Westwood Financial LLC, a leading retail real estate investment firm, has acquired a 2,800 square foot retail condominium anchored by Amazon in Chicago’s Lincoln Park neighborhood.Located at the southwest corner of Webster and Sheffield Avenues in the heart of Lincoln Park, one of Chicago’s most affluent neighborhoods, Amazon occupies the ground floor of a mixed-use building which features 3-stories of luxury residential condominiums above. This asset is one of four brick and mortar locations in the Chicago MSA.
The location benefits from a dense population of over 500,000 within a 3-mile radius combined with a strong daytime population of over 600,000 and an average household income of over $115,000.
The store is situated across the street from DePaul University, the largest Catholic higher education institution in the country with a total enrollment of over 23,000 students—3,000 of which live on campus. The property is adjacent to the Armitage and Halsted Shopping district, which is comprised of approximately 100,000 square feet of national and local boutique retailers including Bonobos, Warby Park, CorePower Yoga, Starbucks, Orange Theory, MAC, La Colombe, L’Occitane and Lululemon.
Westwood Financial CEO Joe Dykstra commented, “Westwood’s acquisition of the Lincoln Park Amazon retail store is representative of not only our desire to increase our urban Chicago footprint, but more importantly, it is indicative of the convergence between online and brick-and-mortar retail and the importance of last mile distribution.