Building Details:
2350 Lehigh Ave is located in Glenview, IL.
Marcus & Millichap is pleased to exclusively offer for sale a two building 38,045 combined square foot, mixed-use retail, and office plaza located at 2300 and 2350 Lehigh Avenue in Glenview, Illinois (Chicago MSA). The property consists of two buildings constructed in 2003. The property features attractive masonry and steel construction, concrete foundation with a shingle and metal roof on both buildings. It sits on a large 2.50-acre lot with abundant parking.
The property is 80 percent occupied by 13 stable tenants including State Farm, Egg Harbor Cafe, D'Agostino's Pizza, Northshore University, AccQuest Hearing Center, a
chiropractor, two dentists, and other successful medical and retail tenants. 11 of the 13 tenants operate under triple-net (NNN) leases, reimbursing for their pro-rata share of taxes, insurance, and common area maintenance inclusive of a management fee. Each tenant has regularly schedule rent increases, which provides a new investor with a strong hedge against inflation. The property also offers substantial upside for a new owner through the lease up of three office units totaling in 7,660 square feet.
The property is conveniently located across the street from the Glenview North Metra train station. It is in close proximity to various national retailers such as Kohl's, Target, Subway, Dunkin' Donuts, CVS, Chipotle, Home Depot, Starbucks, Costco, Whole Foods, and Best Buy among others. Also located near a Jeep-Dodge dealership, Children's Museum, First American Bank, Glenview Prairie Club, and Stay Bridge Suites Hotel. In addition, it is located in a medical district with Town & County Pediatrics, Northwestern Medicine, and Illinois Bone & Joint Institute among other national and local medical offices.
The subject property has the luxury of strong demographics in the surrounding area. Within a three-mile radius, there is a population of 83,606 with an average household income of $153,796. Glenview is located approximately 25 minutes outside of downtown Chicago.
Due to the property's outstanding tenant mix, premium location, and attractive appearance, The Glen Gateway Shoppes provides an investor an opportunity to acquire a stable high performing asset that has additional upside.
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