Gillespie Plaza

Gillespie Plaza is situated at the NWC of Pulaski Road and 47th Street in Chicago, IL. The site has excellent visibility and exposure to over 37,700 VPD on Pulaski and 18,000 VPD on 47th Street. The plaza offers a very rare sizeable parking lot, nearly 50 parks, which is well above the average for high density / trafficked urban Chicago site. The immediate trade area offers a plethora of national retail brands along with multiple large industrial sites nearby, offering a large daytime population that is over 10,000 workers within one mile of the property. There are many notable anchors and shopping centers in the immediate corridor including Target, Pete's Fresh Market, Planet Fitness, Walgreens, Greater Chicago Food Depository, and The Pulaski Promenade which boasts a strong lineup including Ross Dress For Less, Michaels, Marshalls, Petsmart and more. Gillespie Plaza also enjoys strong demographics with a population of over 20,000 within one mile and nearly 270,000 within 3 miles. The site is a half mile from Interstate 55 and only four blocks from the Pulaski CTA Metro Orange Line train station.SVN Chicago is pleased to present Gillespie Plaza, a net leased shopping center located at 4620 - 4654 S. Pulaski Road in Chicago, IL. The retail shopping center investment consists of two freestanding buildings anchored by Lowe's Outlet (Lowe's Home Improvement) along with an outlot building leased to T-Mobile. The center has a rare dedicated parking lot with more than ample parking for both tenants onsite. Both Lowe's Outlet and T-Mobile are in very landlord-friendly NNN leases with strong term remaining. Lowe's Outlet (guaranteed by Lowe's Home Improvement) is an appliance focused location of the Lowe's overall brand and an ideal tenant for urban rooftops in the immediate area. Lowe's Outlet's lease commenced in September of 2020 and they just exercised their first five-year option at 10% rent increase which puts them in place until September of 2030 with one remaining five-year option with an additional 10% rent increase. T-Mobile is the second tenant in the shopping center and has operated as a cell phone store at the site since 2007. The current lease guaranteed by T-Mobile corporate and commenced in January of 2019. They are currently in the beginning of their first five-year option. Gillespie Plaza offers investors a core urban asset with excellent credit tenants and presents passive opportunity for any investor.