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1901-1975 Cherry Ln
Northbrook, IL 60062
Northbrook Meadows · Retail Property For Sale
Investment Highlights
- Unparalleled Redevelopment Opportunity in Chicago’s North Shore
- Municipal Alignment: the Village of Northbrook is eager to see the site enhanced or re-developed in accordance with their long-term downtown objective
- Within one block of the Metra Station, Village Hall & Library, Sunset Foods, and the restaurants, shops, and service offerings of downtown Northbrook.
- Exceptional Demographics – 68,183 Residents within a Three-Mile Radius with $219,276 Average Household Income
Executive Summary
Northbrook Meadows is a 60+-year-old, value-creation shopping center located in downtown Northbrook, IL. The center contains 89,925 SF of existing building area on a 6.94-acre site in the heart of one of north suburban Chicago’s most affluent and desirable communities. For the last five years, ownership has been focused on two goals:
Eliminate long-term leases to facilitate a potential redevelopment of the site into a vertical mixed-use project.
Secure a No Further Remediation letter from the State in connection with former dry cleaner and fuel oil contamination on site.
Today, all but one of the longer-term leases have been eliminated and replaced with tenants that pay minimal rent but are either month-to-month or have termination options in their leases. In addition, the NFR letter from the State is pending and expected to be received in Q1-2025.
This will allow a purchaser to implement:
- a re-modeling and re-leasing of the center in its current configuration with long-term tenants at market rents,
- a complete redevelopment of the site into a residential mixed-use project, or
- some combination of these options.
Eliminate long-term leases to facilitate a potential redevelopment of the site into a vertical mixed-use project.
Secure a No Further Remediation letter from the State in connection with former dry cleaner and fuel oil contamination on site.
Today, all but one of the longer-term leases have been eliminated and replaced with tenants that pay minimal rent but are either month-to-month or have termination options in their leases. In addition, the NFR letter from the State is pending and expected to be received in Q1-2025.
This will allow a purchaser to implement:
- a re-modeling and re-leasing of the center in its current configuration with long-term tenants at market rents,
- a complete redevelopment of the site into a residential mixed-use project, or
- some combination of these options.
Property Facts
Sale Type
Investment
Sale Condition
Redevelopment Project
Property Type
Retail
Property Subtype
Building Size
89,925 SF
Building Class
B
Year Built/Renovated
1959/1993
NOI
$452,153 CAD
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.30
Lot Size
6.94 AC
Zoning
retail - Currently Zoned C2 (Neighborhood Commercial)
Parking
414 Spaces (4.6 Spaces per 1,000 SF Leased)
Amenities
- Banking
- Commuter Rail
- Pylon Sign
- Restaurant
- Signage
- Tenant Controlled HVAC
- Wheelchair Accessible
- Recessed Lighting
- Monument Signage
Property Taxes
| Parcel Number | 04-10-300-041-0000 | Improvements Assessment | $4,043,157 CAD |
| Land Assessment | $2,249,321 CAD | Total Assessment | $6,292,478 CAD |
Property Taxes
Parcel Number
04-10-300-041-0000
Land Assessment
$2,249,321 CAD
Improvements Assessment
$4,043,157 CAD
Total Assessment
$6,292,478 CAD
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