SCHAUMBURG, ILLINOIS
SUBURBAN CHICAGO SHOPPING CENTER WITH DARK DOMINICK’S
O F S C H A U M B U R G
E X E C U T I V E S U M M A R YTranswestern is pleased to exclusively offer for sale Town Square (the “Property”), a 96,014 square foot (“SF”) Class A shopping center located in Schaumburg (suburban Chicago), Illinois. The property is currently 91 percent leased with a vacant grocery space that was most recently occupied by Dominick’s Finer Foods, which closed all 70 of their Chicago-area stores in late 2013. The vacancy provides a tremendous repositioning opportunity for the property. The 65,946 SF Dominick’s lease has remaining lease term through May 2016, which will provide steady cash flow while allowing an owner to pursue new users for the space. Other retailers at the property include Bonefish Grill, GNC, Chiro One, Scottrade, Sylvan Learning Center and Hair Cuttery.
KEY PROPERTY STATISTICS
Location
140-200 S. Roselle Road in Schaumburg, Illinois
Size
96,014 SF
Occupancy
91%
Year Built
1996 (Restaurant added in 2004)
Traffic Counts
31,800 vpd - S. Roselle Rd.35,700 vpd - E. Schaumburg Rd.
67,500 vpd - Total
DEMOGRAPHIC SNAPSHOT3 MILE 5 MILE
Population 107,156 259,413
Average Household Income $90,712 $86,935
% of Owner Occupied Housing 71% 69%
White Collar Population 71% 68%
• Rare opportunity to reposition a high quality center
• Exceptional demographics- 107,000 residents with an average household income over $90,000 in the three mile radius
• Population in the area is growing with over 100 high-end homes under construction across the street
• Well situated at the center of “main and main” in the Schaumburg residential area—nearly 70,000 cars per day pass by the property
• Dominick’s is responsible for rent payment through May 2016, providing stable income during repositioning
• Minimal co-tenancy issues; only one tenant lease allows for termination due to the vacant Dominick’s
I N V E S T M E N T H I G H L I G H T S
• Recent renewals by Bonefish and GNC prove that the small shop tenants can survive in this location without an anchor
• Located within part of the larger Schaumburg Historic District. In addition to residential, the sur-rounding area includes the Schaumburg Library, a park and historic structures
• No in-place debt
• Adjacent Schaumburg Library hosts over 1 million visitors per year
Source: ESRI - 2010 Census
Town Square of Schaumburg is located at the center of the Schaumburg residential area, away from the congested Woodfield area, and uniquely positioned to offer convenient, neighborhood shopping to the upscale residents in the area. The property is located at the intersection of Roselle and Schaumburg Roads, a well-traveled intersection that sees nearly 70,000 vehicles per day.
Town Square of Schaumburg is located within a 27-acre mixed-use planned development that includes 160,000 SF of retail and office space. The development is also home to the Schaumburg Library, which hosts over 1 million visitors each year, and open public space including water features, an amphitheater and park. This development functions as the center of the Schaumburg community as it plays host to public events such as farmers markets and concerts.
L O C A T I O N
Town Square represents a unique opportunity to reposition a vacant Dominick’s and create the dominant shopping center in the area. The property is well positioned in relation to the closest grocery stores, which are 2-3 miles away, and is surrounded by affluent residential communities with an average household income of over $90,000.
The size of the vacant Dominick’s box (65,946 SF) is an ideal size for a grocer or, alternatively, is easily divisible into two 32,500 SF suites to lease to two junior anchors. The small shop space is well leased with only one vacancy. Value could be further enhanced by increasing rents for the small shops once a new anchor tenant is in place and traffic to the property has increased.
R E P O S I T I O N I N G O P P O R T U N I T Y
TRANSWESTERN CHICAGO200 West Madison Street
Suite 3300
Chicago, IL 60606
Paul BarileDirector
312.881.7020
Janice SellisDirector
312.881.7024