11.84% Pro Forma


41,694 SF


5.13 AC


Patriots Plaza

305 Townline Road | Mundelein, IL

The Offering

11.84% Pro Forma Cap Rate Underwritten Conservatively at $7/SF, While Average Market Rent is Exceedingly Higher.

Significant Value-Add/Redevelopment Opportunity:
Marcus & Millichap is pleased to present Patriot’s Plaza, a 41,694 square foot automotive shopping center in Mundelein, IL, an affluent North suburb of Chicago in Lake County. The property is currently 70.61% leased and priced far below replacement cost.
Short-Term Leases Provide Immediate Upside:
Current leases expiring in 2018, 2019 and 2020, and 29.39% Vacancy allowing the investor the immediate upside to reposition the asset as needed.
5.13 Acres of Land Priced Well Below Replacement Cost Under $6/SqFt:
A developer has the opportunity to acquire a highly visible, 5.13-acre site along Route 60, a main thoroughfare in Lake County. The property is located across the street from a grocery-anchored neighborhood shopping center and is surrounded by national retailers to the East.
Deal Upside Through Stabilization and Lease-Up:
At 70.61% occupancy, an investor can simply acquire the property and focus on lease-up, potentially adding $85,788 in rental income at market rents. This would result in significant upside on income and provide for several hold, refinance or selling options.
Affluent Market; Average Household Incomes of $154,000 within Five-Miles:
Mundelein is a quaint “North Shore” Chicago community with a population of 32,000. The community is in close proximity to some of the most affluent areas in Chicago including Lake Forest, Long Grove, Buffalo Grove, Glenview and others.
8-Minute Drive to $200 Million Ground Up Development:
Melody Farms Retail, a mixed-use retail and residential development, sits just 2.5 miles from the subject property and will include 280,000 SqFt of retail featuring Whole Foods, REI, Nordstrom Rack, Home Goods and 200+ high-end apartments.
Dense Residential Surrounding:
This prime suburban Chicago location draws from the 124,000+ households that live within five-miles of the subject property. The surrounding rooftops are key to this automotive shopping center for patrons needing regular maintenance and repairs for their vehicles.
Several Vacant Sites Have Sold for More Than $10/SqFt in Submarket:
The property is priced well below what other vacant sites have sold for in Mundelein over the past five to ten years, with multiple sites acquired for more than $10 per square foot from developers and owner/users.

Investment Highlights

  • Prime Suburban Chicago Area with over 124,000 Households
  • Affluent Market; AHHI of $154,000 Within Five-Miles
  • Immediate Upside with Lease-up Offering 11.84% Cap Rate
  • Value-add Property below Replacement Cost $28.66 PSF
  • 11.84% Pro Forma Cap – Underwritten Conservatively at $7/SF
  • 5.13 Acres of Land at $5.97/SF Redevelopment Opportunity

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