SHERWIN WILLIAMS ANCHORED CENTER - 4201-4203 N. Milwaukee Avenue Chicago, Illinois 60641
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Offering Memorandum
SHERWIN WILLIAMS
ANCHORED CENTER
4201-4203 N. Milwaukee Avenue
Chicago, Illinois 60641
N Milwaukee Ave
16,200 VPD
Downtown
Chicago
Six Corners
Intersection
71,550 Total VPD
W Berteau Ave
Subject Property N Milwaukee Ave
16,200 VPD
W Irving Park Rd
28,775 VPD Six Corners
Intersection
71,550 Total VPD
N Cicero Ave
26,575 VPD
Subject Property
N Milwaukee Ave
16,200 VPD
INVESTMENT HIGHLIGHTS Sherwin Williams Anchored Center
4201-4203 N. Milwaukee Avenue, Chicago, Illinois 60641
National Tenants | Sherwin Williams (“BBB” Investment
Grade Credit Rating) and Service Master
Price $1,385,000
Long-Term Operating History | Sherwin Williams has 28 Cap Rate 7.21%
Years and FC-3 Productions has 18 Years of Continuous Price/ SF $114.87
Gross Leasable Area 12,057 SF
Operation
Year Built | Renovated 1916
Irreplaceable Dense, Infill Location | Over One Million Lot Size 0.21 Acres +/-
Parcel Numbers 13-16-413-006-0000
People Living Within a Five-Mile Radius
Parking 6 Surface Spaces
Low Replaceable Rents Averaging $9.10 per Square
Foot | Offers Security and Income Growth Potential
VITAL DATA
600 Feet from the Heart of Portage’s Park Retail Current Rent - Annualized from 4/1/2020 $109,712
Total Reimbursements $36,975
Corridor “Six Corners”
Effective Gross Income $146,687
Situated on the Hard Corner, Stoplight Intersection Expenses $46,828
NOI $99,860
of Milwaukee Avenue and Berteau Avenue | 16,200
Vehicles Passing per Day
Half a Mile from Interstate 90 Interchange | 177,650 PROPOSED FINANCING
Vehicles Passing per Day LTV 70%
Interest Rate | Amortization 4.25% | 25 Years
Down Payment $415,500
First Trust Deed/Mortgage $969,500
Debt Service $63,026
Debt Coverage Ratio 1.58
Net Cash Flow After Debt Services | Return % $36,834 | 8.86%
Principal Reduction $22,252
Total Return | Return % $59,086 | 14.22%
Anchored National Long Operating Hard Corner
Center Tenants History Location
RENT ROLL
Term of Rent Schedule
SF % of % of Renewal Lease
Tenant /Suite # Start End Occupancy Monthly Annual Rent/
Leased Total SF Period Changes on Increase Total Rent Options Type
(Yrs) Rent Rent SF
Sherwin Williams 6,565 54.45% 11/8/1991 11/30/2026 35 Years Base Current $5,928 $71,130 $10.83 - 65% None Net
Retail, Suite 4201 - - - - - -
Notes: N/A
Service Master 3,064 25.41% 6/1/2017 8/31/2022 5 Years Base Current $1,744 $20,929 $6.83 - 19% None Net
Retail, Suite 4203 A - 9/1/2020 $1,779 $21,347 $6.97 2%
- 9/1/2021 $1,815 $21,774 $7.11 2%
Notes: N/A
Service Master 1,206 10.00% 6/1/2017 8/31/2022 5 Years Base Current $645 $7,741 $6.42 - 7% None Net
Retail, Suite 4203 B - 9/1/2020 $658 $7,896 $6.55 2%
- 9/1/2021 $671 $8,054 $6.68 2%
Notes: N/A
FC-3 Productions 1,222 10.14% 7/1/2001 1/31/2022 21 Years Base Current $798 $9,579 $7.84 - 9% None Net
Retail, Suite 4203 C - - - - - -
Notes: N/A
Occupied 12,057 100% $109,378 $9.07
Vacant 0 0% $0 $0.00
Total 12,057 100% $109,378 $9.07
CASH FLOW YEAR ONE - ANNULAIZED FROM
4/1/2020
Base Rent Current Per SF
Occupied Space $109,712 $9.10
Available Space $0 -
Gross Potential Rent $109,712 $9.10
Expense Reimbursements
Total Expense Reimbursements* $36,975 $3.07
Effective Gross Income $146,544 $12.15
Expenses
Real Estate Taxes $31,305 $2.60
Insurance $4,723 $0.39
CAM $6,300 $0.52
Management Fee $4,500 $0.37
Total Expenses $46,828 $3.88
Net Operating Income $99,860 $8.28
*Landlord is currently collecting a fixed amount for real estate tax, CAM and insurance
expense reimbursements. Per leases, tenants are obligated to pay their pro rata share
of Real Estate Tax, CAM and insurance expense.
Sherwin Williams pay pro rata share of taxes, and insurance, but pays CAM direct.
