Jones Lang LaSalle Americas (Illinois), L.P. ("JLL") as sole and exclusive agent, has been retained to offer for sale to qualified investors the ability to acquire fee simple interest in a premier investment/development opportunity located at 1323 W. Irving Park Road in Chicago, Illinois (“the Property”).
Prominently located on the northern end of both the Wrigleyville neighborhood and Southport Corridor, 1323 W Irving Park benefits from the tremendous activity and infectious energy in this rapidly expanding submarket. Known for its proximity to world-famous Wrigley Field, the neighborhood has experienced more than $3 billion in investment over the past three years.
Currently improved as a single-story Burger King restaurant and parking lot, the Property is zoned B3-2. The site totals 31,544 square feet and has 129’ of frontage on W Irving Park Road.
+ Rapidly Growing Residential Market: Chicago is experiencing steady population growth within the investable core due to rapidly increasing employment opportunities due a lower cost of labor and housing compared to coastal cities. Between 2010 - 2021 Chicago’s population added over 261,000 new residents. Demand for new housing has been strong and from 20 18-2021, over 7,125 multifamily units have been absorbed in Chicago. As of Q1 2021, Class A multifamily occupancy is 92.4% with demand set to outpace supply in 2021 and 2022.
+In-Place Rental Revenue: The Property currently operates as a Burger King restaurant, under lease agreement which expires September 2023. The Burger King operators currently pays a base rent of $30,000 annually in addition to a percentage rent of 5% of gross sales in excess of $550,000. The percentage rent has fluctuated between $ 45,000 and $50,000 from 2018 through 2020, resulting in net rents between $24.00 and $25.25 per square foot.
+Transit Oriented: 1323 W Irving Park is ideally located less than a 10 minute walk from the CTA’s Sheridan Red Line and Irving Park Brown Line L stations. Additionally, the Property is a few blocks away from high frequency bus routes: Ashland Ave #9 and Clark Street #22. The Property is immediately adjacent to a Divvy bike share station located at W. Irving Park Road and Southport Avenue. Finally, Irving Park Road allows for easy accessibility to I-90/94 and US Highway 41 (Lake Shore Drive) representing true infill transit-oriented development opportunity.
+ Stable and Vibrant Economy: The Chicago MSA is a leading economic powerhouse in the US, third to only New York and Los Angeles. With over 300,000 jobs located in the loop alone, Chicago is home to 34 Fortune 500 companies, representing a diverse group of industries, immune to any single sector downturn. Continued public investment has been pledged to ensure the continued growth of the fast-paced tech and innovation sectors of Chicago’s economy.