Listed by CBRE - Oak Brook
$4,410,000
2-Tenant Touhy Avenue Retail
Details
APN 10-28-312-035
Property Type Retail
Sub Type Bank, Restaurant
Square Footage 6,150
Cap Rate 6.25%
NOI $275,621
Occupancy 100%
Tenancy Multi
Lease Type NNN
Rent Bumps Yes
Year Built 2016
Acreage 0.650
Zoning Commercial
Parking Spaces 28 spaces
Parking Per SqFt 4.55
Investment Type Net Lease
Two-Tenant Retail Asset I 10-Yr Dave's Hot Chicken & 7-Yr Bank of Hope | High-Volume Retail Corridor
Marketing description
CBRE is pleased to offer, as the exclusive advisor, the opportunity to acquire 100% fee interest in a 6,150 square-foot, two-tenant property located in the affluent northern suburb of Skokie, Illinois, approximately 16 miles from Chicago's Central Business District.
The site is ideally situated at the convergence of two of the highest-traffic retail centers in the Chicago MSA: Village Crossing (722,000 SF, ranked in the top 2% of community shopping centers nationally) directly to the south, and Pointe Plaza (325,700 SF, ranked in the top 8% nationally) just to the west. Touhy Avenue, carrying 36,900 vehicles per day, serves as the primary east-west corridor linking Chicago's northwest side with some of the most affluent suburbs in the metro area.
The property is 100% occupied, highlighted by the recent opening of Dave's Hot Chicken on a new 10-year lease and Bank of Hope's 7-year lease renewal.
Investment highlights
- With Bank of Hope exercising a 7-year renewal option on its existing space and Dave's Hot Chicken executing a brand-new 10-year NNN lease commencing May 2026, the property achieves an 8.15-year weighted average lease term with zero lease expirations during a 5-year hold period. Combined with Bank of Hope's recent $35,800 improvement to their space, the asset shows a strong commitment from its retailers to the location and market.
- Both leases are triple net, with all CAM, real estate taxes, and insurance reimbursed by tenants. Bank of Hope escalates at 3% annually through 2033. Dave's Hot Chicken escalates approximately 2.5% annually. Blended portfolio rent grows from $45.40 PSF (Year 1) to an estimated $50.86 PSF (Year 5) on a purely contractual basis.
- The Subject Property is located in the center of a 2.5 million square foot, 94% occupied retail corridor with an abundance of national and regional tenants, and draws from several affluent suburbs – Park Ridge, Niles, Morton Grove, and the northwest side of Chicago.
- Directly south of the site is the 722,000-square-foot Village Crossing Shopping Center, one of the best-performing shopping centers in the Chicago metro area. Village Crossing is ranked in the top 2% of community shopping centers nationally and in the top 1% in Illinois (Placer.ai). The center is anchored by Jewel-Osco, Dick's Sporting Goods, AMC Theatres, Best Buy, Five Below, Michaels, OfficeMax, PetSmart, and Barnes & Noble.
- Just west of the site, Pointe Plaza is also ranked in the top 8% nationally for foot traffic and the top 3% statewide (Placer.ai). The 325,700-square-foot center is anchored by Walmart, Fresh Farms, Ross Dress for Less, and Daiso.
- The Bank of Hope branch reports $209.6 million in deposits per the FDIC Summary of Deposits. With only three Illinois branches in its 90-branch network, Skokie is a core Illinois market for Bank of Hope. A $209M deposit branch is among the bank's highest-performing locations.
- Dave's Hot Chicken was acquired for $1 billion in June 2025 by Roark Capital. The dominant QSR-focused private equity firm's portfolio includes Arby's, Buffalo Wild Wings, Sonic, and Jimmy John's. Continuing the positive momentum, Roark Capital plans to open 180 more European locations across 10 countries.
- The site has strong visibility and access from Touhy Avenue, a heavily trafficked (36,900 VPD) major east/west thoroughfare that serves as a vital artery running through Chicago and the near north suburbs.
- The 5-mile primary trade area surrounding the site features a highly desirable demographic base, with 677,979 residents located within a five-mile radius. These residents enjoy average household incomes of $134,851, significantly above the national, state, and county averages.
- The site is located in the dynamic and densely populated suburb of Skokie, at the convergence of communities that contain some of the most attractive demographic profiles in the Chicago MSA: Niles, Morton Grove, Lincolnwood, and the far north side Chicago neighborhoods of Edgebrook, Wildwood, Sauganash, and Peterson Park.
- The site sits adjacent to Noodles & Company, Chuck E. Cheese, and Corner Bakery Café all rank number one for foot traffic in the state of Illinois (Placer.ai), further demonstrating the dominance of the retail corridor.
Listing Contacts
Listed by CBRE - Oak Brook
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Loan Amount
$0.00
Annual Debt Service
$--
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Annual Cash Flow
$275,621.00
$22,968.42/mo
Valuation Metrics
0
DSCR
6.25%
Cap Rate
6.25%
ROI
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Zoning
B3 CommercialGeneral CommercialBusiness
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