Starbucks Anchored Retail Center — Sale in Wheeling, IL
- Price: Contact for price
- Listing type: For sale
- Asset type: Retail Business
- Location: Wheeling, IL 60090
- Year built: 1985
Photos
Investment Figures
- Cap rate
- 7.75%
Derived from the asking price and operating figures published for this listing. Informational only — not an appraisal, valuation or financial advice. Verify independently before relying on any figure.
Description
Marcus & Millichap is pleased to present the opportunity to purchase the fee simple interest in Lexington Commons, a 27,000 square foot stabilized neighborhood retail center. Lexington Commons is anchored by a drive-thru Starbucks positioned on an outparcel with unobstructed visibility at the signalized intersection of Lake Cook and Lexington. Lexington Commons offers stable cash flow at an appealing asking cap rate. The weighted average lease term is 5 years, and at 100% occupancy and an acquisition basis of $200 per square foot, the property’s pricing metrics are uniquely aligned and difficult to find in the current market. The property is well configured given the current demand for small, equally sized suites. Each tenant has internally illuminated channel signage and there’s a striking pylon sign, also featuring internal illumination, positioned at one of the property’s access points. The state of Illinois completed extensive roadwork on Lake Cook that wrapped in 2022, but which suppressed economic activity on the thoroughfare, particularly in the sensitive days as we emerged from the pandemic. As a result, a handful of tenants at Lexington Commons went out of business, and many were weakened. However, the boom in small shop leasing over the last few years has significantly bolstered neighborhood retail, leaving centers like Lexington Commons stronger as a result. The raft of recent lease extensions and signings can be directly attributed to this rising tide lifting all boats and contributes to the trend towards vibrancy and stability in neighborhood retail. This is an opportunity to purchase a high-quality neighborhood retail center with a diversified tenant mix and nearly every retail fundamental an investor could hope to find buoying the property. Investment Highlights: • Well-built, 100% occupied neighborhood retail center in Suburban Chicago located at a signalized intersection on the border of Buffalo Grove and Wheeling • Anchored by a Drive-Thru Starbuc
Market Context
This retail in Wheeling, IL is listed for sale. It is offered at an approximate 7.8% capitalization rate, a key benchmark for income-producing retail assets. The building dates to 1985. Compare it against other retail listings for sale in Wheeling, IL — view the full market.
As of Q4 2025, the Chicago retail market showed a 5.1% vacancy rate, average asking rents near $19.00/SF/yr, rents up 2.4% year over year, and cap rates around 7.9%. Source: multiple brokerage reports, Q4 2025.
Its 7.8% asking cap rate is in line with the Chicago retail market average of about 7.9%. Rising rents point to a competitive market where well-priced, well-located assets trade quickly.
Retail market FAQ
- What is the typical cap rate for retail in Chicago?
- About 7.9% as of Q4 2025, per multiple brokerage reports.
- Is the Chicago retail market tightening or softening?
- Vacancy is around 5.1%, with asking rents rising year over year (Q4 2025).
Estimated Price per SF
$56.15/SF – $408.36/SF
Mid: $170.15/SF
About 8 in 10 recent recorded sales fell within a range this wide around the estimate. An automated estimate, not an appraisal.
Contact
- Mitchell Kiven · (312) 624-7006 · mitchell.kiven@marcusmillichap.com
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