18314 GOVERNORS HWY Homewood IL 60430

Marcus and Millichap is pleased to present the opportunity to purchase the fee simple interest in a 3-Tenant Retail Outparcel located within the CherryCreek Shopping Center in Homewood, Illinois. The property is shadow anchored by Walgreens, and other retailers operating within Cherry Creek such as Ace Hardware and numerous medical tenants. One of which, Franciscan Health, recently invested over $10,000,000 into their space.

This retail center is leased to a Pop’s Italian Beef, Forever Yogurt, and Home- Slice Pizza Shop. All three tenants operate on NNN leases and have signed numerous renewal options since first taking occupancy. These tenants have over 10 years of tenure at this property and are paying affordable rents in the ~$20/SF range.

With some near-term rental upside achievable through the enforcement of administrative fee clauses in the leases, your Year 2 CAP rate jumps almost 20bps. Furthermore, Forever Yogurt has a significant rent increase coming in 2028.

The property benefits from high end brick construction that has been beautifully maintained, with a new roof installed in 2020, and one of the HVAC units was replaced last year.

Homewood is a well-established community located within the greater Chicago MSA, roughly 20 miles south of downtown. There are over 80,000 people and an average household income of $104,000 within a 3-mile radius. Homewood is a sought-after neighborhood to raise a family and has an overall rating of “A” on Niche.com, with multiple highly ranked public schools.

• Stabilized multi-tenant outparcel leased to three complimentary restaurants

• Weighted Average Lease Term of 5.82 Years

• All tenants operate on NNN leases, reimbursing for their pro rata share of CAM, Insurance, and RE Taxes

• Long-term historical occupancy, all tenants have been here for over 10 years

• The property is well-maintained with the roof replaced in 2020 and a new HVAC unit as of last year

• Home-Slice has a drive-thru and offers video gaming in their suit | In 2024 they made their net wagering activity produced income that exceeded ten times their base rent

• Part of the larger Cherry Creek Shopping Center | Home of Walgreens, Ace Hardware, and numerous medical tenants, one of which, Franciscan Health, put over $10,000,000 into their space this year

• Located just off the signalized intersection of 183rd and Governors Hwy | Combined daily traffic count of over 33,000 cars

• All customers benefit from surrounding parking, courtesy of the larger shopping center