Description
Marcus & Millichap is pleased to present this 100 percent occupied multi-tenant retail center located in the desirable Lincoln Park Neighborhood of Chicago, Illinois, approximately three miles north of Downtown Chicago. The retail offering consists of two buildings, totaling 16,804-square feet, situated across five parcels, equaling eight city lots. The property has ample exposure with over 370 feet of linear frontage on Fullerton and is well-located just steps from the DePaul University Campus. The center has a dedicated parking lot, rare in this area, which can accommodate 30 cars, allowing four points of ingress and egress. Given its close proximity to campus, the center attracts a high level of pedestrian traffic. The building is a well-maintained, 1988 brick construction and each tenant has vibrant individual store signage along with pylon signage in front of the West building. In addition to the DePaul campus location, the average household income within the immediate area of the subject property is approximately $207,438 plus per year, evidencing the financial strength of the submarket.
The center boasts an excellent mix of local and national tenants that cater to both the DePaul students and higher income bracket residents in the immediate area, including 7-11, UPS Store, dry-cleaners, Supercuts, LA Tan, a nail salon, and a cell phone store. In addition, the center boasts two premier tenants in Charlie Trotter's to Go and Open Advanced MRI. All leases require the tenants to reimburse for CAM, Taxes, Insurance and a management fee and include annual increases and option periods. Tenant lease expirations are staggered with 66 percent of the GLA extending past 2012, thus decreasing exposure to a new potential investor. The current rents in the center are slightly below the market average, keeping it competitive with other centers
and allowing for rental growth as leases rollover. Current underwriting includes a $.25 per square foot in reserves and incorporates a five percent annual vacancy factor.