Acquisition Date: December 2022
The property is shadow anchored by Target, Burlington, Hobby Lobby, Office Max, Party City, Big Lots, and others. There are very few outparcel buildings along the Randall Road corridor in Elgin/South Elgin. The Randall Road corridor is the main retail shopping destination for Elgin/South Elgin and is a main artery for north-south travelers in the western suburbs. There are over 40,000 vehicles per day that travel along Randall Rd at the Property. This highly visible outlot is a .94 acre parcel with a 3,700 square foot building with drive-thru. The strong traffic counts, visibility, national anchor tenants, and affluent market make this location an ideal investment opportunity.
Elgin is a growing community with affluent demographics. The population has grown by 6% in the past decade increasing from 108,000 people to 115,000 residents. Elgin ranks high in the Chicago metropolitan area in new home construction and in new home closings. The surrounding area features excellent demographics with over 73,000 residents in a 3-mile radius and over 150,000 in a 5-mile radius. The average household income in a 5-mile radius is $103,000 per year providing strong spending power from the residents. There is a stable and diverse workforce in Elgin stemming from the top employers which include the JP Morgan Chase regional campus, Advocate Sherman Hospital, Fisher Nuts, Provena Saint Joseph Hospital, and other medical/financial/educational/manufacturing companies. Elgin is also home to Elgin Community College with an enrollment of over 8,000 undergraduate students.