Marcus & Millichap, on behalf of ownership as its exclusive advisor, is pleased to bring to market Lansing Square in Lansing, Illinois. The subject property is a two-building, 56,613-square-foot shopping center situated on 13.5 acres and is currently 97.9 percent occupied. The property is an outparcel to, and is shadow-anchored by, a new 153,000-square-foot Walmart Supercenter that opened in 2015. Walmart Supercenter is a relocation store from a smaller inline box two miles north of the subject property in The Landings Shopping Center. Lansing Square is anchored by Planet Fitness, who just signed a new 15- year triple-net lease on 20,076-square-feet, which is 35 percent of the gross leasable area. Planet Fitness took possession of their space on 6/14, with rent commencing in October. Other major tenants include Kali Beauty, a retail beauty supply store, and Round the Clock Restaurant, both of which operate three locations throughout Chicagoland. Kali Beauty and Round the Clock Restaurant are both leased to triple-net terms through July 2025 and February 2023, respectively, and combine to occupy nearly 29 percent of the gross leasable area. The three largest tenants comprise 64 percent of the leasable area with significant lease term remaining, providing the prospective purchaser excellent long-term stability. The remaining 32 percent of the leasable area is occupied by a variety of national and local small-shop tenants, occupying units ranging from 900 to 3,600 square feet. National retailers include Sprint, Quest Diagnostics, and Boost Mobile. Notable local tenants include City Nails and Destiny Dental, who are both leased into 2027, as well as China Chef, Seva Beauty, and several local restaurants and apparel boutiques. Upside exists via lease-up of the 1,200-square-foot vacancy. Lansing Square is located in the southern Chicago suburb of Lansing, along Torrence Avenue which sees 30,926 cars per day directly in front of the property. The subject property is also strategically located directly south of the Interstate 94 exit ramps, with Interstate 94 seeing 161,070 cars per day, leaving combined traffic counts of 191,000 passing by the property daily. Lansing Square is located in a dense infill area, with 11,437 residents within one mile. Expanding out to three and five-mile radii, the population swells to 91,806 residents, and 239,335 residents, respectively. Income levels for the trade area are right in line with middle-income figures, at $67,000 within three to five miles. Prominent national retailers in the vicinity include Home Depot, Sam’s Club, Marshalls, Ross Dress for Less, Aldi, Forman Mills, LA Fitness, Fallas, Shoppers World, and dozens of restaurants. Lansing is part of Chicagoland with a metropolitan population of over 9.6 million, and is 25 miles south of Downtown Chicago.
| Parcel Numbers | 30-30-305-039-0000, 30-30-305-037-0000 | Improvements Assessment | $229,419 |
| Land Assessment | $711,116 | Total Assessment | $940,535 |
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