Investment Highlights
100% Occupied Multi-Tenant Shopping Center: Potbelly, GameStop, BMO Harris Bank, JJ Fish & Chicken, and Colour Nails
63% of NOI is Corporate Credit Tenancy: Potbelly, GameStop, and BMO Harris Bank (Moody?s A2 Investment Grade Rated)
Situated Amongst Densely Populated Region: Population of 275,000+ and 100,000 households within 3-mile radius
Seasoned Long-Term Tenancy and Perfect Rent Collection All five tenants have operated at the property for 11+ years, all have exercised options
Strategic Location at Gateway to Chatham Market: Hard-corner, signalized location at 420,000 SF Lowe?s anchored center
Over 1 Million SF of Retail in Corridor: Lowe?s, Burlington, Food 4 Less, Marshalls, Staples, Home Depot anchored centers
Executive Summary
Pegasus Investments Real Estate Advisory Inc. and ParaSell, Inc., as exclusive investment sale advisors to Seller, are excited to offer the opportunity to acquire a fully leased multi-tenant strip center in Chicago, Illinois (?the Property?). Situated within Chatham Market, a 420,000 square foot Lowe?s anchored shopping center, the Property boasts a robust tenant lineup including Potbelly, GameStop, BMO Harris Bank, JJ Fish & Chicken, and Colour Nails. Notably, approximately 63% of the NOI is leased by corporate credit tenancy ? Potbelly, GameStop, and BMO Harris Bank, a Moody?s A2 Investment Grade Credit rated tenant. With all five tenants having been occupants of the Property for over 11 years and recently exercising options to extend their leases, investors are presented with a unique opportunity to acquire a property with seasoned and committed tenants, boasting a Weighted Average Lease Term (WALT) of 6 years.Strategically located at the gateway to Chatham Market, the Property enjoys unparalleled accessibility and visibility. Positioned at the hard corner of 83rd Street and Holland, it benefits from a significant traffic flow, with 83rd Street witnessing approximately 16,000 vehicles per day and adjacent Interstate 94 accommodating over 250,000 vehicles daily. The recent construction of Holland Road, a four-lane thoroughfare traversing Chatham Market from north to south, further enhances accessibility, providing direct linkage to 87th Street, where traffic counts exceed 30,000 vehicles daily. Just 10 miles south of Chicago?s Central Business District, the neighborhood is seamlessly accessible via Interstate 94, which passes adjacent to the Property, offering convenient on and off ramps at its 83rd Street interchange. With multiple access points to its dedicated parking lot, a drive-thru facility, and seamless access to additional parking facilities, the Property ensures a convenient experience for patrons and visitors.Amidst a densely populated region with over 1 million square feet of retail space, the Property occupies a prime position within Chicago?s primary retail node. Serving a dynamic and densely populated trade area of over 275,000 people and 100,000 households within a 3-mile radius, it benefits from the surrounding retail landscape, including Lowe?s anchored Chatham Market, Burlington anchored 87th Street Center, Marshalls anchored Chatham Ridge, Staples anchored Sherman Plaza, and a free-standing Home Depot. This concentration of retail space not only ensures a steady flow of potential customers but also solidifies the Property?s status as a premier investment opportunity within the vibrant Chicago retail market.
