Description

Pegasus Investments Real Estate Advisory Inc., in conjunction with Bang Realty, as exclusive investment sales advisors to the seller, are pleased to present the exceptional opportunity to acquire Elevate Lincoln Park, a premier urban retail asset strategically located at the intersection of Lincoln Park, Bucktown, and Wicker Park — three of Chicago’s most affluent and desirable neighborhoods. The property features four single-tenant net leased buildings totaling approximately 187,204 square feet with exceptional exposure and branding opportunities along the highly trafficked Kennedy Expressway (Interstate 94). A strong 5:1 parking ratio further enhances accessibility and convenience for tenants and visitors alike. The surrounding demographics are exceptionally strong, with average household incomes exceeding $175,000 within a one-mile radius and a population density surpassing 1.1 million residents within five miles. Additionally, more than 4,000 new residential units are planned within three blocks of the property, significantly reinforcing long-term growth potential and consumer demand in the immediate trade area. For more than two decades, the property has been anchored by nationally recognized tenants including Best Buy, Kohl's, and BMO Financial Group, with the recent addition of Chicago Speech Therapy, an established and growing local operator. All four tenants operate under NNN ground leases backed by corporate guarantees, with each tenant responsible for maintaining its respective building, creating a highly passive investment structure. The long-term stability of the asset is underscored by recent lease renewals from Best Buy and BMO, reflecting both the strength of the underlying location and the continued commitment of the tenant roster. Notably, this Kohl’s location ranks among the top 3% of all Kohl’s stores nationwide according to Placer.ai, while the Best Buy location ranks within the top 10% nationally and serves as the company’s only North Side Chicago store. Best Buy recently exercised its first five-year renewal option without requesting landlord concessions, further highlighting the strength of the property’s performance and strategic importance. In addition, both BMO and Chicago Speech Therapy have executed new 10-year net leases, providing stable and durable long-term cash flow. Long-term demand for the property is further supported by the transformative adjacent Foundry Park development, which is expected to introduce approximately 4,000 new homes and more than $2.8 billion in additional investment into the immediate Lincoln Park area. This sustained influx of residential density and economic activity is expected to significantly increase daily traffic, tenant demand, and long-term retail fundamentals for the corridor. Combining premier infill Chicago real estate, irreplaceable expressway visibility, nationally recognized corporate tenancy, strong demographic fundamentals, and substantial surrounding redevelopment momentum, Elevate Lincoln Park represents an exceptionally rare institutional-quality retail investment opportunity with long-term stability and enduring upside potential.