FOREST SQUARE 840 SOUTH WAUKEGAN ROAD Lake Forest, Illinois 60045
FOREST SQUARE 840 SOUTH WAUKEGAN ROAD Lake Forest, Illinois 60045
52,977 SQFT RETAIL & OFFICE | 2.31 ACRES | 174 PARKING SPACES
Forest Square offers an opportunity to become the first new owner since 2008 of a trophy-quality retail and office asset in affluent Lake Forest. Forest Square’s iconic legacy combined with its diverse mix of soft goods retailers, restaurants and service providers, make it not only a shopping destination, but the home of numerous successful businesses and a community fixture to all the surrounding residents. The Center features an attractive exterior façade that includes a mix of stone, wood and stucco, a cedar shake roof, and an iconic clock tower with copper clad roof, all of which enhance its town center appeal. Recent leasing includes in many renewals, and new leases ensuring the Center’s long-term stability. There is additional value-add potential with the ability to lease up a few nicely built-out, vacant office suites, and a close examination of operating structure and expenses at the Center.
Altogether, the demographic profile
of the area, along with the established town center presence and the high barriers to entry for competitive centers make it one of the most attractive investment opportunities in the market in a generation. View the drone footage here
BRENT L. BURDEN, CCIM Property Owner’s Exclusive Representative 312.929.1597 | bburden@jameson.com Jameson Real Estate Commercial Division
THE OFFERING Forest Square is a once in a generation opportunity to acquire a unique Retail and Office destination in one of the North Shore’s finest communities. Jameson Commercial Real Estate is honored to have been retained by ownership to sell the 100% fee simple interest in Forest Square, a Class A retail anchored town center located in Lake Forest Chicago’s affluent North Shore.
TROPHY QUALITY CORE ASSET Forest Square represents an opportunity to acquire the dominant retail and office anchored neighborhood center positioned adjacent to the Lake Forest Metra train station along Waukegan Road in one of the North Shore’s finest communities. Constructed in 2008, the center has become a fixture of the community, and serves as the CBD for the west side of Lake Forest. This extremely rare acquisition opportunity offers a purchaser attractive coreplus yields in one of the most affluent communities in the country.
ESTABLISHED TENANT BASE Forest Square is anchored by a dynamic mix of retail Tenants including Starbucks, Jimmy John’s, Lou Malnati’s, Fusion Learning Academy, Tips 2 Toes, Forest Cleaners, LoMastro Performing Arts, Forest Orthodontics & Pediatric Dentistry, and Teryaki Box, providing Tenants and shoppers a one stop place to accomplish all of their daily errands.
UNRIVALED DEMOGRAPHIC PROFILE Forest Square caters to one of the strongest demographic profiles in the United States. Within a 1 mile radius of the center there are 970 households with an average household income of $339,000 (6 times the national average, and median home values of over $800,000.
COMMUNITY FIXTURE Forest Square has established itself as an “alternative downtown” in Lake Forest and provides one stop shopping where residents can address their daily errands, whether it be dry-cleaning, beauty salon, nail treatments, meals, fitness, health, or a cup of coffee from Starbucks.
EXTREMELY HIGH BARRIERS TO ENTRY Forest Square benefits from its unique location and surrounding barriers to entry. The Center is situated between Waukegan Road (54,100 vehicles per day), and the Lake Forest Metra Rail station. Across Waukegan Road is the North Shore’s preferred grocery store (Sunset Foods), and the Center is surrounded by single family homes and condominiums rewarding it with captive retail demand.
LOCATION & MARKET
• Forest Square is a Class A retail and office town center asset located in the affluent community of Lake Forest, Illinois. Lake Forest has a long and distinguished history as one of the Premier communities on Chicago’s North Shore. Founded in 1857, Lake Forest boasts a nationally ranked school system, Lake Forest College, two symphonies, a thriving theater life, a majestic beach on the shore of Lake Michigan, numerous corporate headquarters, home to ~20,000 residents, and is 30 miles north of downtown Chicago. • Forest Square is located on the west side of Lake Forest, across from a grocery-anchored shopping center and 100 yards from the Lake Forest Metra Rail commuter train station. The new, state-of-the-art Lake Forest Hospital (scheduled to open fully in 2018) is located 2 miles from Forest Square, and Forest Square serves as the home for numerous medical Tenants due to its proximity to the new hospital. • As one of two neighborhood retail centers serving west Lake Forest, and adjacent to the Metra rail station, Forest Square enjoys freedom from direct competition within its trade area. The only retail competition is from Bannockburn Green which is approximately 2 miles south of the Center in Bannockburn, Illinois. Combined with impenetrable barriers to new development in the immediate area, Forest Square offers an unrivaled retail experience for the residents and a dominant market position for its owner.
PROPERTY DESCRIPTION
• Originally constructed in 2008, Forest Square features 52,977 square feet of retail and office space, situated on 2.31 acres of land, with 123 surface parking spaces and 51 covered parking spaces providing a parking ratio of 3.4 per 1,000 square feet. • Access to the Center is provided through a primary entrance at Waukegan Road, as well as access from Conway Farms Road, and from the signalled intersection at Gloucester Crossing.
TENANCY
• Forest Square is 89.4% leased and anchored by a diverse line-up of retailers and office Tenants that include Starbucks, Jimmy John’s, Lou Malnati’s, Teryaki Box, LoMastro Performing Arts, and Fusion Learning Academy. The center also caters to a variety of service oriented boutique Tenants such as EHS Chiropractic, Forest Cleaners, SJ Hair Studio, Tips 2 Toes, Superior Pilates, Edward Jones, Webb Financial Group, and Deka Lash. The dynamic and complementary tenant mix at Forest Square provides a strong draw for the large consumer population in Lake Forest and the surrounding suburbs. • Recent leasing activity includes new leases having been signed with Superior Pilates, EHC Chiropractic, Deka Lash, and lease renewals by Starbucks, Forest Cleaners, Tips 2 Toes, and Lou Malnati’s reflects demand for space by new Tenants as well as a track record of success from existing Tenants desiring to renew their leases.
PRICING
• A Purchaser is asked to consider the opportunity to acquire this trophy-quality retail and office asset on Chicago’s affluent North Shore. We expect aggressive underwriting of the asset based upon financial details in the Offering Memorandum. The Center is being offered free and clear of existing debt, however there is a loan at a very low leverage point that could be assumed by a Purchaser. The Offering Memorandum will include details on the terms of this Loan.
FOREST SQUARE 840 South Waukegan Road Lake Forest, Illinois 60045
BRENT L. BURDEN, CCIM Property Owner’s Exclusive Representative 312.929.1597 | bburden@jameson.com Jameson Real Estate Commercial Division
2017 ŠJameson Real Estate LLC. All Rights Reserved. All information provided herein is from sources deemed reliable. No representation is made as to the accuracy thereof and it is submitted subject to errors, omissions and changes.