Description

This offering presents a rare opportunity to acquire a core, generational retail asset located at the signalized intersection of State Street and Division Street in Chicago’s prestigious Gold Coast neighborhood. The property is anchored by a high-performing Bank of America branch that has operated at the location for more than two decades and recently exercised a lease renewal option under terms established in its original agreement. Backed by Bank of America’s strong credit profile, the tenant contributes approximately 45% of the property’s total income, providing investors with a stable and reliable revenue stream. The asset benefits from an exceptional urban location with outstanding pedestrian activity, a near-perfect Walk Score, and convenient access to public transportation, including the nearby Clark/Division CTA station. The rent roll is supported by a weighted average lease term of approximately nine years, with three of the four leases featuring contractual annual rent increases that provide built-in income growth. Additionally, Sola Salons recently committed to a long-term 15-year lease for the highly desirable second-floor space, further enhancing the property's stability and future cash flow prospects. Surrounded by some of Chicago’s strongest demographics, the property serves a dense and affluent customer base, with a substantial residential population, significant daytime workforce presence, and average household incomes exceeding $150,000 within a one-mile radius. Combining a premier location, high-credit tenancy, durable income, and embedded rental growth, this asset offers investors a compelling opportunity to acquire a stabilized retail property in one of Chicago’s most sought-after urban trade areas.