woodland heights shopping center · 2018. 6. 21. · neighborhood grocery anchored center in...

Woodland Heights Shopping Center

Presented by Cushman & Wakefield Retail Investment Advisors

Executive Summary

#1 GROCER IN CHICAGO MSAJEWEL - OSCO EARLY RENEWAL: 9+ years

OCCUPANCY: 91.2% ● CAGR (10 yr): 5.33%

GROCERY-ANCHORED CENTER CHICAGO MSA

Cushman & Wakefield | Woodland Heights Shopping Center Executive Summary

Executive SummaryCushman and Wakefield Retail Investment Advisors present Woodland Heights Shopping Center, a

neighborhood grocery anchored center in Streamwood, IL, a densely populated northwest suburb of Chicago.

Woodland Heights Shopping Center consists of 120,436 square feet and is anchored by Jewel-Osco, which

accounts for more than 50% of the gross leasable area. Jewel-Osco recently exercised an option that extends

their lease for 9+ years through November 2027 at $5 per square foot. With more than 25% market share

in Chicago, Jewel-Osco is the dominant grocer throughout the trade area. Complementing the necessity

based anchor tenant, Woodland Heights Shopping Center has an ideal mix of restaurants, medical, and

service oriented tenants. Woodland Heights Shopping Center is 91.2% occupied with an average rent of

$7.60 per square foot and a weighted lease term of 7.01 years. National tenants include Napa Auto Parts, US

Postal Service, US Renal Care, Cici’s Pizza, Subway, H&R Block, and State Farm Insurance.

Woodland Heights Shopping Center is located along the dominant retail corridor of Irving Park Road, just

east of the Irving Park/South Bartlett intersection. More than 37,000 vehicles pass the center daily and the

property draws from a trade area of 5+ miles that includes 238,655 residents. The average household income

within that same distance exceeds $93,000 per year.

INVESTMENT HIGHLIGHTS:

• Jewel-Osco renewed their lease early; more than 9+ years remaining on term

• Below Market Rent: Jewel-Osco accounts for 50%+ of GLA and pays only $5/SF

• Jewel-Osco #1 Grocer Market Share in the Chicago MSA

• Average Rents are $7.60/SF, Weighted Remaining Lease Term of 7.01 years

• Grocery Sales over $394/SF; 3.3% occupancy cost

• Lease-up and mark-to-market rents : 5.33% CAGR

• Internet resistant tenancy Including Grocery, Restaurants, Medical, Service

• Strong Demographics (5 miles): 238,655 residents, $93,000+ household income

• Limited grocery competition within the immediate sub-market


Offering Overview

Streets VPDIllinois Route 390 65,200Irving Park Road 37,200Lake Street 36,000Sutton Road 35,600West Bartlett Road 28,700Barrington Road 28,200

PROPERTY SUMMARYProperty Name Woodland Heights Shopping CenterAddress 115-237 East Irving Park Road, Streamwood, ILProperty Type Grocery-AnchoredTotal GLA (SF) 120,436Site Size +/- 11.583 acresParking Spaces +/- 622 spaces Real Estate Tax PIN(s) 06-26-111-005-0000, 06-26-111-006-0000, 06-26-111-010-0000,

06-26-111-011-0000, 06-26-111-012-0000Year Built/ Renov. 1962/1997Current Zoning C-2 (Neighborhood Commercial)

DEMOGRAPHICS 1 MILE 3 MILES 5 MILESTotal Population 16,240 105,829 238,655Total Housing Units 5,324 37,134 83,956Average Household Income $86,096 $91,734 $93,962

INVESTMENT SUMMARYYear 1 NOI $872,607Occupancy 91.2%Number of Tenants *16*Includes short term and month-to-month tenants

Year 1 NOI

$872,607CAGR (10 yr)

5.33%

TENANT SUMMARY

Tenant Name Suite Number

Tenant Square Footage

% of GLA Expiration

NAPA Auto Parts 001 8,500 7.1% 1/31/20Subway 004 1,600 1.3% 1/31/19*Woodland Cleaners 005 1,050 0.9% *MTMDotty's 006 2,100 1.7% 5/31/20Streamwood Currency Exchange 008 1,050 0.9% 11/30/20State Farm Insurance 009 1,200 1.0% 11/30/18Jewel Osco 010 60,626 50.3% 11/30/27US Renal Care 011 5,990 5.0% 5/31/22H&R Block 012 1,600 1.3% 4/30/19Streamwood Community Health Center 013 4,800 4.0% 2/29/28New Horizons 014 4,000 3.3% 11/30/18Prestige Dental 016 2,650 2.2% 10/31/21U.S. Postal Service 017 10,150 8.4% 9/30/23Cici's Pizza 020 4,500 3.7% 12/31/27**AVAILABLE 007 1,010 0.8% **MTM***AVAILABLE 018 2,750 2.3% -AVAILABLE 019 4,850 4.0% -AVAILABLE 021 2,010 1.7% -*Tenant recently executed a 5-yr LOI extending to 6/30/2023 **Currently occupied by Danny's Pizza on a month-to-month lease ***Currently leased for 1 year by DZ Boot Camp (with Landlord right to terminate)


Irving Park Road (37,200 VPD)

Cambridge Ave

Park

Ave

Lord’s Auto Care Service

17

16 20 14

13

12

11 10

9 8

6

4 1

5

19

21

18

7

Site Plan SummaryIdeal mix of grocery, restaurants, medical, and service oriented tenants

Heavily traveled retail corridor, high barriers to entry

Jewel-Osco recently exercised renewal option, approx. 9+ years remaining

Grocery sales exceed $394/SFNational tenants comprise 85.7% of leased GLA

JEWEL-OSCO• Expires November 2027

60,626 SF – 50.3% GLA• $5.00/SF – Net

NAPA AUTO PARTS • Expires January 2020• 8,500 SF – 7.1% GLA• $5.25/SF – Net


Key Metrics

Square Feet

CAGR (10 yr)% Anchor Tenants Year 1 NOI

Population (3MI)Occupancy

120,436 105,82991.2%

$872,607 5.33%

225 W Wacker | Suite 3000 | Chicago, IL

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Contact Information

Retail Investment Advisors

MICHAEL MARKS Managing Director

Chicago, IL | 312 470 2317 | [email protected]

EVAN HALKIAS Managing Director


DAVID MATHEIS Associate Director


GEORGE GHATTAS Senior Director


woodland heights shopping center · 2018. 6. 21. · neighborhood grocery anchored center in...

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