Investment Highlights
- 100% Occupied Two-Tenant Medical Retail Center Located Along Major Retail Corridor in Matteson, Illinois (Chicago MSA)
- Roof Replaced in 2022 and Exterior Renovated in 2022
- Developable Lot Included in Sale
- Shadow Anchored by Harbor Freight
- Significant Leasing Momentum: Specialty Physicians Renewed in 2023 and Little Footprints Renewed and Expanded in 2023
- 17,700 VPD on South Cicero Ave and Just Off Intersection With Lincoln Hwy (39,950 VPD)
- Multiple New and Renovated Developments within Half Mile including Aldi Expansion, Burger King $1.6M Renovation, Sam’s E-Fulfillment Center, and Pete’s Fresh Market
Offering Summary
Marcus & Millichap is pleased to offer the 100% occupied medical & daycare center (the “Property”) located at 20911 S Cicero Avenue in Matteson, Illinois approximately 30 miles south of Chicago. The Property provides the exceptional opportunity to acquire a 13,600 square foot “med-tail” center along one of Matteson’s busiest commercial corridors. The Property benefits from significant leasing momentum with built-in annual rental increases and 2023 renewals for both tenants. Specialty Physicians recently signed a new lease extension through February 2029 and Little Footprints recently renewed and expanded their suite by 1,280 square feet. Shadow anchored by Harbor Freight (opened 2022), the Property is ideally located in a highly traveled retail corridor with notable national retailers including Home Depot, Marshalls, PetSmart, Dollar Tree, ROSS Dress for Less, JCPenney, DaVita Dialysis, Starbucks, Panera, Potbelly, Culvers, and many more. The Property also features ample parking, prominent building signage, and a pylon visible from Cicero Avenue with traffic counts of 17,575 vehicles per day. Recent improvements include a new roof added in 2022 and exterior renovations in 2020. An adjacent developable lot is included in the sale.
Matteson is located within Cook County approximately 30 miles south of downtown Chicago. Matteson serves as a key commercial hub for the Chicago Southland submarket and the surrounding region. The Property is located in a thriving business environment home to more than 300 businesses with new developments since 2022 that include Matte57 Commerce Center, Matteson Center Park, Sough Suburban Humane Society, Central Park Truck Center, an Assisted Living Facility, new multi-family development, and more. Less than 0.25 miles from the Property is the proposed mixed-use development to replace the former Matteson Mall. Market Square Crossing is a master development plan that includes a mixed-use community with over 200,000 square feet of retail, 613 residential units, and a 2.3-acre town center with green space. The Property is located near many large employers including Amazon, Ford Motor, St. James Hospital – Chicago Heights, Governors State University, Matteson Auto Mall, Federal Signal Corporation, St. James Hospital – Olympia Fields, and many more. Positioned in a dense, affluent area with strong demographics, the Property benefits from a population of ±57,327 people with an average household income of $92,646 within a 3-mile radius.
