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Jones Lang Lasalle (“JLL”) has been exclusively retained to offer the opportunity to acquire The Wicker Park Portfolio (the “Offering”), a six-building, 55,690 square foot mixed use portfolio located on Milwaukee Avenue in the heart of Chicago’s dynamic Wicker Park neighborhood.
The Portfolio provides an extremely rare ability to acquire a scalable portfolio in a high barrier to entry submarket that would take years to replicate acquiring buildings on an individual basis. The portfolio provides tremendous diversification including 12 recently constructed apartment units, 12 commercial spaces, and 29 dedicated parking spaces. The Portfolio includes four (4) hard-corner buildings and features several of Wicker Park’s most well-known retailers including Jeni’s Ice Cream, Round Two, Umami Burger, Buffalo Exchange, Native Foods, and Kizuki Ramen.
The Offering benefits from the dense and affluent residential population, with nearly 30,000 households with an average income of over $145,000 in a 1-mile radius. Additionally, proximity to Damen & Division CTA Blue Line Stops (the “L”) create additional day and nighttime demand in the immediate submarket. The Wicker Park Portfolio offers investors immediate scale and unmatched income diversification in the heart of one Chicago’s most authentic and trendy neighborhoods, Wicker Park.
1. Immediate Scale in High Barrier to Entry Submarket
2. Four (4) of the Six Buildings are Located on Hard Corners
3. Income Diversification by Asset & Use
4. Unique Aggregation Provides Operational & Leasing Advantages
5. Value Add Potential Through Leasing of 11,400 square feet of Prime Milwaukee Ave retail space
6. Milwaukee Avenue is Home to Chicago’s Trendiest Restaurant, Apparel, and Retail Concepts
7. Nearly 1.2 million Residents within a five-mile radius
8. Average Household Incomes Exceeding $140,000
9. Millennial Professional Demographic with Taste for Fashion and New Trends
10. Newer Construction Residential Product – 7 Units Completed in 2021
11. Complimentary Offering of Stable Income & Value Add Potential