Top-Performing Retail Center in Chicago 4 Retail Properties Offered at $67,850,000 in Chicago, IL

Pegasus Investments Real Estate Advisory Inc. in conjunction with Bang Realty, as exclusive investment sales advisors to the seller, are pleased to offer the incredible opportunity to purchase Elevate Lincoln Park (the “Property”). The Property checks every amenity box. It features four single-tenant leases totaling 187,204 SF, with premier access and branding along the Kennedy Expressway (I-94). A strong 5:1 parking ratio enhances convenience for tenants and visitors alike. Ideally positioned within Lincoln Park, Bucktown, and Wicker Park, three of Chicago’s most affluent neighborhoods, the Property benefits from exceptional demographics. Average household income exceeds $175,000 within a one-mile radius, with a population density surpassing 1.1 million people within five miles. Additionally, more than 4,000 new homes are planned within three blocks, further strengthening the area’s long-term growth trajectory.
For over 20 years, the Property has been anchored by national tenants Best Buy, Kohl’s, and BMO Financial Group. The Property is newly complemented by Chicago Speech Therapy (CST), an established local brand. The four NNN ground leases are backed by corporate guarantees with the tenants maintaining all aspects of their respective buildings. Lease renewals by Best Buy and BMO showcases the strong underlying fundamentals of the Property, stickiness of the tenants and stable cash flows. Of note, this Kohl’s location ranks in the top 3% nationally of all Kohl’s locations according to Placer.ai. This Best Buy is the only north side store, ranking in the top 10% nationally, and demonstrated its commitment to the Property by having recently exercised its first 5-year option with zero landlord concessions. In addition, BMO and CST have entered into new 10-year net leases. The amenities of the Property combined with strong demand for big box retail in the corridor assures little risk of vacancy and bodes well for continuous occupancy into perpetuity.
Ensuring demand for the Property into perpetuity, the adjacent Lincoln Park neighborhood of Foundry Park (foundryparkchicago.com) will be adding 4,000 homes and $2.8 billion of additional investment into the immediate area. This sustained influx of residential density continues to reinforce daily traffic, tenant demand, and long-term fundamentals for the Property.