
Advance Auto Parts - Chicago, IL
4625 South Pulaski Road, Chicago, IL, 60632, US
HK$16,946,000 | 6,974 sf
Jones Lang LaSalle Americas, L.P. (“JLL”) has been retained on an exclusive basis to offer qualified investors the opportunity to acquire Golf Mill Town Center – a 1.1 million square foot regional mall situated on 79.33-acres in a high barrier to entry location within the City of Niles, Chicago MSA.
The Property has been approved for a transformative redevelopment into a vibrant, mixed use project with open-air retail, multifamily, hospitality, and medical office. The redeveloped project contemplates the transformation of the long-standing enclosed mall into a highly functional mixed-use project that will include several of the existing category leading national anchors such as Target, Ross Dress for Less, Burlington, LA Fitness, ULTA, and others. In addition, the project has been approved to receive Tax Incremental Financing (TIF) for up to $96.0M. Golf Mill Town Center is a unique opportunity to acquire a value- add mixed-use redevelopment project anchored by market dominant tenancy.
PRIME 79-ACRE PROPERTY IN THE HEART OF NILES (CHICAGO)
• Large scale redevelopment of an existing 1.1 million square foot mall into a modern open-air, mixed–use property with a reduced retail footprint and high-demand complimentary uses including multifamily, medical office and hotel.
• Anchored by top-performing national tenants including Target, Burlington, Ross Dress for Less, LA Fitness, Gordon Food Service, and ULTA—providing a diverse mix of daily needs, value retail, fitness, and beauty. The center currently attracts over 4.7M annual visits, with limited competition within a 3–5 mile radius for big-box offerings.
STRONG TENANCY AT BELOW-MARKET RENTS
• Anchor tenant rental rates across the property are materially below market rents at an average of $8.72 per square foot, representing a significant future upside opportunity for an Investor.
• Average anchor rents sitting ~3x below the Near North Chicago Retail Submarket average of $25.43 PSF allow arbitrage opportunities through mark-to-market leasing.
APPROVED DEVELOPMENT PLAN WITH UP TO $96M IN TAX INCENTIVE FINANCING
• The completed retail project will entail an open-air retail component with nine outparcels comprising approximately 450,105 square feet, of which more than 242,170 square feet (54%) is already committed and occupied.
• The development of approximately 300 Class A multifamily units for phase I. Phase II of the development plan includes 14.4-acres of future parcel(s) to be sold, ventured for development of a variety of uses determined by market demands based on the highest and best use for the Town/City, a medical office and hospitality components (subject to change). The Redevelopment Agreement provides for some flexibility for use and quantities of components.
• The Village of Niles has executed a Redevelopment Agreement that provides up to $96.0 million of Tax Increment Financing (tax-exempt TIF revenue bonds) to the developer to facilitate the redevelopment of Golf Mill Town Center.
MATURE, INFILL MARKET LOCATION
• Surrounded by a dense and affluent community in suburban Chicago with over 351,000 people living within a 20-minute drive earning an average HH income of nearly $149,500.
• Strategically located along two primary arterial roads, Golf Road and Milwaukee Avenue, with 2,700 linear feet of frontage and direct access to the Chicago CBD.