Enter the "Deal room" for exclusive documents related to this property.
|Last Updated Date||26 Jun 2020|
JLL is pleased to offer for sale a three-tenant retail property located in the epicenter of Chicago’s highly desirable Lakeview neighborhood. The property at 851 W. Belmont sits near the confluence of Belmont Avenue, Clark Street and Halsted Street, just 5 miles due north of the Chicago CBD in the heart of Lakeview. Boasting an impressive combined daily traffic count of 44,600 VPD and a walk score of 91, the property is ideally positioned for consistent retail exposure. Located just one block East of the Belmont ‘L’ Stop, the property is strategically located proximate to one of Chicago’s busiest ‘L’ stations with over three million annual riders that generate high foot traffic volumes in the immediate area. The property’s surrounding area is undergoing a transformational development period. Since 2016, the rising popularity of the neighborhood has increased the demand for high-density residential and mixed-use development.
The property is also located at the heart of thriving retail corridor, surrounded by a diverse mix of retail tenants featuring nationally recognized brands like Target, Starbucks and Marshall’s and supplemented by widely known local restaurants and shops. The Lakeview retail market boasts 5.6% vacancy rate, further demonstrating the strength of the neighborhood’s retail market. The property is leased to Annoyance Theatre, I Dream of Falafel, and Lakeview Smiles on NNN leases, offering passive investment for future ownership along with a diversified, internet-resistant tenant roster. This offering presents the opportunity to acquire an urban infill retail asset with a diversified tenant roster and long-term intrinsic value within one of Chicago’s most coveted neighborhoods.
- Fee simple interest
- Diversified tenant roster with NNN lease structures and renewal options
- Over 109,500 residents with an average household income of $133,000
- Millennial population of 55%, supporting a robust consumer spending environment
- Annoyance Theatre and Lakeview Smiles feature 2.5% annual rental increases