850 N Western Ave
Lake Forest, IL 60045
Retail Property For Sale

SVN | Chicago Commercial is pleased to present this single tenant NNN property, leased to The Fresh Market in Lake Forest, IL. The Fresh Market is a national, upscale grocery chain with 178 stores in 27 states, with annual sales in excess of $1.8 Billion. The property improvements include an approx. 19,241 SF single tenant building on an approx. 35,964 SF lot with both on-site and street parking. The offering is secured by a long term NNN lease and includes a fee simple interest in the land. The Fresh Market signed a 10 year lease that commenced in 2010 and has base rental bumps every 5 years during the initial lease term with option periods contained in the lease. The property benefits from its immediate proximity to the Metra commuter rail station, excellent visibility, and ingress/egress from Western Ave and is a short walk to Kelmscott Park, a brand new, 165 unit luxury residential development. The offering provides an investor the rare opportunity to acquire a long term net leased property with a national specialty grocery tenant along with the long term benefit of substantial residual value in the underlying land. Current NOI is $260,000. Additionally, the property provides a potential value add opportunity as neighboring retail rents are substantially higher than the subject property. The property is located in downtown Lake Forest, IL on Western Ave, directly across the street from the Lake Forest Metra Commuter Rail station and adjacent to many national and regional retail tenants. 1 block from Lake Forest's Shops of Market Square. Lake Forest, IL is among the most affluent suburban communities on Chicago's north shore,with an average annual household income of $238,000, and an average home value of nearly $700,000 in the immediate trade area. Lake Forest is also in Lake County, which has substantially lower real estate taxes than neighboring Cook county.