701 Milwaukee Ave Vernon Hills, IL 60061-1556

Property Details for 701 Milwaukee Ave

Lot size

1.15 lot acres

Property type

Commercial real estate

APN

15-03-102-002

APU

1503102002

Description

This exceptional investment opportunity presents a 50,000 square foot, Class B shopping center in Vernon Hills, Illinois, a top 5 Chicagoland submarket. The property, situated on a 7.03-acre lot at the southeast corner of Milwaukee Avenue and Town Line Road (76,862 VPD), boasts extremely high barriers to entry due to its prime location within a thriving retail corridor anchored by the Hawthorn Mall (1.3M SF). The center is 100% occupied by two tenants: Sky Zone, a corporate-owned indoor trampoline park with over 13 years remaining on its lease, and Lil' Kickers, a leading children's soccer program with a personally guaranteed lease exceeding 13 years. Both tenants have recently extended their leases, featuring rent bumps every five years. Lil' Kickers subleases a portion of its space to Fit Institute, generating additional revenue. Built in 1980 and renovated in 2017, the single-building property offers ample parking (54 spaces) and serves a densely populated area with 51,909 residents within a 3-mile radius, boasting an average household income of $174,146. The property's proximity to the Chicago Bears practice facility further enhances its desirability. This fee-simple ownership opportunity offers a compelling 8.00% cap rate and an asking price of $8,272,762 ($165.46/sq ft). The property's strong tenant base, long-term leases, and prime location make it an ideal investment for discerning buyers.