Strip Center plus Land - Woodridge, IL

Sold with the adjacent 2.75 acres of land.

Colliers is pleased to present this unanchored strip center and adjacent land at the hard corner of 83rd St and Janes Avenue with a common address of 8258-8290 S. Janes Avenue in Woodridge, IL. The property is one intersection west of I-355 and boasts a 23,205-square-foot strip center and additional land totaling 2.75 acres available for future development.

The strip mall is anchored by a food mart and service-oriented tenants. The average tenancy is 13.5 years and the majority of rents are below market. The property benefits from a strong demographic profile, with a population of over 88,000 within a three-mile radius and an average household income of over $128,000.

The adjacent land presents an opportunity for further development, with potential uses including additional retail, medical, or residential space. The property is zoned B-3, which allows for a variety of commercial uses playing off the quality location and the number of residents in the area.

The opportunity to acquire this strip mall and adjacent land provides stable income with upside by leasing the two vacant suites and value add through the development of the additional land. The offering price for the strip center is $4,225,000 (8% cap on year 1 NOI) while the land is offered at $1,500.000.