39 W North Ave | Northlake, IL 60164
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39 W North Ave
Northlake, IL 60164
ASCEND Wellness · Retail Property For Sale
Investment Highlights
- Long-Term, Absolute NNN Lease w/ Annual Rent Increases
- Full 2023 Property Renovation w/ Significant Tenant Investment
- Excellent Local and Regional Access in Strong Industrial Market | Expanding Cannabis Market in Limited-License State
- Corporate Guaranty from Publicly Traded Multi-State Operator
- Highly Trafficked Retail Corridor w/ Excellent Visibility
- Near Chicago O’Hare International Airport & Public Transportation | Chicago MSA Acquisition Opportunity w/ Strong Demographics
Executive Summary
Northmarq on behalf of Ownership as its exclusive advisor, is pleased to offer for sale to qualified investors, the opportunity to purchase a fee-simple interest in the ASCEND Wellness cannabis dispensary located in Northlake, IL (“The Property”). The Property consists of a 4,940-square-foot freestanding retail building that is 100% occupied by ASCEND Wellness (OTCQX: AAWH). The Property is an outparcel to a Sam’s Club, Walmart and Home Depot, strategically positioned along North Avenue, and underwent a full renovation in 2023 encompassing a new roof, HVAC, updated plumbing/bathrooms and new parking lot. ASCEND Wellness is operating under an absolute net lease with approximately 11 years of base term remaining and two (2), five (5) year options. Additionally, the lease features 3.00% annual rent escalations and zero landlord responsibilities. See Lease Abstract for full details.
The Property is located in Northlake, Illinois, a suburban neighborhood 15 miles west of downtown Chicago, within the Chicago metropolitan area. With a population of over 9.6 million residents, the Chicago MSA is the third-largest metro area in the country, presenting an opportunity to acquire real estate with high residual values. The Property is strategically located within a dense retail trade area along North Avenue, adjacent to the I-290 and I-294 interchange, providing the real estate with excellent visibility, local and regional access.
The Property is located in Northlake, Illinois, a suburban neighborhood 15 miles west of downtown Chicago, within the Chicago metropolitan area. With a population of over 9.6 million residents, the Chicago MSA is the third-largest metro area in the country, presenting an opportunity to acquire real estate with high residual values. The Property is strategically located within a dense retail trade area along North Avenue, adjacent to the I-290 and I-294 interchange, providing the real estate with excellent visibility, local and regional access.
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront
Building Size
4,940 SF
Building Class
C
Year Built/Renovated
1968/2023
Price
$3,862,500
Price Per SF
$782
Cap Rate
8%
NOI
$309,000
Tenancy
Single
Building Height
1 Story
Building FAR
0.30
Lot Size
0.38 AC
Parking
31 Spaces (6.28 Spaces per 1,000 SF Leased)
Frontage
113 FT on W North Ave
PROPERTY TAXES
Parcel Numbers | Improvements Assessment | $65,589 | |
Land Assessment | $67,362 | Total Assessment | $132,951 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$67,362
Improvements Assessment
$65,589
Total Assessment
$132,951
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