Hillcrest Shopping Center
253,138 SF Grocery-Anchored Center | Kroger Backed Food 4 Less | Crest Hill, IL (Chicago MSA)
Marketing description
CBRE’s National Retail Partners is pleased to present as the exclusive advisor, Hillcrest Shopping Center, a 253,138 square foot grocery-anchored center located in Crest Hill, IL, a southwest suburb just north of Joliet and 40 miles from downtown Chicago. The Property is anchored by Food 4 Less (a Kroger concept), and home to national tenants such as Dollar Tree, Harbor Freight Tools and Citi Trends. The Property also features a diverse mix of specialty tenants. Hillcrest Shopping Center features value-add opportunities with significant value coming from the ability to mark rents to market on expiring tenants. The Property also contains 9,775 square feet of vacancy, allowing a future owner to step in and lease-up available space. The Property has experienced significant leasing momentum, with the most recent example being Smoothie King signing a 10-year lease in 2025.
Hillcrest Shopping Center is highly visible from the signalized intersection of Larkin Road and Plainfield Avenue with traffic counts exceeding 47,500 VPD. The Property is also approximately 3 miles south of Interstate 55 which sees over 60,000 vehicles per day. The Property serves a dense trade area with over 142,000 residents earning an average household income of $86,808. According to Placer.ai, Hillcrest Shopping Center ranked in the top 25 percent of shopping centers nationwide with over 2 million visits in 2024. Furthermore, Harbor Freight is the #1 store within a 15-mile radius and Dollar Tree is in the 30th percentile for its chain nationwide.
Investment highlights
Kroger Backed Food 4 Less Anchor: The center is anchored by a Kroger backed Food 4 Less that is in the top 20th percentile of all groceries within Illinois and 21st percentile of groceries within a 15-mile radius according to Placer.ai.
Mark to Market Opportunity: The Property is nearly 100% occupied yet CBRE believes there are numerous tenants paying below market rents, thus generating an estimated NOI CAGR of 3.80%. The mark to market opportunity offers an investor a unique opportunity to significantly grow NOI while limiting downtime and capital costs via renewals with existing tenants.
Lease Up Opportunity: Ownership has the potential to increase NOI by leasing up 9,775 available square feet. Future ownership can benefit from the recent leasing momentum and can continue with that kind of success.
Recent Leasing Momentum Highlighting Underlying Real Estate Fundamentals: Hillcrest Shopping Center has experienced tremendous leasing momentum within the past three years with brand-new leases signed totaling 6,988 square feet.
Kroger Backed Food 4 Less Anchor: The center is anchored by a Kroger backed Food 4 Less that is in the top 20th percentile of all groceries within Illinois and 21st percentile of groceries within a 15-mile radius according to Placer.ai.
Mark to Market Opportunity: The Property is nearly 100% occupied yet CBRE believes there are numerous tenants paying below market rents, thus generating an estimated NOI CAGR of 3.80%. The mark to market opportunity offers an investor a unique opportunity to significantly grow NOI while limiting downtime and capital costs via renewals with existing tenants.
Lease Up Opportunity: Ownership has the potential to increase NOI by leasing up 9,775 available square feet. Future ownership can benefit from the recent leasing momentum and can continue with that kind of success.
Recent Leasing Momentum Highlighting Underlying Real Estate Fundamentals: Hillcrest Shopping Center has experienced tremendous leasing momentum within the past three years with brand-new leases signed totaling 6,988 square feet.
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