Gerber Collision & Glass - Skokie, IL
Gerber Collision & Glass | 7 Years Remaining with 10% bump in 2028 | Dense Infill Market
Marketing description
JLL is pleased to exclusively offer for sale Gerber Collision & Glass (the “Property”) located in Skokie, IL (Chicago MSA). The Property is primarily occupied by Gerber Collision & Glass (the “tenant” or “Gerber”) subject to a net lease with 7 years of term remaining, a 10% rent bump in 2028, and multiple renewal options. The Blessed Word Christian Church of Chicago occupies 4,437 SF of space on a month-to-month lease structure, providing an additional $4,500 of income monthly. While the church has expressed interest in long-term commitment to the Property, future ownership will have the option to extend the lease or pursue a mark-to-market opportunity.
The site is favorably situated between Skokie Blvd (25,700 VPD) and the CTA Yellow Line train which serves as a primary transportation option for thousands of residents commuting to downtown Chicago, less than 15 miles south of the property. The surrounding area boasts highly affluent demographics as average household income exceeds $150,0000. Northwestern University, one of the most prestigious academic intuitions in the world, is less than 5 miles away and contributes a highly qualifies talent pool to the region. These factors have contributed to several major development projects within the area, including the Illinois Science & Technology Park, a $155M Class-A research facility delivered in 2017.
This offering provides investors with a unique opportunity to acquire a highly fungible asset with landlord optionality and a long-term occupancy history from a leading auto repair service.
Investment highlights
STRONG TENANCY W/ LANDLORD OPTIONALITY
- Gerber has operated at this location since 1978 and recently extended its commitment to remain long-term
- The Blessed Word Christian Church of Chicago has expressed a desire to commit to the space long-term
- Future ownership with have the option to sign the church to a long-term lease or pursue a mark-to-market opportunity
SIGNIFICANT DEVELOPMENT CORRIDOR
- The Illinois Science + Technology Park is adjacent to the subject property. A new development which to date has offered over 500,000 SF and 1,500 jobs. Upon completion it will deliver 2M SF total and over 4,000 jobs directly in the park
- Redevelopment of the Westfield Old Orchard Mall that will deliver 600 residential units, a 200-key hotel and 15,000 SF of retail space
- Development of two adjacent residential sites combining to deliver 134 units
AFFLUENT SUBURBAN CHICAGO W/ DENSE POPULATION
- The surrounding 3-mile radius features a population of more than 160,000 residents and average household income that exceed $150,000
- Northwestern University is within five miles of the property and contributes to the highly educated workforce
OPTIMAL CONNECTIVITY & INFRASTRUCTURE
- Immediate access to the CTA yellow line which serves as a preferred transportation modem for commuters to downtown Chicago
- Nearby access to I-94 with connectivity to downtown Chicago and the metro region
- 15 minutes from O’Hare International Airport, the busiest airport in the nation
Listing Contacts
Valuation Calculator
Valuation Metrics
Broker Selected Comps View More Comps
Property History
Tax History
Similar Properties
Additional Information
Is there information that looks off?
