ROSS Dress for Less
7.41% CAP | ROSS Dress for Less | 50k VPD | Robust Trade Area | Chicago MSA
Marketing description
CBRE’s Net Lease Property Group is pleased to extend the opportunity to acquire a fee-simple interest in a 22,000 square-foot 10-year lease with Ross Dress for Less. The lease has over six years of term remaining, including a corporate guarantee, a rental bump in February 2027, and 10% bumps in each of the four 5-year extension options.
The Property is ideally positioned in the dense and affluent Chicago suburb of Morton Grove at the high-traffic intersection of Dempster Street and Waukegan Road. Morton Grove is located in Cook County, approximately 16 miles northwest of downtown Chicago. The asset’s primary trade area boasts an impressive demographic profile, with area residents earning an average household income of $147,890 within a three-mile radius. Ross Dress for Less is located within Sawmill Station, a 26-acre mixed-use redevelopment that includes shopping, dining, and residential. Tenants at the center include Amazon Fresh, Kohl’s, Dollar Tree, LA Fitness, Cooper’s Hawk, Starbucks, Aspen Dental, Chipotle, Urgent Care, Raising Cane’s, and Bank of America. The Residences at Sawmill Station includes 250 apartments.
Investment highlights
10-YEAR COMMITMENT WITH RENT ESCALATIONS:
Ross Dress for Less signed a 10-year lease in 2020, which includes a 4.5% rent bump in February 2027. Additionally, the lease includes four, five-year options to renew that feature 10% rent bumps.
INVESTMENT-GRADE TENANCY WITH CORPORATE GUARANTY:
Ross Stores, Inc. is rated BBB+/Stable by Standard & Poor’s, and Ross Dress for Less (NYSE: ROST) is the nation’s largest off-price retail chain. Ross has been experiencing strong growth with plans to build a presence in existing and new markets. Ross Stores completed its planned store growth for fiscal 2025, adding 90 new locations for the year (approximately 80 Ross Dress for Less and 10 dd’s DISCOUNTS stores)
HIGH TRAFFIC COUNTS IN A DESIRABLE LOCATION:
Ross Dress for Less is highly visible and easily accessible at the southeast corner of Dempster Street and Waukegan Road. Dempster Street has an average daily traffic count of 34,900 vehicles in front of the site. Waukegan Road has an average daily traffic count of 24,300 vehicles per day.
OUTSTANDING DEMOGRAPHIC PROFILE:
Within a 5-mile radius of the site, there is an estimated population of 409,948 residents, and the average household income is $157,159.
COMPLEMENTARY TENANCY:
Ross Dress for Less is located within Sawmill Station, a 26-acre mixed-use redevelopment that includes shopping, dining, and residential. Tenants at the center include Amazon Fresh, Kohl’s, Dollar Tree, LA Fitness, Cooper’s Hawk, Starbucks, Aspen Dental, Chipotle, Urgent Care, Raising Cane’s, and Bank of America.
THE RESIDENCES AT SAWMILL STATION:
The Residences at Sawmill Station features 250 new apartment units immediately next to the Property.
ROBUST CHICAGO MSA:
Chicago is the third-largest metropolitan statistical area (MSA) in the United States and a premier investment market, supported by a population of more than 9.2 million and a highly diversified economy. While official 2024 GDP data will be released in December 2025, the Chicago MSA posted a 1.4% increase in real GDP in 2023, reaching nearly $627 billion.
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