22nd St Plaza 300-350 E 22nd St Local commercial 3 790 m² À vendre Lombard, IL 60148 5 943 522 € (1 568,03 €/m²) Taux de capitalisation 8,80 %

22nd Street Plaza (the “Property”) presents a unique opportunity for an investor to acquire 40,800 square feet of prime neighborhood retail, ideally situated along the highly trafficked East 22nd Street in one of DuPage County’s hottest retail markets, the Eastern East/West Corridor, boasting a low submarket vacancy rate of 4.9%. The Property has been impeccably maintained by a well-established, Chicago based operator and is available for sale for the first time in nearly 20 years. The Property is currently 88% occupied to a diverse tenant base, with Greek Islands restaurant and SMART Golf & Fitness as the marquee tenants. Greek Islands is a well-known, established operator
with locations in Lombard and the West Loop and has been a local favorite and tenant at the Property since 1997. SMART Golf & Fitness is a well-established operator with three locations, offering a combination of golf and fitness instruction, featuring state-of-the-art simulators. Having been a tenant at the property since 2021, SMART Golf & Fitness recently expanded its premises by nearly 50% and extended its lease term through 2035. The Property offers substantial upside through rental increases, net lease conversions and lease up of the remaining 4,835 square foot vacant storefront. Existing tenants are currently on modified gross leases, with in place rental rates
that are approximately 23% below the projected market rent of $20 psf NNN. The Eastern East/West Corridor is one of the most affluent areas of Chicago, boasting excellent schools and a highly educated workforce. Retailers thrive from residents with funds available for discretionary spending. According to CoStar, the current vacancy rate within the submarket is 4.9% and the five- and ten-year averages are 5.4% and 5.2%, respectively. The western suburbs of DuPage County also maintain one of the lowest overall tax rates in the entire Chicagoland area. The property is priced at $6,900,000 with an attractive 8.80% capitalization rate.