• Top Performing Food 4 Less (Kroger Owned) Grocery Anchored; 8+ years of term • Full Interchange with I-94 (233,900 VPD) • Buyer has the opportunity to add approximately $486,000 of income by leasing the remaining vacancies • Dense in-fill urban neighborhood with $253,000 residents within 3-mile radius NORTHWEST CORNER 87TH STREET & DAN RYAN EXPRESSWAY (I-94) • Freestanding Starbucks CHICAGO, ILLINOIS • Freestanding outlot leasing opportunity • Stable cash flow with historical occupancy of 98%+ INVESTMENT HIGHLIGHTS SUBJECT OFFERING
id-America Real Estate Corporation has been retained by the owner to Msell the 100% fee simple interest in Chatham Ridge. The shopping center caters to a dense, infill urban population in the Chatham neighborhood of the City of Chicago and provides a unique redevelopment opportunity for potential investors. Location: Northwest Corner of 87th Street & Dan Ryan Expressway (Interstate 94) Chicago, Illinois
Subject GLA: 175,991 SF
Lot Size: 13.60 AC
Traffic Counts: Dan Ryan Expressway (Interstate 94) – 233,900 VPD 87th Street – 25,500 VPD
Anchors: Food 4 Less, Marshalls, Dollar Tree
Occupancy: 95%
Year Built: 1989-1990
In-Place NOI: $3,291,063
Residual NOI: $4,572,473 KEY FEATURES
INFILL DEMOGRAPHIC PROFILE – The area surrounding Chatham Ridge features extremely dense residential DEMOGRAPHIC PROFILE WITHIN demographics. Within a three-mile radius of the center there are 253,000 residents with average household A 3-MILE RADIUS: incomes of $56,300. Additionally, the area boasts strong daytime demographics with 222,200 employees within the same three-mile radius.
SOLID GROCERY ANCHOR – Anchored by Food 4 Less, which provides significant daily drawing power to the property. Food 4 Less, a national grocery store chain owned by Kroger, with over 120 stores throughout the United States. According to Placer.ai, The Chatham Ridge location is ranked 1 out of 12 locations throughout Illinois. POPULATION AVERAGE HH INCOME COMPLEMENTARY TENANCY – Chatham Ridge is 95% leased to a dynamic tenant line-up including service, 253,775 $56,255 dining, and medical uses including Nashville Hot Chicken, Subway, 79th St BBQ, Firehouse Steak & Lemonade, Grand Chinese Kitchen, Wing Stop, Reggio’s Pizza, Dock’s, Verizon Wireless, Classic Nails, Marshalls, and US Renal Care. The in-place tenant mix provides a desirable co-tenancy for future retailers.
IRREPLACEABLE LOCATION – The subject offering is located less than 10 miles from downtown Chicago in the neighborhood of Chatham adjacent to the highly trafficked Dan Ryan Expressway (Interstate 94) which sees nearly 234,000 vehicles passing by the center daily and across the street from a busy CTA “L” station (1.1 million annual riders), providing the center outstanding access to both pedestrian and vehicular traffic.
RECENT LEASING VELOCITY – The center has experienced significant leasing velocity over the past year. 79th DAYTIME POPULATION MEDIAN AGE St BBQ recently signed at 10-year lease for 1,200 square feet, Verizon Wireless signed a 5-year lease for 1,200 222,265 39.8 square feet, and Nashville Hot Chicken & Seafood recently signed a 5-year lease for 1,740 square feet, as well as renewals with Classic Nails, Firehouse Steak & Lemonade, and Marshalls, Reggios Pizza all during COVID-19.
STRONG RETAIL NODE – Chatham’s surrounding retail trade area features prominent retailers including Home Depot, Walmart, Lowe’s, Jewel-Osco, DTLR, dd’s DISCOUNTS, and ALDI. The trade area’s anchors and dominant category retailers provide a strong draw of customers from the surrounding communities.
$ LEVERAGED YIELDS – The property is being offered free and clear of any existing debt, allowing a Purchaser to procure an attractive market rate loan that should substantially enhance investment yields. HOUSING UNITS MEDIAN HOME VALUE 96,676 $163,478 LEASING PLAN
28 ACTION South Lafayette Avenue Dan Ryan xpressway (Interstate 94) 233,900 VPD
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