Potbelly + Midwest Express - Matteson, IL

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer for sale the fee-simple interest in a freestanding, two-tenant retail asset (the “Property” or “Asset”) located in Matteson, IL. The Asset’s tenant lineup consists of two e-commerce resistant retailers with Potbelly Sandwich Shop, serving their famous sub sandwiches at more than 440 locations across the nation and Midwest Express Clinic, one of the largest urgent care providers in the Chicagoland and Northwest Indiana markets. Both tenants are operating on a double-net lease structures, with limited landlord responsibilities and 9.8 years of WALT. The Asset is located along the Lincoln Highway (37K VPD) and directly across the street from major national retailers including PetSmart, Home Depot, Burlington, Ross Dress and Marshalls. The asset is also located within blocks of the Holiday Inn, Quality Inn, Country Inn & Suites and Hampton Inn. This opportunity provides long-term value with a consistent, and growing income structure.

HIGH-QUALITY MEDICAL + RETAIL TENANCY

• Midwest Express Clinic is a fast-growing, urgent care company that has significantly expanded since it’s creation in 2012. The urgent care provider added six new clinics in 2021, with continued expansion planned throughout Northwest Indiana and the Chicagoland markets.

• Potbelly is one of the largest sandwich chains in the U.S. with over 440 restaurants across the nation. Potbelly’s sales have seen a strong recovery since the pandemic, reaching over $380 million for the year and fourth-quarter same-store sales growth of 33.8% for Q4 2021.

LONG-TERM NET LEASE STRUCTURE

• Both tenants are operating on double-net lease structures with 9.8 years of WALT, featuring minimal landlord responsibility and significant contractual rent increases, providing a secure and consistently growing cash flow.

STRATEGIC REAL ESTATE POSITIONING

• The Asset is located directly along Lincoln Highway (37K VPD) within the area’s most trafficked retail corridor with AHHI near $100K and 140K+ residents within a five-mile radius.

CLASS 8 PROPERTY TAX PARTICIPANT

• The Asset is an established Class 8 real estate tax incentive participant as provided by the Cook County Department of Planning and Development program, drastically reducing the property tax assessed value and real estate tax expense for both Potbelly and Midwest Express Clinic.