MASONIC MEDICAL CENTER


  • EXCELLENT ACCESSIBILITY TO AND FROM SURROUNDING NEIGHBORHOODS
The Century  4_Property for Sale
The Century  4_Property for Sale
The Century (0 Properties)

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Last updated
4 Apr 2024