Bank of America - Chicago, IL
250 West 83rd Street, Chicago, IL, 60620, US
$3,400,000 | 4,000 sf
Asset description
JLL has been retained on an exclusive basis to offer qualified investors the opportunity to acquire South Elgin Commons (the “Property” or “Offering”), a recently constructed and renovated destination retail & medical based tenancy asset in Chicago’s Kane County.
The property is 100% leased and features best-in-class medical anchor Advocate Health and investment grade and national retailers - TJ Maxx, Ross, and Five Below. Advocate Health makes up 52% of in-place NOI on a brand new 10-year lease with term through 2033. Combined with TJ Maxx and Ross, the asset’s income is comprised of 87% investment grade tenancy and offers long-term secure cash flow streams with a weighted average tenant lease term of over 7 years.
Located on one of the most visible and heavily trafficked roads in Chicago’s western suburbs, Randall Road is home to the following retailers within 1 mile of the subject asset: Target, HomeGoods, PetSmart, Kohl's, Best Buy, Jersey Mikes, The Home Depot, Jewel-Osco, Petco.
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Attributes
Building area gross
94,508 sf
Land area gross
14.01 acres
Occupancy
100%
NOI
$1,521,000
Year built
2011
Year renovated
2021
Zoning
B2
Call for offers
06/19/2024
Media
Investment highlights
INVESTMENT GRADE CREDIT MEDICAL ANCHOR – ADVOCATE HEALTH
- Moody’s Long Term Credit Rating: Aa3
- Occupies 37,476 SF (39.65% of GLA) on a brand new 10-year lease through 2033
- Accounts for 52% of Income
RARE “MEDTAIL” INVESTMENT OFFERING
- The offering is indicative of modern day tenant composition including a destination medical anchor & national discount retailers
STRONG AND SECURE CASH FLOW
- 7.2 WALT
PERCENT OF INCOME BREAKDOWN
- Advocate Outpatient Center: 52%
- Ross Dress For Less: 18%
- TJ Maxx: 17%
- Five Below: 13%
THREE (3) SEPARATE REAL ESTATE TAX PARCELS
- Allows future investors flexible exit strategy
MINIMAL CAPITAL EXPENDITURES – 2011 CONSTRUCTION
DESTINATION SHADOW ANCHORS PROMOTE CROSS SHOPPING
- Target, L.A. Fitness
Contact brokers
South Elgin Commons (0 Properties)
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Last updated
Jun 5, 2024
