downtown oak park illinois · 10 miles directly west of downtown chicago. this asset gives...
TRANSCRIPT
PROPERTY HIGHLIGHTS
SUBJECT OFFERING
TENANTS/ADDRESS: PETSMART/FIRECAKES (104-106 N. MAPLE AVENUE)
GLA: 104-106 N. MAPLE AVENUE – 3,186 SF
TERM: 5 (PETSMART) / 10 YEARS (FIRECAKES)
LEASE STRUCTURE: VERTICAL SUB-DIVISION FOR THE GROOMERY BY
PETSMART AND FIRECAKES DONUTS
YEAR BUILT: 2017
Retail Shops at The Emerson consists of two retail stores in a verticalsubdivision; being offered for purchase fee simple. The Project is situated alongLake Street, Maple Avenue and Westgate Street in Oak Park, Illinois, less than10 miles directly west of Downtown Chicago. This asset gives potential buyersthe opportunity to own a newly constructed, trophy retail property in the heart ofaffluent Oak Park. The project includes a 2,131 square foot The Groomery byPetSmart, and a 1,055 square foot Firecakes Donuts in the 104-106 N. MapleAvenue phase, and is shadow anchored by a 22,171 square foot Target. TheRetail Shops at The Emerson is merely steps away from three major publictransportation stops, and less than a mile from Interstate 290. The combinationof strong tenancy, residential density, affluence, proximity to Chicago, rentalincreases and desirable location within the trade area, make this a terrific assetfor many retail investors.
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ASKING PRICE: $1,700,000
CAP RATE: 7.00%
NEWLY CONSTRUCTED MIXED-USE DEVELOPMENTThe Retail Shops at The Emerson is the 3,186 square foot retail component of a newly constructed, mixed-use development that also includes 271 luxuryresidential units, a 418 space parking garage, and small format new Target that serves as a shadow anchor to the shop retail. Both tenants are operatingunder new leases with options to extend and rent escalations. These lease structures make for an increasing yield throughout the life of the investment.
IRREPLACEABLE LOCATION WITH STRONG SURROUNDING RETAILERSThere is virtually no other area for tenants to come into this marketplace, making the location extremely desirable. Outside of The Emerson’s front doorresides the Shops of Downtown Oak Park, home to GAP, Pier 1 Imports, Old Navy, AT&T and others. River Forest Town Center, just across Harlem to theWest, is another fantastic project anchored by Whole Foods, Ulta, Petco, DSW, and Ann Taylor LOFT. These retailers combine with over 50 regional andlocal merchants to provide an authentic, urban mix of shopping and dining destinations.
DENSELY POPULATED AND AFFLUENT CHICAGO SUBURBWithin one mile of the site, there are more than 34,406 people earning an impressive $112,564 annually per household. These levels increase to over118,371 residents with average household incomes of $100,158, within 2 miles. This dense and affluent population base make owning property in thislocation for a generation an enviable proposition.
STRONG VEHICLE COUNTS AND INCREDIBLE DAILY PUBLIC TRANSIT VOLUMEAt the busy intersection of Lake Street and Harlem Avenue, there are a combined 47,300 vehicles per day. The site has access from all four directions toHarlem Avenue, Lake Street, Westgate Street, Maple Avenue and Marion Street. The site is also easily accessible for commuters at the Harlem & LakeGreen line stop as well as Metra stop, which enters/exits a few blocks to the west on Keystone Street. There were over 1.26 million riders in 2016 thatentered and exited at the Harlem / Lake CTA Green Line stop, illustrating how many people will pass by this location annually. There are also an additional330,000 passengers annually who will be entering and exiting the Metra Station.
I N V E S T M E N T H I G H L I G H T S
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POPULATION34,469
HOUSEHOLDS16,827
DAYTIME POPULATION25,984
AVERAGE HH INCOME$112,564
*all demographics within a one-mile radius
5 YR EST. AVERAGE HH INCOME GROWTH13.38%
T R A D E A R E A - E A S T
Subject Offering
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T R A D E A R E A - S O U T H W E S T
Subject Offering
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S I T E A E R I A L
Subject Offering
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R E LY O N T H E
M I D W E S T ’ S R E T A I L
R E A L E S T AT E E X P E R T S .
For further information contact owner’s exclusive representatives.
Ben WinemanMid-America Real Estate Corp.PrincipalDirect: [email protected]
Carly GallagherMid-America Real Estate Corp.Vice PresidentDirect: [email protected]