6422 N Sheridan

6422 N Sheridan is a 28,678 square foot multi-tenant Class A retail asset located in the Edgewater neighborhood of Chicago, IL. Completed in 2021, the property is a part of a great seven-story mixed use building through a commercial condo structure. The property is anchored by Target Corporation, which occupied 23,140 square feet on a 15-year net lease. Wintrust Bank, N.A. also leases 2,609 squae feet on a ten-year lease. 

Midloch is providing the senior loan to its operating partner, who is acquiring 6422 N Sheridan 89.8% occupied, with one 2,929 square feet suite vacant. Midloch's partner is investing in 6422 N Sheridan through a sealed-bid auction under recivership due to a seller default unreleated to property operations. Because of the distressed nature of the seller, Midloch and it's partner were able to invest in the property for $8,650,000, representing a 9.15% cap rate on year-one net operating income - which Midloch projects to be a significant discount to market pricing for retail in Chicago.

6422 N Sheridan benefits from its location siting directly across from Loyola University and steps away from the Loyola "L" station on the Red Line. The property offers strong connectivity through Sheridan Road, Lake Shore Drive (U.S. 41), and its nearby access to I-90/I-94 via the Edens Expressway. Its location provides direct access to downtown Chicago, a large student popualtion at Loyola, and a highly educated local labor pool.