Rice Lake Square
Retail | 251,924 SqFt
Marketing description
Institutional quality grocery-anchored shopping center featuring unmatched demographics & leasing momentum.
Rice Lake Square is located immediately east of the northeast corner of Butterfield and Naperville Roads, one of the primary retail nodes in Chicago's western suburbs, benefitting from 51,000 vehicles per day and immediate access to Interstates 88 (158,800 VPD) and 355 (151,100 VPD).
Mid-America Real Estate Corporation has been retained on behalf of the owner to sell the 100% fee simple interest in Rice Lake Square, an institutional-quality grocery-anchored shopping center in Wheaton (DuPage County), one of the most desirable and affluent communities in Chicago’s western suburbs. The center is anchored by a high-performing Pete’s Fresh Market grocery store operating on a long-term lease guaranteed by Pete’s Fresh Market Roosevelt Corporation and features additional traffic driving tenants that include PetSmart, Massage Envy, Pure Barre, Xfinity, Potbelly, 7Brew, Taco Bell, and others.
Constructed from 1989 to 1997 and renovated in 2011, Rice Lake Square features 251,924 square feet of retail space across 8 buildings located on approximately 25.91 acres of land. Rice Lake Square includes:
154,158 SF inline building featuring Pete’s Fresh Market, The Picklr, Massage Envy, Orangetheory Fitness, Waxing the City, and Sculpted by Lagree
38,099 square foot freestanding Studio Movie Grill (10-year renewal,2022)
18,761 square foot freestanding PetSmart (10-year renewal)
18,630 square foot multi-tenant outlot featuring Pure Barre, Xfinity, and Lyfe Kitchen
5,900 square foot freestanding Honey Jam Day Cafe
3,960 square foot two-tenant outlot featuring Potbelly Sandwich Shop and Alloy Training
3,000 square foot freestanding BP (15-year renewal)
2,416 square foot freestanding Taco Bell (15-year renewal)
The center boasts over 1,300 feet of frontage along Butterfield Road and is easily accessible via seven total points of access. Additionally, the shopping center features five pylon signs and five free standing monument signs for the outparcel buildings.
There are 1,316 parking spaces or 5.2 spaces per 1,000 square feet of GLA
Studio Movie Grill invested approximately $761,000 to upgrade its seating and make cosmetic renovations, displaying its commitment to the subject offering.
The Picklr recently opened on a 15-year lease and is operated by a franchisee with significant Picklr and fitness franchise experience. The lease also features a Picklr corporate guaranty.
Approximately 106,000 SF of roof over Pete’s Fresh Market and The Picklr was overlaid in 2026, bringing 74% of the total roof area under warranty or
Investment highlights
- STRONG GROCERY ANCHOR: Pete’s Fresh Market anchors Rice Lake Square and serves as one of Chicagoland’s most popular specialty grocers, known for its exceptional selection of fresh produce and prepared foods. The company was founded in 1973 and has grown to 20 locations throughout the Chicago MSA with 3 additional locations opening soon. Pete’s Fresh Market enjoys incredible performance at this location with sales up 24% since 2022 and a strong 3.4% health ratio.
- IRREPLACEABLE LOCATION: The center benefits from its ideal positioning adjacent to the “main and main” intersection of one of the dominant retail trade areas serving Chicago’s western suburbs. The intersection of Butterfield and Naperville Roads carries 51,000 vehicles per day and is a primary thoroughfare for the affluent communities of Wheaton, Glen Ellyn, Naperville, and Downers Grove. Retailers in the trade area enjoy high sales volumes and desirable cross-traffic given the more than 9.1 million annual visits the retail node receives, according to Placer.ai.
- INSTITUTIONAL QUALITY ASSET: Rice Lake Square is an institutional quality shopping center featuring 8.4 years of WALT. Ownership and tenants have invested significant capital into the offering, including parking lot replacements, Studio Movie Grill spending over $760,000 on interior upgrades in 2024 and renewing for 10 years in 2022, new landscaping and enhancements, and overlaying approximately 106,000 SF of roofs.
- UNMATCHED SITE CONTROL & OUTLOT OPTIONALITY: The subject offering presents a rare opportunity to acquire a cohesive shopping center consisting of four single-tenant pad sites, two multi-tenant shop buildings, two large-format single-tenant anchor buildings, and the grocery-anchored inline center. This unified ownership allows an investor to maintain a cohesive long-term retail investment or pursue accretive sales of individual pad sites and buildings at an attractive cap rate differential.
- EXCEPTIONAL DEMOGRAPHIC PROFILE: Rice Lake Square is located within an affluent, infill trade area featuring some of the most desirable demographics in Chicago’s western suburbs. Within three miles, there are more than 78,000 residents enjoying average household incomes of $164,400 and median home values of $474,800. Wheaton and surrounding communities continue to attract and retain residents due to their proximity to downtown Chicago, award-winning public schools, strong corporate employment base, and high quality of life.
- DUPAGE COUNTY PROPERTY TAXES: The offering is located in DuPage County, one of the most affluent and business-friendly counties in the Midwest, known for its stable real estate taxes, strong demographics, highly educated workforce, excellent public infrastructure, and long-term institutional appeal within the Chicago MSA.
- RECENT LEASING MOMENTUM: Rice Lake Square has seen tremendous leasing momentum with new tenants joining the center and existing tenants affirming their commitment with renewals. New leases include 7Brew, The Picklr, Lyfe Kitchen, Sculpted by Lagree, Prime IV, Waxing the City, Alloy Training, among others. PetSmart, Studio Movie Grill, Pure Barre, Men’s Wearhouse, Potbelly, Taco Bell, BP, Radiance Med Spa, Marek Ashley Salon, and others recently executed long-term renewals, underscoring their performance at the center.
- STABLE TENANT LINEUP: The offering features a diversified tenancy anchored by Pete’s Fresh Market and complemented by traffic-driving retailers including The Picklr, Studio Movie Grill, PetSmart, Pure Barre, Potbelly, Taco Bell, Massage Envy, and others. New leases representing 24% of GLA and 28% of ABR, along with thirteen recent renewals comprising 35% of GLA and 43% of ABR, underscore the stable income stream and support future leasing opportunities. Additionally, 16 tenants representing 24% of ABR feature contractual annual rent escalations supporting continued NOI growth..
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