JLL is pleased to offer for sale the fee-simple interest in a mixed-use, retail and apartment rental occupied asset in Chicago’s affluent Lincoln Park neighborhood. The property features retail tenancy from Clare V., an expanding boutique women’s accessories and apparel retailer with a strong e-commerce presence complemented by it’s brick-and-mortar locations. Clare V. accounts for roughly 68% of the NOI, features 2.5% annual rental escalations, and has six years remaining on an ownership-friendly net lease structure. In addition, the property features a one-bedroom and three-bedroom apartment in a low-vacancy rental market that caters to a dense surrounding millennial population.
The recently renovated property sits within the dynamic Lincoln Park neighborhood, an affluent northside community centered around the renowned Armitage retail corridor. This offering presents the opportunity to acquire a mixed-use property in an urban Chicago location with outstanding real estate fundamentals and attractive retail tenancy.
§Highly coveted location in the heart of Lincoln Park, one of Chicago’s most prestigious neighborhoods
§Transit-oriented location adjacent to the high-volume Armitage train station, seeing over 1.2 million riders annually and provides ample foot-traffic outside of the ground floor retail unit
§The Armitage retail corridor is one of the most renowned in Chicago, with trendy brands like Clare V., Allbirds, Bonobos, and more that mesh their e-commerce presence with highly visible brick & mortar locations
§Clare V., the ground floor retail tenant, features six years of remaining term on a landlord-friendly net lease structure with high-yield 2.5% annual escalations
§Two recently renovated apartment units comprising of a 1-Bed/1Bath and a 3-Bed/2-Bath in a low-vacancy, millennial-oriented rental market
§High-watermark demographics in the densely filled surrounding neighborhood, where the Average Household Income tops $200,000
§Nearby DePaul University creates demand-drivers for both the millennial-oriented retail tenant and the two apartment units
§Immediate proximity to the Armitage train station makes the property an ideal location within an apartment rental market filled with millennial employees commuting to the Chicago CBD