US - Lubbock, TX
THB 345,879,000 | 6,548 m²
Jones Lang LaSalle (“JLL”) has been exclusively retained to offer the opportunity to acquire The Overlook at Oakbrook (the “Property”, “Offering”, “Project”, or “Development”), a new-construction net leased retail shopping center across the street from Oakbrook Center, the #1 mall in Illinois (16.2 Million annual visitors1). The Property offers an extremely rare opportunity to acquire a collection of freestanding net leased assets at scale. The Offering is positioned as one modern shopping center, comprising a mix of seven (7) freestanding single-tenant and three-to-four tenant retail strips across an 8.6-acre project.
The Overlook at Oakbrook features a complementary mix of market-leading tenants in the restaurant, educational, medical, and services space, all having signed brand new 10-to-20-year leases, resulting in a blended 13.2-year WALT as of Q1 2023. The Property received an incredible amount of tenant inquiries throughout the development process, allowing the Project sponsor to selectively curate a dynamic tenant mix that will benefit from the immense consumer traffic to the area.
The Overlook at Oakbrook is positioned at a true “Main & Main” retail location across from Oakbrook Center and shadow-anchored by one of the top-performing Costco’s in Illinois. The Project is the most significant retail development delivered in a supply-constrained Oak Brook submarket which achieves the highest Rent PSF of any suburban submarket.
The Overlook at Oakbrook offers investors the chance to acquire a once-in-a-decade class A retail offering in the premier suburban retail submarket in the Midwest. The Project sits as an extension to Oakbrook Center, offering trophy underlying real estate and an outstanding tenant roster on long-term net lease structures with attractive rent increases.