Circle Plaza Multi-Tenant Center 3 Retail Properties Offered at $9,100,000 in Forest Park, IL

Greenstone Partners, as the Exclusive Investment Advisor, is pleased to present the opportunity to acquire the 100% fee-simple interest in Circle Plaza, 7200-7216 Circle Avenue & 23-25 Harlem Avenue (the “Property”), a 100% leased, multi-tenant retail center located in Forest Park, Illinois.
The ±18,486-square-foot retail center is situated on ±61,001 square feet of land prominently positioned on the southwest corner of Harlem Avenue and Circle Avenue. Circle Plaza features five (5) access points, 206 feet of along Harlem Avenue (IL-43), 292 feet along Circle Avenue, and 81 surface parking spaces.
Circle Plaza is a two-building, five-tenant retail center, which has experienced nearly 100% occupancy since it was developed in 1984. The front building with Dunkin’ and Pep Boys has a staggering weighted average lease term tenure (WALT-TENURE) of 23.30 years. The overall weighted average lease term (WALT) of Circle Plaza is 11.02 years.
The rear building was built for CVS, which recently vacated after 35 years of operating. Once CVS vacated in 2021, ownership redeveloped that building into a three-tenant strip center with Sploot Veterinary Care (10-year), Heal Wellness (10-year), and Bloc Dispensary (12-year).
The front building was built for Dunkin’ Donuts and an auto shop, Elite Tire. Elite Tire operated for 25 years and then relocated across the alley in 2009 after buying its own real estate. Pep Boys immediately backfilled this space and has been operating at Circle Plaza for 16 years and recently signed a new 15-year lease. Dunkin’, an original tenant, has been here for 40 years and recently signed a new 10-year lease.
Harlem & Circle intersection sits at a unique confluence of three municipalities: Oak Park, River Forest, and Forest Park. This strategic location has long contributed to its prominence as a commercial and cultural hub in the region. Directly north (60 feet) is the entry/exit of the Metra UP-W Rail Station (350,000 riders/year) and the CTA Green Line Harlem/Lake Station (550,000 riders/year), the last stop of the Green Line from the city.
Directly east (65 feet) sits Eleven33, a 12-story, 235,000 SF, 263-unit apartment building built in 2019. One block north sits The Emerson, a 20-story, 450,000 SF, 270-unit apartment building with 25,000 SF retail, including Target. Also, one block north sits River Forest Town Center, a 468,000 SF shopping center, including Whole Foods, Walgreens, DSW, Old Navy, Petco, LOFT, J.CREW, Wild Fork Food, Panera, Sweetgreen, Cava, and many more. According to Placer.ai, this shopping center sees 3,200,000 visits per year.