Hilltop Executive Center
Office | 10.58% CAP | 86,880 SqFt
Marketing description
Marcus & Millichap is pleased to present Hilltop Executive Center, a well-occupied Office
investment opportunity for qualified investors. This well-maintained office complex comprises two
professional buildings totaling 86,880 square feet, strategically located with prime frontage along
Milwaukee Avenue, just minutes from downtown Libertyville, Illinois.
The property is currently 80.38 percent occupied by 82 tenants, including 31 healthcare-related
businesses, underscoring the site's strong appeal to the medical services sector. A notable anchor
is The Parched Pug, a popular local restaurant and bar located at the ground level between the
buildings. The establishment drives significant foot traffic and contributes to tenant retention,
while also serving as a draw for customers along the high-visibility Milwaukee Avenue corridor.
Tenant stability remains strong-the average lease commencement is 2018, reflecting long-standing
tenant relationships and consistent occupancy despite shorter lease terms. This presents a
near-term value-add opportunity to increase cash flow by leasing the remaining vacant office suites
and negotiating lease renewals to extend the weighted average lease term.
Situated on 5.1 acres of prime Milwaukee Avenue frontage, the site includes a pond amenity facing
Milwaukee Avenue and benefits from excellent visibility, with daily traffic counts averaging 32,900
vehicles. The location, land size, and zoning flexibility present additional potential as a covered
land play, offering long-term upside into the future through redevelopment into retail or
multifamily, consistent with surrounding area trends.
In a market characterized by high barriers to entry, this offering represents a rare opportunity to
acquire a cash-flowing asset with significant upside potential for both the short and longterm.
Investment highlights
*In-place 10.6 percent Capitalization rate with a 14.4 percent in-place Cash-on-Cash return,
providing strong immediate income.
*Even more attractive pro-forma 12.8 percent Capitalization Rate and 16.04 percent Cash-on-Cash
Return
*Diverse rent roll with 31 healthcare-related tenants among 82 total tenants, offering sector
stability.
*The Parched Pug, a high-performing restaurant and bar, drives foot traffic and enhances
tenant retention
*On-site maintenance team provides immediate support and operational efficiency. Ample on-site
parking, including a covered section, increases convenience and tenant satisfaction
*BRAND NEW Roof on the 1590 building (2025). 1580 was replaced in 2019 and the Galleria in between
in 2020.
*Shared conference room located on the fifth floor of1580 Milwaukee Avenue for tenant use
Prime location on Milwaukee Avenue, a major corridor with 32,900 vehicles per day.
*Positioned on 5.1 acres, offering potential for retail or multifamily redevelopment Located in a high-income
area, supporting both existing use and long-term redevelopment upside.
*Financing available through Marcus & Millichap Capital Corporation (MMCC)
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