Chicago Cat (Heartland Vet Partners) - Chicago, IL_Property for Sale
Chicago Cat (Heartland Vet Partners) - Chicago, IL_Property for Sale
5301 W Devon Ave, Chicago, IL, 60646, US

Chicago Cat (Heartland Vet Partners) - Chicago, IL

Asset Description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer the opportunity to acquire the fee-simple interest in a 2,200 square foot freestanding, single-tenant veterinary clinic located 5301 W Devon Ave in Chicago, IL (“Property” or “Asset”). The Asset is 100% leased to Heartland Veterinary Partners (“Heartland Veterinary Partners” or “Tenant”), who is doing business as Chicago Cat Clinic, with approximately 1.0 year remaining on the current lease term. The Asset features one remaining three-year renewal option with a 3.0% annual rent increase in the lease option.


Chicago, a metropolis of 2.7 million, is renowned for its architecture, culture, and economic prowess, boasting 33 Fortune 500 companies and top-ranked educational institutions. Located just 12 miles northwest of downtown Chicago, the Property is well positioned off the Edgebrook Metro Station, which provides direct access via train to downtown Chicago. Situated along West Devon Avenue off the intersection of North Caldwell Avenue and North Central Avenue, the Property also has visibility to approximately 69,600 vehicles per day. Coupled with a population of over 800,000 residents and an affluent average household income of $182,000 within a 5-mile and 1-mile radius of the site, respectively, the Property benefits a location within a dense residential corridor where 48.6% of the population owns a pet. The Property is proximate to Village Crossing Shopping Center and Pointe Plaza Shopping Center, which have a combined 13.1 million annual visitors and are ranked in the 93rd and 97th percentile of shopping centers in the nation, respectively (per Placer.ai).


This unique opportunity allows investors the ability to acquire an infill retail asset located in a fundamentally strong and high-growth market. The asset offers secure, long-term cash flow backed by a top veterinary operator with 350+ locations.

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Attributes

Building area gross
283 m²
Year built
1958
WAULT
1 years
NOI
€52,000
Cap rate
8.75%
Asking price
€591,000

Media

Investment Highlights

  • Situated along N Caldwell Ave & N Central Ave (69,600 VPD)
  • Renown Operator (Heartland Veterinary Partners) with 350+ Locations
  • Recent Tenant Improvements at the Site
  • 801,000 Residents within 5-Mile Radius of Property
  • 1 Year of Remaining Term with One 3-Year Renewal Option
  • Average HH Income of $182,000 within 1-Mile Radius of Property
  • Proximate to Two Top Performing Shopping Centers
  • Chicago Cat Clinic Has Been at the Site for 50 Years
  • Less Than a Mile From Edgebrook Metro Station (Direct Access to Downtown)
Chicago Cat (Heartland Vet Partners) - Chicago, IL 4_Property for Sale
Chicago Cat (Heartland Vet Partners) - Chicago, IL 4_Property for Sale

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Chicago Cat (Heartland Vet Partners) - Chicago, IL (0 Properties)

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Last updated
31 Oct 2024