850-870 N Milwaukee Ave, Vernon Hills, IL, 60061-1553, US

Hawthorn Commons

Asset Description

Jones Lang LaSalle Americas (Illinois), L.P. ("JLL") has been retained on an exclusive basis to offer qualified investors the opportunity to acquire Hawthorn Commons (the “Property” or “Offering”) – a recently constructed 48,942 square foot mixed use offering anchored by Northwestern Medicine (S&P: AA+) in the heart of one of Suburban Chicago’s most attractive submarkets, Vernon Hills.

The Property is currently 83% leased and features best-in-class medical anchor Northwestern Medicine and a diverse range of service, restaurant, and medical tenancy including T-Mobile and Uncle Julio’s Mexican Restaurant. Northwestern makes up 53% of in-place revenue on a long term lease through May 2031. A rare combination of contractual rent bumps and lease up potential create an opportunity to realize over 35% NOI growth in a 10 year period.

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Attributes

Building area net

4,547 m²

Occupancy

86%

Year built

2016

Number of units

12 units

Media

Investment Highlights

Investment Grade Credit Medical Anchor - Northwestern Medicine:

Fitch AA+ / Moody's Aa2 | S&P AA+
Occupies 23,898 SF (49% of GLA) on a long-term lease through 2031

Substantial NOI Growth:

Over 35% Projected NOI Growth from Contractual Increases and Lease Up Potential

Rare "Medtail" Investment Offering With Pandemic Resilient Tenant Base:

The Offering represents an exciting and synergistic intersection of medical office, restaurant, and service uses

Dominant Regional Retail Corridor: The Vernon Hills Submarket is Anchored by Over 4M SF of Institutionally Owned Class A Retail Within a 1-Mile Radius

Strong Credit & National Tenany: