Colliers International as exclusive advisor is pleased to present the opportunity to acquire a 100% fee-simple interest in The Shops & Lofts at Forty-Seven (“The Property”), a 54,932 square-foot Class “A” first floor retail shopping center located in Chicago, IL. The Shops & Lofts at Forty-Seven was built in 2014 and is anchored by a high-performing Walmart Neighborhood Market that occupies 75% of the GLA with more than 14-years remaining on a 20-year lease.
The Property is located just five miles south of downtown Chicago, at the intersection of E 47th St and S Cottage Grove Ave and benefits from combined average daily traffic counts in excess of 34,000 VPD. In addition, the Property is positioned in a densely populated urban infill area with more than 600,000 residents within a five-mile radius and just one-mile north of the University of Chicago, one of the World's top universities.
The Shops & Lofts at Forty-Seven is 100% occupied, with an average weighted lease term of nearly 13-years. Each of the eight tenants feature triple net leases that reimburse for real estate taxes, insurance, and common area maintenance. 94% of the GLA is occupied by National or Investment credit tenants including Walmart Neighborhood Market, Associated Bank, Burger King, Subway, & Snipes. Included in the offering is an 85-space surface parking lot immediately adjacent to the center, a rare feature in urban core markets like Chicago, providing investors opportunity for future development and easy, convenient customer access to tenants. The institutional quality Property is in pristine condition having been exceptionally well-maintained since its construction and will require minimal capital investment for the foreseeable future.
The well-known and highly visible Property features a sleek modern design with three stories of new apartments totaling 72-units built directly above the property with an additional 24-units on Evans Avenue. The multi-family residential portion of the Shops and Lofts at Forty-Seven is a separate parcel, which is not included in the sale, but greatly compliments and drives business to the Class “A” first floor retail portion of the property. The Shops and Lofts at Forty-Seven is the most coveted new apartment community between Hyde Park and the Loop boasting 100% occupancy with a years-long waiting list. The prime location and permanent residencies provide the tenants with continuous foot and vehicle traffic resulting in a high-sales-volume environment.
- $15,750,000 | 55,000 SF