1760 N Milwaukee Ave
Chicago, IL 60647
Royal Palms Urban NNN Investment · Retail Property For Sale

Greenstone Partners, as the Exclusive Investment Advisor, is pleased to present the opportunity to acquire the 100% fee-simple interest in 1760 N. Milwaukee Avenue (the “Property”). The urban-infill ±16,552 square foot commercial property is located in Chicago’s dense and dynamic Wicker Park neighborhood. The Property is 100% occupied by Royal Palms Shuffleboard Club. The lease is personally guaranteed by the owners and creators of Royal Palms, assuming all liability up to $750,000 for the lease obligations and any landlord costs incurred pertaining to the Royal Palms lease. The lease features a $400,000 security deposit and the lease guarantors invested $3,200,000 into the stunning space. The Property also features income producing signage facing the 606 urban trail. The Property is located within 1/2-mile of both the Damen and Western CTA Blue Line “L” stations, which had a combined total of 3.7+ Million passengers in 2017, connecting Wicker Park to O’Hare International Airport and downtown Chicago’s Loop CBD. Additionally, the CTA #49, #50, #56, #72 bus routes are all within walking distance and run along Milwaukee, North, Western and Damen Avenues. Access to Interstate 90 / 94 is just 1-mile to the east. Wicker Park is a highly desirable urban neighborhood with lively bars, award winning restaurants and memorable entertainment establishments. The area is an established local and tourist destination. Located two miles northwest of the Loop CBD, the Property’s surrounding area is populated by numerous developments that have delivered 650+ apartment and condominium units. Demographics include average household incomes of nearly $173,000 within 1/4-mile and a total population of 63,000+ people within 1-mile. STRONG LEASE GUARANTY & SECURITY The Property is 100% occupied by Royal Palms Shuffleboard Club. The club's lease is personally guaranteed by the owners and creators of Royal Palms, Jonathan Schnapp and Ashley Albert. The guarantor assumes all liability up to $750,000 for the lease obligations and any landlord costs incurred pertaining to the Royal Palms lease. The lease features a $400,000 security deposit, equivalent to the first year's rent. The experienced operator has a successful track record having opened the Brooklyn, NY location in 2013. Both Royal Palms locations have a proven sales history that exceeds performance expectations. ROYAL PALMS’ $3.2MM INVESTMENT + LOYAL FOLLOWING To transform the bow truss buildings into the look and feel of a cruise ship deck, the lease guarantors invested $3,200,000+ into the stunning space. Since opening in 2018, Royal Palms’ has become a staple in Wicker Park with weeknight leagues, a unique rooftop space and an exciting environment. IRREPLACEABLE LOCATION The Property is prominently situated at the corner of Milwaukee Avenue and Leavitt Street with an enviable ±219 feet of frontage along bustling Milwaukee Avenue. Numerous restaurants and entertainment venues dot the area, while robust commercial activity in the immediate area creates a sought-after environment for residents to live, work and play. EASY ACCESS TO PUBLIC TRANSIT The Property is located less than 1/2-mile from both the CTA Damen and Western Blue Line ‘L’ Stations, which saw a combined total of 3.7+ Million passengers in 2017 and connect Wicker Park to O’Hare International Airport and downtown Chicago’s Loop. Within walking distance, the CTA #49, #50, #56 and #72 bus routes run along Milwaukee, North, Western and Damen Avenues. FRONTING 606 & HIPSTER HIGHWAY The Property faces the entrance to the award winning 606 urban trail while the “Hipster Highway” along Milwaukee Ave carries 3,000 daily bicycle riders. Royal Palms’ rooftop space is visible from the 606, which entices curious visitors. 2.5% ANNUAL ESCALATIONS Royal Palms' lease features annual escalations during the initial 10-year lease term and then 3.0% annual escalations during lease renewal periods once the rent is reset at fair market. SURROUNDING DEVELOPMENT The Property’s surrounding area boasts several new developments that have or will deliver 650+ apartment or condominium units and more than 55,000 square feet of retail space. Directly across the street is the brand-new Centrum Bucktown development which features an 18,000 square food ALDI and 100 luxury apartment units which was acquired by a New York family office for $50.5MM. FLAGSHIP RETAIL, DAILY TRIP GENERATORS, TOURISM Several national retailers such as Walgreens and Adidas Originals have flagship locations in Wicker Park. The area attracts national and international tourists with an eclectic mix of shopping, restaurants, bars and entertainment venues. The Robey Hotel sits proudly at the six-corner intersection with 69 rooms showcasing two rooftop decks, just 1/4-mile from the Property. “24 HOUR” WICKER PARK SCENE The “24 hour” Wicker Park scene features dozens of lively bars and destination restaurants, creating an exciting daytime and nighttime environment. STRONG DEMOGRAPHICS The Property features a strong set of demographics with a total population of 63,000+ people within 1-mile and average household incomes of nearly $173,000 within 1/4-mile.