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Matteson Center Northwest Corner of Lincoln Highway (U.S

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Matteson Center Northwest Corner of Lincoln Highway (U.S Matteson Center Northwest Corner of Lincoln Highway (U.S. 30) & Cicero Avenue (IL Rte. 50) Matteson (Chicago MSA), Illinois For further information contact owner’s exclusive representatives. Ben Wineman Carly Gallagher (630) 954-7336 (630) 261-6944 [email protected] [email protected] *Subject Offering includes an additional 5,604 square feet of unleasable space behind Petsmart that is not included in GLA. Matteson Center offers a purchaser the opportunity to acquire a high-profile community shopping center in an established suburban Chicago trade area. THE OFFERING Mid-America Real Estate Corporation has been exclusively retained by the owner to sell the 100% fee simple interest in Matteson Center. The asset is an attractive real estate investment with the following compelling strengths: • Stable Tenancy – 94% of the tenancy are national credit retailers, • Established Retail Location – The Matteson sub-regional market including BMO Harris Bank, Marshalls, Burlington, Petsmart, Dollar has long been a proven sub-regional retail destination, drawing Tree, Panera Bread, Sprint, and Ross Dress For Less, providing consumers from a wide radius throughout Chicago’s south suburbs. superb rent roll stability and solidifying Matteson Center as the The major retailers represented in the dense trade area include dominant shopping center in its trade area. Additional draw to the Home Depot, Menards, Sam’s Club, Target, and Carson’s, which center is provided by the neighboring Home Depot shadow anchor. are well complemented by the soft-goods and service retailers at Matteson Center. • Recent Leasing Velocity – Burlington has recently signed a 10 year lease to relocate within the market to the subject property • Strong Demographic Profile – The center is surrounded by a and downsize to their current prototype, filling the recently vacated dense, infill suburban population of 151,610 people with average Sports Authority box. Both Petsmart and Ross Dress for Less are household income of $75,852 within a five-mile radius of the center, also recent additions to the center, having opened in 2011 and providing a strong consumer base for the retailers of Matteson 2014 respectively. Overall, the current weighted average lease term Center. remaining at Matteson Center is over 5.8 years, providing a stable roster of creditworthy retailers well into the future. • Tax Incentives – A recently extended Economic Incentive Agreement allows the owner to recover a portion of sales tax • Excellent Visibility - Matteson Center is ideally located directly revenues at the center through 2024. A Class 8 real estate tax east of a full interchange with I-57, making it easily accessible for classification creates additional income for the owner through all traffic entering or exiting the highway. Positioned at the “Main 2025 by lowering the assessed value of the property and providing & Main” hard corner of Lincoln Highway and Cicero Avenue, the significant additional value. center experiences average traffic volumes of 62,900 vehicles per day. LOCATION & MARKET PROPERTY OVERVIEW • Matteson Center is positioned at the “main and main” • Matteson Center is a 151,752 square foot community intersection of Lincoln Highway (U.S. 30) and Cicero Avenue shopping center situated upon 17.01 acres of land at the (Illinois Route 50). This busy intersection sees an average traffic northwest corner of South Cicero Avenue and Lincoln volume 62,900 vehicles per day, benefitting from its location Highway. The property has three points of ingress/egress: a just east of a full interchange with Interstate 57 (74,700 VPD). signalized access point along Lincoln Highway and two non- I-57 is a major expressway that connects several important signalized access points along Cicero Avenue. downstate Illinois communities with the city of Chicago, while also providing convenient access to downtown Chicago for • The center is comprised of one main building positioned Matteson commuters. diagonal to the intersection, along with BMO Harris Bank and Long John Silver’s/A&W outlots on either side of the Lincoln • Located thirty minutes south of downtown Chicago, Matteson Highway curb cut. A separately-owned restaurant, which is has grown into a major retail center, with significant office and not a part of this offering, is located on the hard corner of the hotel development as well. The Matteson sub-regional trade intersection in front of the shopping center. area contains approximately 2.2 million square feet of retail • Matteson Center has excellent visibility on this busy corner