Prairie Town Center

Prairie Town Center
Southwest Corner of 95th Street & Cook Avenue
Oak Lawn (Chicago MSA), Illinois
• Fully Leased Infill Retail
• Strong Retail Trade Area
• Transit-Oriented Location
• Dense Demographic Profile
• Stable Tenancy
• High Quality Construction
For further information contact owner’s exclusive representatives.
Ben Wineman
Heather Rink
630.954.7336
630.954.7447
[email protected]
[email protected]
Prairie Town Center presents an excellent opportunity to acquire a community center
positioned in a strong transit-oriented location in the Chicago suburb of Oak Lawn.
INVESTMENT CONSIDERATIONS
Mid-America Real Estate Corporation has been retained on behalf of the owner to sell the 100% fee simple interest in Prairie Town Center.
This high quality asset is an attractive real estate investment with the following compelling strengths:
• Transit-Oriented Location – Prairie Town Center is located
along 95th Street corridor (35,600 VPD), less than two blocks
west of Metra’s Oak Lawn train station where 500 commuters
ride the train into Chicago each day. 95th Street is one of the
strongest commercial corridors in Chicago’s south suburbs
connecting Oak Lawn with communities such as Chicago,
Chicago Ridge, and Evergreen Park. The abundance of
vehicular, commuter, and pedestrian traffic provides a dynamic
customer base for the property.
• Stable Tenancy – The center features five tenants with no
lease rollover until December 2015. AT&T and ATI Physical
Therapy have anchored the property since 2008 and 2010.
There has been tremendous leasing velocity with Eva’s Bridal
and Stacked Café coming to the center in 2011 for a 7-year term
and a 5-year term, respectively, while Lou Malnati’s signed a
lease in July 2012 for a 10-year term to fill the last remaining
available space.
• Strong Retail Trade Area – In 2002, Oak Lawn underwent a
redevelopment of its downtown area. Today, Oak Lawn contains
approximately 780,000 square feet of retail area and is very well
leased at 99.4%. The strong demand in the market will limit any
downtime should a future vacancy occur.
• Dense Demographic Profile - The area surrounding Prairie Town
Center features excellent dense, well-established demographics,
with a population of 176,604 residents with average household
incomes of $68,860 within a three-mile radius. There is also
an abundant office population in the area contributes to strong
daytime customer base with over 58,030 employees within the
same three-mile radius.
• High Quality Construction – Prairie Town Center was developed
in 2008 and features distinctive architectural elements. The new
construction should limit a prospective buyer’s investment in
capital expenditures in the near term.
LOCATION & MARKET
The Village of Oak Lawn is a suburb of nearly 57,000 residents
located just 15 miles southwest of downtown Chicago in Cook
County. Oak Lawn is a community with a distinctive “home town”
atmosphere. The Village is home to superb healthcare facilities and
providers, quality public and private schools, and churches of all
denominations. Oak Lawn is also home to a beautiful public library
and an active park district that provides residents with a variety of
parks, a walking trail, a public pool, several playgrounds, and the
Stony Creek Golf Course. Thoughtful planning keeps Oak Lawn
at the top of the list of fine communities in the Chicago suburbs
year after year. Top employers in Oak Lawn include Advocate
Christ Medical Center (5,500 employees), Community High School
District #218 (800 employees), Jewel Food Stores (631 employees),
Village of Oak Lawn (498 employees), and School District #123
(450 employees).
Prairie Town Center is located at the southwest corner of 95th Street
and Cook Avenue. The subject property benefits from its highly
transit-oriented location along 95th Street, with 35,600 vehicles
passing by the site per day, less than two blocks west of Metra’s
Oak Lawn commuter train station where 500 commuters ride the
train into Chicago each day. Oak Lawn is primarily a commercial
village that encompasses a 24-block sector on 95th Street between
Pulaski Avenue and Ridgeland Avenue. In 2002, downtown Oak
Lawn (95th Street between Tulley Avenue and 55th Court) began
a massive redevelopment program. Through the program several
multistory, high-end condominium complexes with retail space on
the main floors were developed, along with a new children’s museum
and the expansion of the Metra commuter train station. Prairie
Town Center primarily competes with the other small shop retail
spaces that were redeveloped through this program and serve the
dense, well-established neighborhoods surrounding the subject site.
Within a three-mile radius of Prairie Town Center there are 176,604
residents with average household incomes of $68,860, and 462,427
residents with average household incomes of $68,803 within a fivemile radius. In total, Oak Lawn contains approximately 780,000
square feet of retail space that is very well leased at 99.4% including
a critical mass of national retailers such as Target, The Home Depot,
Jewel-Osco, Staples, Sports Authority, Marshalls, and Walgreens.
Property Description
Prairie Town Center consists of two separate buildings connected
by a partially enclosed walkway. The multi-tenant shopping center
contains a total of 17,659 square feet of leasable area and is situated
on 1.40 acres of land. Built in 2008, Prairie Town Center features
good visibility along 95th Street and 60 designated retail parking
spaces with an additional 100 public parking spaces directly east of
the site. Of the 60 designated retail parking spaces, 10 are exclusively
for AT&T customers, while 6 are exclusively for ATI customers.
The substantial parking capacity at the center is unusual for the
dense 95th Street corridor, and gives the center some competitive
advantage. Signalized ingress and egress is available along Cook
Avenue to the east of the subject property, while additional access is
located along 53rd Avenue to the west. The subject shopping center
was developed in conjunction with a 70 unit, 6-story residential
condominium building. Today, no available units remain at the
condominium building. The residential condominium is not part
of the subject offering.
Tenancy
Prairie Town Center is 100% leased to ATI Physical Therapy, Lou
Malnati’s, AT&T, and long-time local tenants, Eva’s Bridal and
Stacked Cafe. Founded in 1983, AT&T Inc. is headquartered in
Dallas, Texas and is the largest communications holding company
in the world by revenue. The company is a publically traded on
the New York Stock Exchange and is rated A- by Standard &
Poor’s. ATI Physical Therapy was founded in 1996. Since then the
company has expanded to over 100 clinics throughout the Midwest
and New England including Illinois, Wisconsin, Indiana, Delaware,
Maryland, and Pennsylvania. Eva’s Bridal of Oak Lawn is a wellknown retailer in the community, as the store was established in
1964 and had been at its previous location for over thirty years
before moving to Prairie Town Center in 2011. Likewise, Stacked
Café is a popular tenant at Prairie Town Center, whose operator
previously operated Plaza Café in Orland Park from 2005 until the
village closed the shopping center for redevelopment. At that time,
the operator wished to open a restaurant in Oak Lawn and Stacked
Café began operating at Prairie Town Center in 2011. In addition,
the well-known local Chicago pizza restaurant, Lou Malnati’s
signed a lease in July 2012 for their 35th location in the Chicago
area beginning in November 2012. Prairie Town Center’s strong
mix of local and national tenants should insure that the center
remains an integral part of the Oak Lawn community well into the
future.
Pricing
Prairie Town Center offers a unique opportunity to purchase a
community shopping center located within the well-established,
dense residential Chicago suburb of Oak Lawn. We have not
established an asking price for the center, and encourage
prospective purchasers to present all reasonable offers for
consideration.
2013 Net Operating Income:
$436,460
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information.
References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
For further information contact owner’s
exclusive representatives.
Ben Wineman
630.954.7336
[email protected]
Heather Rink
630.954.7447
[email protected]