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1555 S Lake Street - Mundelein Shopping Center - Burlington, Mundelein, IL

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DetailMap
1555 S Lake Street - Mundelein Shopping Center - Burlington

Mundelein, IL 60060-4210 - Central North Submarket


Property Type:Retail Sub Type:Department Store Status:Existing Year Built:-
Building Size:89,692 SF Land Area:7.55 AC (328,878 SF)
Smallest Space:2,145 SF Largest Space:2,145 SF Total Space Avail:2,145 SF Rent/SF/Yr:
Negotiable
Parking:Free Surface spaces are available; Ratio of 4.98/1,000 SF Anchor Tenants:Burlington Coat Factory
Features:Dedicated Turn Lane, Pylon Sign, Signage, Signalized Intersection


Space Available:
Floor
SF Avail
Rent
Occupancy
Lease Term
Space Use
 1st
2,145 SF
Negotiable
Vacant
Negotiable
Retail
 
10687684
Marketing Flyer Marketing Flyer  


Floor
SF Avail
Rent/SF/Yr
Occupancy
Lease Term
Space Use
1st
2,145 SF
Negotiable
Vacant
Negotiable
Retail
“Availability of this property for rent is subject to prior rental or withdrawal of the property from the market at any time without notice.”


• Townline Square is a 215,768-square-foot community center that just completed a renovation (Fall 2012)
• Townline Square’s redevelopment included improvements such as a completely updated façade, new roof, freshened landscaping, parking lot resurfacing, increased lighting and new mechanical and electrical systems. Additionally the center’s existing pylon signs also received a makeover
• The property is conveniently located at the busiest intersection in Mundelein with a traffic lighted entrance and traffic counts of more than 60,300 vehicles per day
• The surrounding trade area (10-mile radius) is one of the highest Average Household Income markets in the Chicagoland area with the 2011 level at $107,300, which is projected to grow to $126,915 by 2016 (18% growth rate). This is much higher than the national average, which is $68,013 expected to grow to $77,476 by 2016 (14% growth rate)

Sale Notes:
Property tours are available by appointment. Please contact the listing broker to schedule a tour.

Investment Highlights:
• 89,692 SF Retail Center, 97.6% Leased to Burlington Coat Factory in Mundelein, IL (Chicago MSA)
• Burlington is Leased to Base Year NNN Terms Through August 2018, with Three, 5-Year Options
• Opportunity for Upside through Leasing 2,145 SF Small Shop Box at Market Rates
• Affluent Northwestern Chicago Suburb: Average Household Income of $125,292 in 3-Mi and $142,226 in 5-Mi
• Strong Demographics: 8,280 Residents in 1-Mi, 67,149 Residents in 3-Mi & 120,621 Residents in 5-Mi
• Located Just Off Major Signalized Intersection Seeing Over 55,000 Cars/Day
• 2 Miles from 1.3 Million SF Hawthorn Mall with Macy’s, Carson’s, JCPenney, Sears, AMC Theatres, Barnes & Noble, and 180 Specialty Retailers
• Chicago MSA - 3rd Largest MSA in the U.S. with a Population of Over 9.5 Million

Investment Overview:
Burlington Coat Factory in Mundelein, IL is an 89,692-square-foot multi-tenant retail property that is 97.6 percent leased to Burlington Coat Factory, with upside in leasing the 2,145-square-foot small shop vacancy at market rates. Burlington Coat Factory has been at the property since 2003 and is leased to base year triple-net terms through August 2018. Burlington reimburses for real estate taxes, common area maintenance, and insurance in excess of the 2003 base year amounts, based on their pro-rata share of the retail center. They have three, five-year options remaining with rent increases in each. The subject property also benefits from ancillary income from a clothing recycling bin on premises that is licensed through December 2019, and pays a biannual fee to the landlord.

Burlington Coat Factory anchors the larger Townline Square shopping center. Townline Square tenants shadowing the subject property are Jewel-Osco (not included) and Fantastic Sam’s with other shadow tenants H&R Block, and Charter Fitness to name a few. Note that the subject property offered for auction includes Burlington Coat Factory only, and is the fee simple ownership of the two parcels reflected in the parcel map on page six of this offering memorandum. The property is located at the major signalized intersection of South Lake Street and Townline Road, which sees a combined 55,500 cars per day. Mundelein is an affluent northeastern Chicago suburb, less than 40 miles north of Downtown Chicago. Demographics in the area are strong, with 8,280 residents within one mile, 67,149 residents within three miles, and 120,621 residents within five miles. Average household income greatly exceeds the national average at $125,292 within three miles and $142,226 within five miles. Burlington Coat Factory is two miles from the 1.3 million square foot Centennial-owned Hawthorn Mall, anchored by Macy’s, Carson’s, JCPenney, and Sears with Barnes & Noble, AMC Theatres, and 180 specialty retailers. Additionally, Burlington is adjacent to the world headquarters for Medline Industries, Inc., which has over 15,000 employees worldwide.
Auctioneer Licensing Information
Ten-X Ira Becker RE Brkr Lic No. 478.012986


Kimco Realty Corporation
Scott Tucker
(847) 294-6419



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