CAM EXPENSE BREAKDOWN
CAM Current Per SF
Repairs & Maintenance $3,149 $0.26
Utilities $2,829 $0.23
Supplies $222 $0.02
Professional Fees $100 $0.01
Total CAM $6,300 $0.52
Subject Property
LOCATION HIGHLIGHTS | PORTAGE PARK Sherwin Williams Anchored Center
4201-4203 N. Milwaukee Avenue, Chicago, Illinois 60641
10 Miles Northwest of Downtown Chicago
Excellent Demographics | Population of 433,410 DEMOGRAPHICS
Within Three Miles of Subject Property with an
Population 1-Mile 3-Miles 5-Miles
Average Household Income of $79,208
2018 Population 44,232 433,410 1,068,542
2023 Population 43,751 426,052 1,056,244
Named One of Chicago’s Best Neighborhoods by
Chicago Magazine
Households 1-Mile 3-Miles 5-Miles
Active Business District 2018 Households 16,538 148,364 398,624
2023 Households 16,586 149,044 402,118
Home to Notable Six-Corners Intersection | Outdoor
Shopping District | Master Plan to Redevelop Area to Daytime Population 1-Mile 3-Miles 5-Miles
Attract More Retail Stores and Businesses 2018 Population 32,815 316,084 866,675
Plentiful Transportation | Two CTA Blue Line
Stations, Network of CTA Buses and Blocks to Income 1-Mile 3-Miles 5-Miles
2018 Median HH Income $62,407 $57,988 $61,232
Interstate 90
2018 Average HH Income $84,495 $79,208 $89,682
Largest Polish Community in the Chicago
Metropolitan Area | Home to the Polish American
Association, the Polish Jesuit Millennium Center, and
the Polish Army Veterans Association
Interstate
90
Highly Many Town Near CTA Near
Populated Developments Station Interstate
SIX CORNERS ASSOCIATION MASTER DEVELOPMENT
Attract Retail Stores and Businesses to Six Corners Plan for the Redevelopment of Key Opportunity Sites
that Appeal to the Diversity of Households in that Area
Enhance the Pedestrian Environment, Making it Easier
Recognize and Enhance the Cultural and for Patrons to Park their Cars and Circulate Safely
Entertainment Offerings in Six Corners Around the Shopping District
Upgrade Building Facades and Storefronts Develop Attractive Outdoor Spaces that Encourage
Patrons to Gather
THE POINT | 4747 WEST IRVING PARK ROAD The Point is a brand new retail development located on the southeast corner of Irving Park Road and Milwaukee Avenue, which is a half block away from the subject property. This 100,000-square foot development will consist of retail space on the ground floor, anchored by Aldi and Ross Dress for Less with small additional smaller shop retailers. The second floor will consist of 265 parking spaces. Asking rents for this retail development are mid $30’s per square foot triple-net for small shop retailers and mid $20’s per square foot for the larger retail spaces.
PORTAGE SQUARE | 4901-4947 WEST IRVING PARK ROAD Portage Square at Six Corners is a retail redevelopment located along Irving Park Road between Lamon Avenue and Lavergne Avenue, which is across the street from the subject property. This 2.7-acre retail redevelopment is anchored by Binny’s Beverage Depot (27,856 square feet) and Retro Fitness Gym (10,764 square feet), and includes a new Culver’s Restaurant and Elly’s Pancake House Restaurant, with additional retail space. The remaining land consists of a surface parking lot with 190 spaces.
SEARS (POTENTIAL REDEVELOPMENT)
TENANT OVERVIEWS
Global Paint Retail Store DBA Sherwin Williams
Leader in the Manufacture, Development, Distribution and Sale of Paint Tenant/Guarantor Sherwin Williams Company
Sales Increased $2.55 Billion, or 17%, to a Record $17.53 Billion in 2018 Number of Locations 5.100
Expect 2019 Sales to Increase Four to Seven Percent Compared to 2018 Stock Symbol | Board SHW | NYSE
Fortune 500 Company in the General Building Materials Industry Credit Rating | Agency BBB
sherwinwilliams.com Founded in 1866 | Headquartered in Cleveland, Ohio
Leader in Commercial and Residential Property Restoration Services DBA Service Master Restore
$1.9 Billion in Revenue | Eight Percent Revenue Growth Tenant/Guarantor Service Master of Lincoln Park
Over 6,000 Locations | Operating in 25 Countries Number of Locations 6,000+
Headquartered in Memphis, Tennessee Stock Symbol | Board SERV | NYSE
Founded in 1947 Credit Rating | Agency BB-
servicemaster.comAERIAL
N Cicero Ave
26,575 VPD
Subject Property
N Milwaukee Ave
16,200 VPD
Six Corners
Intersection
71,550 Total VPD
W Irving Park Rd
28,775 VPDREGIONAL MAP
Lake
Michigan
Subject PropertySITE PLAN
FC-3
PRODUCTIONSCONFIDENTIALITY AGREEMENT
The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by
the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of
Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and
to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough
due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to
the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of
the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and
Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or
any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure
has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the
information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or
representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate
measures to verify all of the information set forth herein.
NON-ENDORSEMENT NOTICE
Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package.
The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said
corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap,
and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to
square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example
purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate
Investment Services, Inc. © 2019 Marcus & Millichap. All Rights Reserved. Activity ID: ZAA0670664Exclusively Listed By
ADRIAN MENDOZA
FIRST VICE PRESIDENT INVESTMENTS
Chicago Oakbrook
(630) 570-2163
adrian.mendoza@marcusmillichap.com
IL 475.147980
SEAN SHARKO
SENIOR VICE PRESIDENT INVESTMENTS
Chicago Oakbrook
(630) 570-2238
sean.sharko@marcusmillichap.com
IL 471.010712
AUSTIN WEISENBECK
SENIOR VICE PRESIDENT INVESTMENTS
Chicago Oakbrook
(630) 570-2169
austin.weisenbeck@marcusmillichap.com
IL 475.140200
Subject Property
STEVEN WEINSTOCK
BROKER OF RECORD
Chicago Oakbrook
(630) 570-2250
(630) 570-2323 fax
steven.weinstock@marcusmillichap.com
IL 471.011175You can also read
