Listed by Mid-America Real Estate Corporation, Mid-America Real Estate
$11,100,000
Kedzie Plaza
Details
Property Type Retail
Sub Type Shopping Center
Square Footage 53,400
Cap Rate 8.00%
NOI $890,761
Occupancy 98%
Tenancy Multi
Brand/Tenant Dollar Tree
Lease Type NNN
Remaining Term 7
Broker Co-Op Yes
Year Built 1986
Investment Type Value Add
Ground Lease No
Established grocery shadow anchored neighborhood center in dense, infill Chicago neighborhood
Marketing description
Mid-America Real Estate Corporation has been retained by the owner to sell the 100% fee simple interest in Kedzie Plaza. The established neighborhood shopping center is grocery shadow anchored and caters to Chicago’s densely populated southwest side.
Kedzie Plaza is located at the southwest corner of Kedzie Avenue and 47th Street, just south of the Pete’s Fresh Market located at the signalized corner of 47th Street. The shopping center also benefits from its ideal location just north of Steeple Center which features TJ Maxx, ALDI, and Family Dollar.
Investment highlights
- GROCERY SHADOW ANCHOR | #1 LOCATION WITHIN ILLINOIS
- Kedzie Plaza is shadow anchored by Pete’s Fresh Market (23 locations), a dominant independent grocer on the southwest side of Chicago. The local grocer, which receives over 1.5 million annual visits and ranks as the #1 location in the state, according to Placer.ai, provides exceptional drawing power to the center.
- STABLE TENANCY
- Kedzie Plaza offers a purchaser an asset that has had unrivaled stability throughout its history. With nearly 68% of the tenancy based on GLA having been at the shopping center for over 25 years, Kedzie Plaza offers a unique opportunity to acquire a historically stable center that offers consistent future yields. The center has recently executed long term renewals with two of its longest tenured tenants, City of Chicago EZ Pay Station and Dollar Tree, signing 9-year and 7-year renewals, respectively.
- DENSE INFILL DEMOGRAPHICS
- Kedzie Plaza benefits from its location in the dense, established Brighton Park and Gage Park communities of Chicago. The area within a three-mile radius of Kedzie Plaza contains a population of over 319,000. The stability of the area’s economy is bolstered by its proximity to Midway International Airport, just 2.5 miles to the southwest.
- STRONG RETAIL CORRIDOR
- The Brighton Park trade area features unmatched retail density. The urban infill characteristics of the market create high barriers to entry and contribute to a lack of high-traffic sites for new retail development. While the surrounding areas already boast an abundance of national tenants, the trade area continues to attract both new and existing retailers.
- MEDICAL & SERVICE TENANCY
- Kedzie Plaza features tenants that provide in-person services and products that cannot be replicated online ensuring long-term resilience against e-commerce disruption and providing recurring regular visits to the center. The lineup includes medical providers such as Octapharma and Access Community Health (47% of GLA), dining options like Seven Star Chinese and Little Caesars, and essential services including the City of Chicago EZ Pay Station, H&R Block, and Design Nails creating a tenant mix that drives consistent foot traffic and positions the center as a vital community destination.
- UNPARALLELED LOCATION
- The shopping center’s prime position just north of the busy CTA “L” Orange Line Kedzie station (5,100 riders per weekday), the Kedzie Avenue & 47th Street bus station (13,857 riders per weekday) and just 1.5 miles south of Interstate 55 (176,500 VPD) gives the center outstanding access to both pedestrian and vehicular traffic.
Listing Contacts
Listed by Mid-America Real Estate Corporation, Mid-America Real Estate
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$890,761.00
$74,230.08/mo
Valuation Metrics
0
DSCR
8.02%
Cap Rate
8.02%
ROI
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