Description de l'actif
The Retail and Parking at Marina City features ±146,000 square feet of dining, entertainment, and experiential space and is located at the base of one of the nation’s most architecturally significant urban developments. The offering also features two 450-stall parking garages that serve both condominium towers, as well as Hotel and Retail patrons. This iconic, value-add mixed-use urban retail parking and 900-space parking offering will allow investors to continue the current leasing momentum and enhance in-place revenue through re-merchandising opportunities.
The Retail at Marina City continues to feature many of its original concepts, but has shifted to meet the demands of the modern-day consumer. A progressive merchandising mix of unique uses that capitalizes on the rare riverfront offering, the Retail at Marina City caters to demand generated by neighboring retail, residential buildings, and hotels with an attractive mix of dining, service, and entertainment. Most notable value creation opportunities include bringing new operators to existing vacant units to drive additional traffic, capitalizing on mark-to-market below market rents, and converting gross leases to net. For example, current ownership recently entered a 10-year lease with Legal Sea Foods, representing a 24 percent increase over the space’s most recent base rental rates, demonstrating the opportunity to re-set the market. Leasing momentum amongst existing anchor tenants is also evident as ownership recently executed 10-year renewals with two high-performing tenants, Smith & Wollensky and Jefferson Beach Yacht Sales.
Caractéristiques de l'actif
Points clés d'investissement
- Rare Chicago Riverfront Offering
- Synergistic Dining, Entertainment, and Experiential Tenancy
- Recent Leasing Momentum
- New 10-Year Lease with Legal Seas Foods
- New 10-Year LOI with NYC Based Restaurant Group
- New 10-Year Renewal with Jefferson Beach Yacht Sales
- Strong Sales Performance
- Value-Add Opportunity
- Ability to lease up existing vacancy in Bar Louie space
- Ability to convert gross leases to NNN
- Ability to mark below market leases to market and grow NOI