Essex Realty Group, Inc, is pleased to present Brookside Plaza, a 17,805-square foot multi-tenant retail/shopping center located in Indian Head Park, Illinois. Indian Head Park borders the suburbs Burr ridge, Countryside, Westmont, and La Grange. The property sits on nearly two acres of land near the intersection of Joliet Road and Willow Springs Road, directly between Walgreens and 7-Eleven and across from Tony’s Fresh Market. This is a highly trafficked prime corridor for retail sales.
This shopping center has been historically fully leased and services 8 long term tenants which includes The UPS Store, T-Mobile Wireless, and Milano Day Spa. This is a perfect tenant roster as these stores service the needs of the community. All the tenants are leased on a net basis with reimbursements for property taxes, insurance, CAM and management which makes this a very attractive, passive investment. There is quite a bit of rent upside at the property as the current average rent in the center is at $14/SF when market is $18.50/SF NNN. Most of the tenants have rent escalations that occur within the next 24 months and the scheduled income may potentially increase over 20% by the year 2018.
Indian Head Park is a quaint village located on the Western border of Cook County Illinois. Indian Head Park is located just north of the intersection where the Interstate 294 meets the Interstate 55. Indian Head Park borders other suburbs such as Burr ridge, Westmont, Countryside, and LaGrange. The combination of these two major thoroughfares allow for easy access to this neighborhood from all directions.
To the north of Indian Head Park is Western Springs. In 2007, BusinessWeek.com ranked Western Springs second in a list of 50, as one of the best places to raise children. Western Springs also is home to Adventist LaGrange Memorial Hospital which is a Level-2 trauma center. With over 270 inpatient beds as well as a $79 million expansion that was completed in early 2007, this hospital is a great asset and employer to the surrounding community.
- Cap Rate: 7.79%
- Essex Procured Multiple Offers
- Under Contract Within 30 Days Of Listing
- Closed Within 70 Days Of Listing