Lake Meadows Shopping Center_Property for Sale

443 E 34th St, Chicago, IL, 60616, US

Lake Meadows Shopping Center

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 m²

Year built

1954

Year renovated

1989

Occupancy

95.4%

Number of buildings

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