Aspen Dental & WellNow Urgent Care - Crestwood, IL

13450 Cicero Ave Crestwood , IL 60418-1490

Aspen Dental & WellNow Urgent Care - Crestwood, IL - Retail for sale

Download Offering Memorandum

Overview


JLL is pleased to offer for sale the fee interest in a newly-constructed two tenant retail property (the “Property”, or “Asset”) leased on a NN basis to Aspen Dental and WellNow Urgent Care located in Crestwood, IL (Chicago MSA). Positioned along one of Chicagoland’s primary north-south thoroughfares, the Property is an suburban infill investment opportunity within one of the near-south suburb’s densest and most active retail trade areas. The newly constructed Asset features 10 years of weighted average lease term remaining, contractual rent growth, minimal landlord obligations, and three, five-year options to renew. Aspen Dental, the nation’s largest dental practice network, features a corporate lease and has recently relocated their corporate headquarters to Chicago. WellNow Urgent Care, a subsidiary of Aspen Dental and their foray into Urgent Care, is making their first entry into a market outside of New York State at this location. This offering represents the opportunity to purchase a brand-new medical/retail investment with credit strength, modern construction, and a premium retail location within the Chicago MSA.

Investment Highlights



Brand-new 2018 construction with frontage along busy Cicero Avenue (44,000 vehicles per day) and ample cross-parking with the adjacent center.


Two double-net leases are in place with minimal landlord responsibilities and full CAM reimbursement. The leases feature over 10 years of weighted average term remaining and 10% increases every 5 years.


Aspen Dental, the nation’s leading dental practice network, recently relocated their corporate headquarters to Chicago. WellNow, which is Aspen Dental’s Urgent Care arm, is making their first expansion outside of New York State with this location.


Crestwood is a core south suburban market within the Chicagoland MSA, located just 20 miles from downtown Chicago and home to over 287,000 residents within a five-mile radius of the Asset.


The Property is located in the heart of a dense and active retail corridor that includes tenants such as Menards, Walmart, AMC, Target, Ross, and Best Buy. Recent development has been announced in the immediate vicinity that will include Aldi and Chick-fil-A.

General
Property Type Retail
Tenure Type Sale / Purchase
Property Address 13450 Cicero Ave, Crestwood, IL 60445-1490
Building Size 6,360  ft2
Financial
Price $3,489,700
Cap Rate 6.85%
Current NOI $239,048.00
Lease

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