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4905 Old Orchard Ctr

Updated Dec 4, 2024

Pottery Barn Signs 15,000 SF Lease At Westfield Old Orchard In Skokie
LEASEDRetail

Pottery Barn Signs 15,000 SF Lease At Westfield Old Orchard In Skokie

4905 Old Orchard Ctr

Building Size

15,000 SF

Asset Type

Retail

Closing

Dec 19, 2023

About this deal

AI

Pottery Barn has signed a lease for a 15,000-square-foot retail space at Westfield Old Orchard in Skokie, near Chicago. The space was previously occupied by Lord & Taylor and is part of a redevelopment plan that includes new residential space, restaurants, and wellness facilities. The opening of Pottery Barn is scheduled for summer 2024.

Summary of transaction details

  • Property Type: Retail
  • Transaction Amount: Lease
  • Address: 4905 Old Orchard Ctr, Skokie
  • Market: Skokie
  • Asset Size: 15,000 SF
  • Tenant: Pottery Barn
  • Tenant's Representative: Marta Benson

This lease agreement adds Pottery Barn to the roster of retailers in the 115,000-square-foot space at Westfield Old Orchard. Marta Benson, representing Pottery Barn, played a key role in securing the lease at this prime location near Chicago.

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Skokie Retail Market Snapshot

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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