Asking Price
Area Size
NOI Net Operating Income
NIY

Documents

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Attributes

Year Built 2022
Building Area Gross
Occupancy 100.0 %

Asset Description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer for sale the fee-simple interest in the newly constructed, three-tenant retail strip center (the “Property” or “Asset”) located at 17120-17126 Harlem Avenue in Tinley Park, IL. The Asset consists of 7,278 rentable square feet and will be 100% occupied by Starbucks, Midwest Express, and Epic Wings once construction is complete in Q3 2022. All tenants have executed 10-year NN leases, consisting of multiple 5-year extension options and subject to 5-10% annual rental increases every five years and every extension option thereafter. The Property is ideally situated at the intersection of Harlem Avenue and 171st Street., a highly trafficked retail corridor with visibility to 50,000 vehicles per day. The Asset sits directly adjacent to a newly constructed 7-Eleven benefitting from its location across from a Jewel-Osco anchored shopping center, which saw nearly 1 million visitors in the last 12 months. Additionally, the Property is strategically centered amongst a diverse retail trade area with prominent national retailers including Home Depot, Sam’s Club, Burlington, Dicks Sporting Goods, Best Buy, T.J. Maxx, Culvers, McDonald's, Chase Bank, 7-Eleven, and more.


Investment Highlights

BRAND NEW CONSTRUCTION ASSET WITH A 10-YEAR WALT AND ATTRACTIVE RENT INCREASES

  • 2022 construction, situated directly adjacent to a brand new 7-Eleven
  • All tenants are operating on NN lease structures with 10 years of remaining term, featuring minimal landlord responsibility and attractive contractual rent increases


BEST-IN-CLASS RETAIL + MEDICAL TENANT ROSTER W/ INVESTMENT-GRADE STARBUCKS ANCHOR

  • Starbucks is the world’s largest specialty coffee retailer boasting an investment grade ‘BBB+’ credit rating from S&P.
  • Midwest Express Clinic is a fast-growing, urgent care company that has added six new clinics in 2021 with continued expansion planned throughout Northwest Indiana and the Chicagoland markets.
  • Epic Wings is a rapidly growing wing franchise with over 30 locations nationally.


STRATEGIC REAL ESTATE POSITIONING WITH STARBUCKS DRIVE-THRU

  • The Asset is situated across from a Jewel-Osco anchored shopping center, which sees nearly 1M visits annually
  • Ease of access of Harlem Avenue with a drive-thru lane
  • Strategically positioned within a main retail corridor at the intersection of Harlem Avenue and 171st Street (50,000 VPD).
Last Updated Date: 11 Aug 2022

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Last Updated Date: 11 Aug 2022

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