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The Shops of Uptown

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					                                                          The Shops of Uptown
                                          Northwest Corner of Northwest Highway & Touhy Avenue
                                                                Park Ridge (Chicago MSA), Illinois



For further information contact owner’s exclusive representatives.




MIKE GEORGE                        JOE GIRaRdI
(630) 954-7323                     (630) 954-7392
mgeorge@midamericagrp.com          j.girardi@midamericagrp.com
  The Shops of Uptown offers a purchaser the opportunity to acquire true in-fill, barrier to entry,
  high-profile retail property in a town-center environment, located in the heart of Park Ridge.

INVESTMENT CONSIDERATIONS
● Surrounding Demographics – Located at the heart of Uptown, the area features one-of-a-kind boutiques, cafés, and
  downtown Park Ridge, The Shops of Uptown caters to an family-run businesses that have long attracted consumers to
  affluent and densely populated residential market combined Park Ridge. The historic Pickwick Theatre and the Park Ridge
  with a robust daytime office population, providing a strong Public Library (1,400+ visitors daily) are also located directly
  base for sales. Residents within a one-mile radius of the across the street from the Property.
  center were estimated to have average household income
  in excess of $115,000 in 2010, while the area within a three- ● Dynamic Tenant Mix – The Shops of Uptown features
  mile radius of the center was estimated to have over 155,000 creditworthy national and regional retailers that are leaders
  residents and 110,000 daytime employees in 2010.                in their respective categories, including Trader Joe’s, Chico’s,
                                                                  Houlihan’s, Indira “Aveda” Salon & Spa, Jason’s Deli, Jos.
● Transportation-Oriented Development – The Residences A. Bank, LensCrafters Optique, Verizon Wireless, Noodles &
  and The Shops of Uptown Park Ridge is a transportation- Company, and Scottrade. Excellent sales performance by tenants
  oriented development, allowing area residents to live, work, validates the center as one of the premier retail locations in the
  and shop without having to drive. Conveniently accessible market.
  from all forms of transportation serving the near northwest
  suburbs of Chicago, the development is located just 200 ● Stable Lease Expiration Schedule – The center features extremely
  yards away from the Park Ridge station for Metra’s Union stable tenancy, with approximately 63.5% of the leased space not
  Pacific/Northwest rail line (42,000+ daily ridership), while expiring until 2018 or later.
  the Cumberland station for the CTA’s O’Hare Blue rapid ● Distinguished Development – The Residences and The Shops of
  transit line (69,800+ daily ridership) is located only 1½ miles Uptown Park Ridge has received critical acclaim for its innovative
  to the south at the Kennedy Expressway (I-90).                  and sustainable planning and design. The project received the
● Irreplaceable Location – The Shops of Uptown is ideally          Gold award in 2008 for its transit-oriented and mixed-use focus
  situated within the central core of downtown Park Ridge,         from the Illinois Chapter of the american Planning association
  adjacent to the three-way intersection of Northwest Highway,     and was a winner in the “Neighborhood, District and Corridor”
  Touhy Avenue, and Prospect Avenue. The Uptown area is            category during the 2008 awards ceremony for the Illinois
  easily accessible by public transportation, numerous local       Chapter of the Congress for the New Urbanism. The project also
  thoroughfares, and both the Kennedy Expressway (I-90)            earned 2009 Crystal Key Award for Best Community and 2009
  and Tri-State Tollway (I-294). In addition to The Shops of       Gold Key Award for Best Overall Community (Suburban) from
                                                                   the Homebuilders Association of Greater Chicago.
LOCATION & MARKET                                                    architecture of Uptown. Each building stands on its own
                                                                     while also relating to adjacent buildings through the massing,
Park Ridge is a picturesque suburb encompassing an area of           window placement, masonry color, and detailing. In addition
seven square miles in northwest Cook County, approximately           to highly detailed and ornate exterior finishes, the project
fifteen miles northwest of downtown Chicago. The city is home        features a visually appealing fountain; decorative monument
to over 36,800 residents, as well as The Big Ten Conference          signs and directories; ornamental street lamps, benches, and
Headquarters and Meeting Center and Advocate Lutheran                planters; and highly decorative and colorful landscaping
General Hospital, which is one of the largest hospitals in the       with a wide variety of trees, flowers, and shrubs.
Chicago area and the only children’s hospital in the greater
north and northwest suburban region of Chicago. In addition,
Park Ridge boasts outstanding schools, parks, medical                TENANCY
services, and a centralized location within close proximity
                                                                     The Shops of Uptown contains 70,422 square feet of rentable
to O’Hare International Airport, major expressways, and rail
