202 Forest Blvd
Park Forest, IL 60466
Retail Property For Sale

Marcus and Millichap is pleased to exclusively present for sale this Chase Bank property in the Village of Park Forest, a diverse community with 25,000 residents located south and west of Chicago, Illinois. The property features an adjacent development lot (included in price) of approximately .62 acres that could easily be developed into another structure or additional parking. This property has operated as a bank since 1960. As of June 30, 2017, Deposits are up to $57.3 Million from $54 Million in 2016. The tenant, JP Morgan Chase is the #1 Bank ranked by assets in the United States, with $2.4 Trillion in Assets enjoys over 35% market share of deposits in the community with consistent year over year growth every year since 1997. Chase recently exercised its 3rd and last five-year option of the original lease. The 2,750 square foot 2nd floor office portion of the building is currently vacant and the property is offered based on Current Income and Expenses. The investor has a unique opportunity to purchase the property with a Top Tier Credit Tenant, below replacement cost and create substantial value by negotiating a new lease with JPMorgan Chase, add a 2nd floor tenant and work with the village and assessor to further reduce operating expenses to enhance Net Operating Income. Current market rents for similar office product are between $8 and $12 per square foot for 2nd floor office space in Park Forest.