Property Description

The Property presents a new investor with a compelling value-add opportunity. 51% of the Property is occupied by Chicago Strength, a local fitness tenant operating on a 'Net' lease with 4.6 years remaining. Chicago Strength made a significant investment into their space, reinforcing their stickiness as a tenant at this location. The remaining 6,500 square feet of vacant retail / flex-industrial space provides a new investor with significant upside and the optionality to occupy the space as an owner-user. The vacant space is versatile in use and can be built out to accommodate a wide range of users, including retail, showroom, pet care, light flex / last-mile operations, and other creative flex concepts. The Property is located in Avondale, an emerging neighborhood on Chicago's northwest side, in the heart of a dense retail corridor home to national retailers including McDonald's, Dunkin', Taco Bell, Wendy's, Burger King, Walgreens, and AT&T. The Property benefits from its position on Belmont Avenue, a highly visible thoroughfare with 20,100 VPD. Avondale has been undergoing a transformation as the lack of housing pushes residents further away from Chicago's urban core. New developments include the approved 105-unit development at 3265 N California Avenue, the approved 10-unit mixed-use project at 3122 W Belmont Avenue, and the proposed 24-unit mixed- use development at 2955 W Belmont Avenue. The Property benefits from its location in a densely populated urban setting, with more than 48,500 living within 1 mile of the site. The CTA Blue Line 'L' station at Belmont Avenue is just 0.5 miles from the Property and multiple CTA bus routes are within walking distance. The Kennedy Expressway is 0.6 miles east of the Property, providing seamless connectivity to the rest of the city.

Property Features