space which serves Matteson as well as the surrounding and is well-identified by two large pylon signs, with the two communities of Tinley Park, County Club Hills, Flossmoor, outlots each having their own pylon sign as well. The large Park Forest, and Olympia Fields. In total, the five mile area parking field provides for 5.73 spaces per 1,000 square feet surrounding Matteson Center has a population of 151,610 of GLA. The property was originally built in 1983 as a Venture with an average household income of $75,852. Department Store, following the chain’s closure it was fully redeveloped between 2002-2003 and has been maintained • The Matteson sub-regional trade area extends approximately in excellent condition. one mile south and a half-mile north of Matteson Center along Cicero Avenue, and one mile east of I-57 along Lincoln Highway, and contains a wide variety of destination retailers. TENANCY In addition to the lineup at Matteson Center, major retailers • The subject property is 100% leased to a strong line-up of include The Home Depot, Sam’s Club, JC Penney, Target, successful national creditworthy retailers, including Marshalls, Menards, Toys R Us, OfficeMax, and Aldi. Ross Dress for Less, Petsmart, Burlington, and Dollar Tree. The creditworthy nature of the retail lineup at Matteson Center Radius from Subject should enhance a buyer’s return and help to guarantee a Demographic Profile 1 Mile 3 Miles 5 Miles steady cash flow well into the future. Additional regional draw 2016 Population 5,415 54,760 151,610 to the center is provided by the neighboring Home Depot, 2016 Households 1,892 20,186 55,139 which serves as a strong shadow anchor at Matteson Center. 2016 Housing Units 1,985 21,592 59,387 • Matteson Center has enjoyed excellent leasing momentum, 2016 Median Home Value $220,793 $178,406 $184,085 2016 Daytime Demographics 5,663 17,567 48,292 having just signed a new 10-year lease with Burlington and in recent years securing leases with PetSmart and Ross Dress 2016 Average Household Income $77,267 $75,408 $75,852 for Less. These tenants quickly filled boxes formerly leased 2016 Median Household Income $56,776 $62,062 $61,710 to Sports Authority, Borders Books, and Linens N Things 2016 Per Capita Income $27,621 $28,211 $27,893 respectively. 2016 Median Age 41.2 40.3 39.1 • Additional anchors that make this center by far the strongest in the trade area include Marshalls and Dollar Tree, with Panera Bread (including drive-thru), GNC, and Sprint serving as complementary in-line shop tenants. BMO Harris Bank and Long John Silver’s/A&W occupy outlots with long-term leases running through 2024, offering the additional potential to sell off these outlots on a single tenant net lease basis, which could provide additional upside for a prospective purchaser. INCENTIVE AGREEMENTS Matteson Center benefits from two separate tax incentive agreements: Sales Tax Incentive: Allows the property to re-capture a portion of all sales tax revenue generated by its tenants. The annual income from this incentive is estimated to equal $172,768 based on current tenancy. This incentive expires in 2024. Property Tax Incentive: The property has a Class 8 real estate tax classification, which reduces its assessment level from 25% to 10%. The majority of tenants reimburse taxes based on a full assessment, per their lease agreements, allowing the owner to capture the difference. This incentive expires after the 2025 (payable 2026) tax year. The value of this incentive is estimated to be $160,000 in 2018. PRICING Matteson Center offers a purchaser the opportunity to acquire a 100% leased regional power center in the Chicago suburb of Matteson, Illinois. The property is being offered “free and clear” of any existing debt. In-Place Net Operating Income*: $1,499,278 Projected Real Estate Tax Incentive Income: $159,139 Projected Sales Tax Incentive Income: $172,768 * excluding incentive income This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. For further information contact owner’s exclusive representatives. Ben Wineman (630) 954-7336 [email protected] Carly Gallagher (630) 261-6944 [email protected] CLICK HERE to go to Property Website Oak Brook Office • One Parkview Plaza, 9th Floor • Oakbrook Terrace, IL 60181 • P: 630.954.7300 • F: 630.954.7304 Chicago Office • 435 North Michigan Avenue, Suite 2009 • Chicago, IL 60611 • P: 630.954.7329 • F: 630.954.7302 Detroit Office • 38500 Woodward Avenue, Suite 100 • Bloomfield Hills, MI 48304 • P: 248.855.6800 • F: 248.406.0560 Milwaukee Office • 648 N. Plankinton Avenue, Suite 264 • Milwaukee, WI 53203 • P: 414.273.4600 • F: 414.273.4605 Minneapolis Office • 5353 Wayzata Boulevard, Suite 650 • Minneapolis, MN 55416 • P: 952.563.6600 • F: 952.563.6633.
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