Asking Price
NOI Net Operating Income
Cap Rate
Asking Price
NOI Net Operating Income
Cap Rate

Documents

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Key facts

Year Built 2016
Building Area
Number of units 12

Property description

JLL has been retained on an exclusive basis to offer qualified investors the opportunity to acquire Hawthorn Commons (the “Property” or “Offering”) – a recently constructed 48,942 square foot mixed use offering anchored by Northwestern Medicine (S&P: AA+) in the heart of one of Suburban Chicago’s most attractive submarkets, Vernon Hills.


The Property is currently 86% leased and features best-in-class medical anchor Northwestern Medicine and a diverse range of service restaurant, and medical tenancy including T-Mobile and Uncle Julio’s Mexican Restaurant. Northwestern makes up 50% of in-place revenue on a long term lease through May 2031. A rare combination of contractual rent bumps andease up potential create an opportunity to realize over 30% NOI growth in a 10 year period.


Hawthorn Center is located on the most visible and heavily trafficked corner of the Vernon Hills regional retail corridor which features over 4 million square feet of Class A retail space. This submarket caters to several of Chicago’s affluent North Suburbs including Lake Forest, Lake Bluff, Lincolnshire, Libertyville, and Buffalo Grove.

Investment highlights

  • INVESTMENT GRADE CREDIT MEDICAL ANCHOR - NORTHWESTERN MEDICINE:
    • Fitch AA+ / Moody’s Aa2 | S&P AA+
    • Occupies 23,898 SF (45% of GLA) on a long-term lease through 2031
  • SUBSTANTIAL NOI GROWTH:
    • Over 30% Projected NOI Growth from Contractual Increases and Lease Up Potential
  • RARE “MEDTAIL” INVESTMENT OFFERING WITH PANDEMIC RESILIENT TENANT BASE:
    • The Offering represents an exciting and synergistic intersection of medical office, restaurant, and service uses
  • DOMINANT REGIONAL RETAIL CORRIDOR: 
    • Mellody Farms – a $250mm development by Regency Centers with over 3.3M annual visitors (Placer AI)
    • Hawthorn Mall – A 1M+ SF Regional Mall owned by Westfield/USAA/Centennial featuring over 200 Stores, and 2.8M+ Annual Visitors (Placer AI)
  • STRONG CREDIT & NATIONAL TENANCY:
    • 60% of in-place income leased to investment grade credit, which boasts a 9 year WALT
    • 92% of in-place income leased to national tenancy
  • PROMINENT FRONTAGE/VISIBILITY:
    • The Property is located on the hard corner at the NWC of Milwaukee Avenue and Towline Road providing unmatched visibility and branding with over 61,000 vehicles passing per day
  • SUBMARKET DENSIFICATION:
    • Due to the surging demand for suburban living, there are over 998 new residential units that have been delivered or are under construction within a 1-mile radius of the Property
  • AFFLUENT NORTH SHORE CONSUMER BASE:
    • $153,000+ Avg. Household Income with 75% of residents holding a bachelor’s degree or higher in a 3-Mile radius
Last Updated Date: 05 Oct 2021
Clinton Mitchell
Clinton Mitchell
Managing Director, Capital Markets
Broker Licenses
IL-475.160470 NE-20150925
Amy Sands
Amy Sands
Managing Director, Capital Markets
Broker Licenses
IL-475.138622

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Last Updated Date: 05 Oct 2021

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