Vacant 20k SF Building
Redevelopment Opportunity | Vacant 20K SF Opportunity | Flexible Zoning | Lake County (Chicago MSA)
Marketing description
CBRE is pleased to present, as its exclusive advisor, the opportunity to acquire a 2.29-acre piece of land that includes a vacant 20,092-square-foot former Bally’s Fitness. This opportunity presents the next owner with the opportunity to utilize the existing building or redevelop the parcel. The current zoning allows for several flexible uses. The Property is located less than one mile West of Vernon Hills’ major retail corridor. The corridor features over two million square feet of retail space, with nearly every major national retailer. The Property is strategically located on Townline Road, which sees an average of 34,400 VPD. The Property also has excellent visibility with abundant parking and an accessible road. Additionally, the Property’s zoning allows future investors to redesign the space to meet their expectations. Surrounding the Property is an affluent consumer base with a daytime population of 69,608 within a three-mile radius.
Investment highlights
Flexible Zoning Ordinance
The Property’s advantageous zoning ordinance and strategic location to the Hawthorn Mall redevelopment underscores the commitment of the Village to revitalize the surrounding community. Currently zoned under ORD, the Village is optimistic about a favorable reception for rezoning the site. One potential zoning option for the site is B-1, the general business district. B-1 is designed to support retail sales of tangible and personal property and service consumer needs. The potential zoning to B-1 also opens a wide range of possibilities to retail and service-oriented companies. This district also allows for a variety of special uses such as amusement, recreation and training, day care centers and nursery schools, equipment rental, gunsmiths and gun shops, etc.
Prime Location with Strong Traffic Counts
The Property is located along Townline Road which sees an average of 34,400 VPD. Additionally, the Property is located less than 1 mile from the major retail corridor in Vernon Hills. The corridor features over 3.4M SF of retail with nearly every national retailer.
Major retailers surrounding the area: Walmart, Whole Foods Market, Best Buy, Target, Sam’s Club, The Home Depot, Planet Fitness, Harbor Freight, Dick’s Sporting Goods, Ulta Beauty, PetSmart, McDonalds, Chick-Fil-A, HomeGoods, Barnes &Noble, REI, AMC, Macy’s, & Kohls.
Desirable Demographic Base
The Property boasts excellent demographics with the average household income being $165,554 within a 3-mile radius. Additionally, the average home value within a 3-mile radius is $447,861. This is a strong indicator that the Property is in an affluent area with consumers having strong purchasing power.
Lake County Tax Advantage
The Property is in Lake County, which has significantly less tax exposure than Cook County.
Free & Clear Offering
This property is being offered free and clear of any existing debt obligations. This enables investors to structure their capital requirements according to their needs.
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