Market by Macy's - Evergreen Park, Illinois
Market by Macy's - Evergreen Park, Illinois
Long-Term Lease | One of a Kind Store Design | Preferred Rent Escalations | Strategic Last Mile Distribution Center | Outstanding Foot Traffic Data | Fantastic Demographics
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BJ Feller is a Senior Vice President and Managing Director of Northmarq’s Chicago office, leading a team of professionals specializing in the disposition and acquisition of net lease retail, office and industrial properties nationally. Feller represents a broad range of institutional, private, and international clients, and has completed transactions in excess of $4.5 billion across 39 states, consistently providing strong results for clients. Before joining Northmarq, Feller served as Managing Director and Partner and a founding member of Stan Johnson Company’s Chicago office.
Prior to Stan Johnson Company, Feller served as development manager for the Chicago-based development firm IBT Group and was responsible for the acquisition, coordination, and development of new retail and mixed-use projects throughout the Midwest.
- International Council of Shopping Centers (ICSC)
- National Association of Industrial and Office Properties (NAIOP) – Chicago Chapter
- Urban Land Institute
- Real Estate Investors Association
- Young Real Estate Professionals of Chicago
- University of Michigan Real Estate Alliance, Co-Founder
- University of Michigan, B.A., Economics, Political Science, and History
- Property Type
- RetailIndustrial
- Deal Type
- Acquisition
- Risk Profile
- Core Plus
Northmarq is pleased to offer for sale to qualified investors, the opportunity to purchase a fee simple interest in the Macy’s property located in Evergreen Park, Illinois (“The Property”). The Property consists of a 120,000 square foot retail building on a 2.03-acre parcel of land. Macy’s will operate under a lease with 9+ years of term remaining, in a one-of-a-kind store design which includes a strategic last mile distribution center. Additionally, Macy’s lease features an 8.3% rent escalation in the 6th year of the base term, and additional escalations of 9.2% and 12.7% at each extension option, respectively, providing investors with a boost to overall cash flows and a significant hedge against inflation.
The Property is located in Evergreen Park, Illinois, a village within Cook County and about 12 miles from the Chicago loop. Evergreen Park is located within the Chicago Metropolitan Area, which has a combined population of over 2.7 million residents. Located within the newly redeveloped Evergreen Plaza Shopping Center, which is home to several nationally recognizable retailers such as Whole Foods, TJ Maxx, and Starbucks, the Property benefits from outstanding foot traffic data. The Evergreen Plaza Shopping Center ranks in the top 4% of all shopping centers nationwide in foot traffic, with over 4.6 million visits in the last 12 months. Additionally, the Property is located in a strong demographic environment with over 580,000 residents living within a 5-mile radius, and an average household income of $149,156 annually within a 1-mile radius. These demographics are ideal for Macy’s and will allow the store to grow a large, loyal customer base.
Macy’s is a chain of American department stores that was originally founded 163 years ago in New York City. Macy’s is one of the most notable department store brands in the world, as of 2015, they were the largest U.S. department store company in retail sales. Macy’s is owned and operated by Macy’s, Inc. Macy’s, Inc. is headquartered in New York City, NY, and has about 90,000 employees and 725 different store locations. On top of being a S&P 400 component, Macy’s, Inc. reported strong TTM financials in 2022, including over $25.9 billion in revenues, and a net income of more than $1.54 billion.