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JLL has been retained on an exclusive basis to offer qualified investors the opportunity to acquire Hawthorn Commons (the “Property” or “Offering”) – a recently constructed 48,942 square foot mixed use offering anchored by Northwestern Medicine (S&P: AA+) in the heart of one of Suburban Chicago’s most attractive submarkets, Vernon Hills.
The Property is currently 86% leased and features best-in-class medical anchor Northwestern Medicine and a diverse range of service restaurant, and medical tenancy including T-Mobile and Uncle Julio’s Mexican Restaurant. Northwestern makes up 50% of in-place revenue on a long term lease through May 2031. A rare combination of contractual rent bumps andease up potential create an opportunity to realize over 30% NOI growth in a 10 year period.
Hawthorn Center is located on the most visible and heavily trafficked corner of the Vernon Hills regional retail corridor which features over 4 million square feet of Class A retail space. This submarket caters to several of Chicago’s affluent North Suburbs including Lake Forest, Lake Bluff, Lincolnshire, Libertyville, and Buffalo Grove.
- INVESTMENT GRADE CREDIT MEDICAL ANCHOR - NORTHWESTERN MEDICINE:
- Fitch AA+ / Moody’s Aa2 | S&P AA+
- Occupies 23,898 SF (45% of GLA) on a long-term lease through 2031
- SUBSTANTIAL NOI GROWTH:
- Over 30% Projected NOI Growth from Contractual Increases and Lease Up Potential
- RARE “MEDTAIL” INVESTMENT OFFERING WITH PANDEMIC RESILIENT TENANT BASE:
- The Offering represents an exciting and synergistic intersection of medical office, restaurant, and service uses
- DOMINANT REGIONAL RETAIL CORRIDOR:
- Mellody Farms – a $250mm development by Regency Centers with over 3.3M annual visitors (Placer AI)
- Hawthorn Mall – A 1M+ SF Regional Mall owned by Westfield/USAA/Centennial featuring over 200 Stores, and 2.8M+ Annual Visitors (Placer AI)
- STRONG CREDIT & NATIONAL TENANCY:
- 60% of in-place income leased to investment grade credit, which boasts a 9 year WALT
- 92% of in-place income leased to national tenancy
- PROMINENT FRONTAGE/VISIBILITY:
- The Property is located on the hard corner at the NWC of Milwaukee Avenue and Towline Road providing unmatched visibility and branding with over 61,000 vehicles passing per day
- SUBMARKET DENSIFICATION:
- Due to the surging demand for suburban living, there are over 998 new residential units that have been delivered or are under construction within a 1-mile radius of the Property
- AFFLUENT NORTH SHORE CONSUMER BASE:
- $153,000+ Avg. Household Income with 75% of residents holding a bachelor’s degree or higher in a 3-Mile radius