Greenstone Partners, as the Exclusive Investment Advisors, is pleased to present the opportunity to acquire the 100% fee-simple interest in 114-120 N. Halsted Street (the “Property”), a 100% leased urban infill retail investment located in Chicago’s Fulton Market / West Loop neighborhood. The Property is a three-tenant commercial condo that is located steps from Fulton Market’s primary retail thoroughfare, Randolph Street, with a mix of eclectic restaurants and high-end national retailers.
The Property comprises three adjacent first-floor retail spaces, totaling ±4,850 square feet. The condo is leased to Aqua Wine and Spirits, Love You Nail Studio, and Healthy Zu Spa. The tenancy offers a phenomenal weighted average lease term remaining of 6.2 years, with 2.5-3% annual rent increases. The average rents for the Property are 40% below the rental rates along Randolph Street, which has historically produced high-demand interest from tenants that want to capture the location’s strong demographics but can’t pay the high-street rental rates.
The Property benefits from its prime location in Chicago’s hottest neighborhood amongst a robust retail corridor, world-class business district, and many acclaimed restaurants and hotels. Fulton Market / West Loop hosts an abundance of premier corporate offices, including Google’s regional headquarters, McDonald’s Global HQ, Dyson, John Deere, Mondelez, Coca-Cola, Boston Consulting Group, and Kimberly-Clark to name a few. Known for its trendy restaurants and nightlife, Fulton Market has a thriving retail scene with many of the nation’s most popular retailers opening stores in the neighborhood over the last decade. With more than 10,000 new residential units and an additional 5 million square feet of office and life science space either proposed or under construction, Fulton Market and West Loop are poised for continued expansion and strong demand.
The Property is situated just four blocks away from the CTA Green / Pink Line ‘L’ station at Morgan Street and just steps from CTA bus routes #8 and #20 on Halsted Street and Madson Street. Ogilvie Transportation Center and Chicago Union Station are within 0.5 miles of the Property. Furthermore, the location is considered a Walker’s Paradise (99/100), Rider’s Paradise (94/100), and Biker’s Paradise (90/100) by WalkScore.com.
The Property boasts some of the best demographics in Chicago, with a 1-mile daytime employee population of 337,621, an average household income of $161,000, and a median home value of nearly $466,000.