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1580 S Milwaukee Ave, Libertyville, IL 1590 S Milwaukee Ave, Vernon Hills, IL
Hilltop Executive Center
Asset ClassOffice, Retail, Healthcare Facility
overview of deal

Overview

Marcus & Millichap is pleased to present Hilltop Executive Center, a well-occupied Office investment opportunity for qualified investors. This well-maintained office complex comprises two professional buildings totaling 86,880 square feet, strategically located with prime frontage along Milwaukee Avenue, just minutes from downtown Libertyville, Illinois.

 

The property is currently 80.45 percent occupied by 80 tenants, including 31 healthcare-related businesses, underscoring the site's strong appeal to the medical services sector. A notable anchor is The Parched Pug, a popular local restaurant and bar located at the ground level between the buildings. The establishment drives significant foot traffic and contributes to tenant retention, while also serving as a draw for customers along the high-visibility Milwaukee Avenue corridor.

 

Tenant stability remains strong—the average lease commencement is 2018, reflecting long-standing tenant relationships and consistent occupancy despite shorter lease terms. This presents a near-term value-add opportunity to increase cash flow by leasing the remaining vacant office suites and negotiating lease renewals to extend the weighted average lease term.

 

Situated on 5.1 acres of prime Milwaukee Avenue frontage, the site includes a pond amenity facing Milwaukee Avenue and benefits from excellent visibility, with daily traffic counts averaging 32,900 vehicles. The location, land size, and zoning flexibility present additional potential as a covered land play, offering long-term upside into the future through redevelopment into retail or multifamily, consistent with surrounding area trends.

 

In a market characterized by high barriers to entry, this offering represents a rare opportunity to acquire a cash-flowing asset with significant upside potential for both the short and long term.

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Investment Highlights

  • In-place 10.7 percent Capitalization rate with a 14.8 percent in-place Cash-on-Cash return, providing strong immediate income.
  • Even more attractive pro-forma 13 percent Capitalization Rate and 16.7 percent Cash-on-Cash Return.
  • Diverse rent roll with 31 healthcare-related tenants among 80 total tenants, offering sector stability. The Parched Pug, a high-performing restaurant and bar, drives foot traffic and enhances tenant retention.
  • On-site maintenance team provides immediate support and operational efficiency. Ample on-site parking, including a covered section, increases convenience and tenant satisfaction.
  • BRAND NEW Roof on the 1590 building (2025). 1580 was replaced in 2019 and the Galleria in between in 2020. Shared conference room located on the fifth floor of 1580 Milwaukee Avenue for tenant use.
  • Prime location on Milwaukee Avenue, a major corridor with 32,900 vehicles per day. Positioned on 5.1 acres, offering potential for retail or multifamily redevelopment.
  • Located in a high-income area, supporting both existing use and long-term redevelopment upside.
  • Financing available through Marcus & Millichap Capital Corporation (MMCC).
1580 S Milwaukee AveLibertyville, IL 60048

Sales Team

Joshua VelickAssociate Investments

License #: IL #475207778

(312) 624-7055joshua.velick@marcusmillichap.com
John Abuja, CCIM, SIORSenior Managing Director

License #: IL:471.007675

(312) 327-5412john.abuja@marcusmillichap.com

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