1903-2029 N Mannheim Rd
Melrose Park, IL 60160
Melrose Crossing · Retail Property For Sale

Marcus & Millichap has been selected to exclusively offer for sale Melrose Crossing Shopping Center, located in Melrose Park, Illinois. The property is comprised of 138,354 square feet of gross leasable area and a total lot size of 11.62 acres. Melrose Crossing is positioned along Mannheim Road (Route 45) and North Avenue (Route 64). These major retail thoroughfares see high traffic counts of 37,850 and 45,300 vehicles per day respectively. The property has in excess of 1,300 feet of frontage along Mannheim Road, allowing for excellent exposure. Melrose Crossing is approximately 84 percent occupied by many local and national tenants, which include Dollar Tree, Harbor Freight Tools, Planet Fitness, CSL Plasma, FAMSA, and Check N' Go. 14 out of the 16 tenants operate under net leases, reimbursing for their pro rata share of operating expenses. There are four vacant suites totaling 22,402 square feet. This allows for an investor to add significant value to the property through leasing the remaining vacant space while protecting their downside risk by acquiring the property well below replacement cost ($74.08 per square foot). Melrose Crossing has experienced strong leasing velocity from national tenants within the last five years as evidenced by ownership signing 86,812 square feet of national tenant leases. A new owner can capitalize on this leasing momentum and achieve a double digit cap rate (11.27 percent at list price) using conservative rent, tenant improvement and leasing cost assumptions. Aside from future growth potential, Melrose Crossings benefits from having multiple tenants who have occupied their space well over 10 years. In addition, several of the anchor tenant leases extend through 2023. The Village of Melrose Park is a close-in suburb of Chicago. The village is conveniently located two and one-half miles south of O' Hare International Airport and 15 miles west of the Chicago Loop (central business district). Melrose Park is near multiple major modes of transportation, including Interstate 290 which is located one and one-half miles to the south of the village. Melrose Park is home to more than 23,000 residents. Within a three-mile radius the population exceeds 143,000 people. The average household income within a three-mile radius is approximately $69,000 annually.