                                                                     area and has been leased up to an occupancy level of 90%.
transportation.
                                                                     The center is anchored by a 12,000 square foot Trader Joe’s,
                                                                     which accounts for 17% of the gross leasable area. Trader
The Residences and The Shops of Uptown Park Ridge has
                                                                     Joe’s operates 360 specialty grocery stores in 30 states and the
been described by city officials as “the largest redevelopment
                                                                     District of Columbia. The center’s dynamic tenant mix sets it
effort in generations”. The mixed-use project has sparked
                                                                     apart as a destination-oriented venue, with a complimentary
new public and private investment in the Uptown district
                                                                     and enticing variety of retailers, service providers, and
of Park Ridge, which is not only a convenient place to live
                                                                     eateries, including the men’s and women’s clothing chains Jos.
and shop, but an attractive place to gather, dine, and be
                                                                     A. Bank and Chico’s, fashionable eyewear chain LensCrafters
entertained in the charm of a small town ambiance with
                                                                     Optique, high-end home furnishings store Amphora, upscale
urban amenities. The Shops of Uptown is ideally positioned
                                                                     Aveda lifestyle salon and spa Indira, established financial
to serve the surrounding dense upper-middle-income
                                                                     services firm Scottrade, all-natural pet food and supplies store
communities by filling a retail void that had existed between
                                                                     Kriser’s, popular restaurant chains Jason’s Deli, Houlihan’s,
Westfield Old Orchard and Golf Mill Shopping Center to the
                                                                     Noodles & Company, and local favorite eateries Eggsperience
north, Lincolnwood Town Center to the east, and Harlem
                                                                     Pancakes & Café and Blufish Sushi Bistro.
Irving Plaza to the south.
                                                                     The Shops of Uptown features significant creditworthy
PROPERTY DESCRIPTION                                                 tenancy, including corporate leases for Trader Joe’s, Chico’s,
                                                                     Houlihan’s, Jason’s Deli, Jos. A. Bank, LensCrafters Optique,
The Residences and The Shops of Uptown Park Ridge is a               Noodles & Company, and Scottrade, and personal guarantees
mixed-use community developed around a European-style                for the Amphora, Blufish Sushi Bistro, Verizon Wireless,
plaza, with luxury row homes and townhouses adjacent to              Eggsperience Pancakes & Café, Indira “Aveda” Salon & Spa,
luxury condominiums and lofts above first-floor retail space.        Jack & Jill Haircuts, Kriser’s and Uptown Dentistry leases. In
The Residences and The Shops of Uptown Park Ridge was                addition, ownership is currently in discussions with several
developed in three phases from 2006-2009.                            national and regional retailers for the remaining space at the
                                                                     property.
The subject offering consists of 70,422 square feet of first floor
retail space. The subject offering is situated on approximately
156,134 square feet or 3.6 acres of land. Parking is provided        PRICING
by two city-owned parking lots within the development,
                                                                     The Shops of Uptown provides investors with stable in-place
including two surface lots containing 117 parking spaces and
                                                                     cash flow from a roster of creditworthy national tenants
a two-level underground parking garage with 470 parking
                                                                     under long term leases. The Shops of Uptown is being offered
spaces (183 garage spaces are deeded to residential owners
                                                                     without an asking price.
within the development).
                                                                     “In-Place” Net Operating Income:                 $1,476,231
Designed by architect OKW Architects, The Residences
                                                                     “Stabilized” Net Operating Income:               $1,739,423
and The Shops of Uptown Park Ridge carefully integrates
pedestrian and vehicular movement throughout the property
and is complimented by thoughtful building massing
and high-quality materials, which relate to the traditional
For further information contact owner’s
exclusive representatives.




       MIKE GEORGE
       (630) 954-7323
       mgeorge@midamericagrp.com

       JOE GIRaRdI
       (630) 954-7392
       j.girardi@midamericagrp.com

				
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posted:10/19/2011
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