Jones Lang LaSalle Americas (Illinois), L.P (“JLL”) has been exclusively retained to offer the opportunity to acquire 1000 & 1006 W. Armitage (the “Property” or the “Offering”), a two-building, 32,259 square foot collection of adjacent properties at the corner of Armitage and Sheffield – the heart of city’s desirable Lincoln Park neighborhood.
The Offering provides a diversified income stream supported by 15, 2-bedroom residential units and 5 retail suites in one of the city’s tightest and most desirable retail corridors. The retail features a brand-new ten-year lease with nationally acclaimed restaurant group, Hogsalt Hospitality, at a below-market rent with attractive near-term contractual escalations.
Highly accessible to consumers near the intersection of Armitage and Sheffield, the Property benefits from its desirable location surrounded by the dense and affluent residential population of Lincoln Park. Additionally, proximity to DePaul University, Lincoln Park High School, and the CTA Red & Brown lines (the “L”) create additional demand in the immediate submarket.
1000 & 1006 W Armitage offers investors rare scale and income diversification in the heart of Chicago’s most renowned and mature neighborhood, Lincoln Park.
- Unique Opportunity to Acquire Two Adjacent Properties on Lincoln Park’s Armitage Avenue
- High Volume Flagship Restaurant - Armitage Alehouse is projected to do over $90K in additional percentage rent
- Average 18% increase in residential rents on last 9 leases signed
- Recent expansion and lease extension from MedSpa
- Attractive Income Diversification Between Retail & Residential Components
- The City’s Most Coveted Neighborhood– Preferred Location for Digitally Native and Progressive Retailers
- Nearly 1 million Residents within a five-mile radius
- Average Household Incomes Exceeding $165,000
- High Barrier to Entry Market - Only 2% Vacancy on Armitage Avenue
- Brand New 10-year Lease - with Armitage Alehouse, a Hogsalt Hospitality concept
- Walk Score of 95 - "walker's paradise"