1707 7th St
Winthrop Harbor, IL 60096
Marine Plaza: A Value Add Opportunity · Retail Property For Sale

Marcus & Millichap is pleased to present the opportunity to purchase Marine Plaza, an approximately 12,500 square foot, value add retail center located in the heart of downtown Winthrop Harbor, IL. Nearly one million visitors take advantage of North Point Marina every summer, and that number of visitors continues to grow, with slip rentals up 12% from last year. The Marina boasts moorage for over 1,500 boats, so with an anchor tenant like West Marine, this shopping center possesses clear synergies with the location. The property has been held by the original developer; however, there are currently a number operation issues a new owner will have to address in the process of re-positioning the asset. First, a new owner will best take advantage of the opportunity by leasing up the vacant space. The Plaza's proximity to Winthrop Harbor provides a number of opportunities to find synergistic tenants who will thrive off the location and the anchor tenant. The fact that West Marine has operated successfully from this location for nearly 20 years speaks to the anchor tenant's commitment to the location. There are a number of ways to take advantage of the inherent strength of the site's location on a hard corner, signalized intersection, while minimizing the potential risks associated with high vacancy. The upside in re-positioning this asset is substantial, making this an ideal opportunity for qualified real estate professionals in search of a value add play. Our pricing takes into account the value of West Marine's commitment to the site, as well as the various costs of re-positioning the property, even giving a new owner the additional upside in renegotiating West Marine's relatively short term lease.