Value-add strip retail, off I-94
Strata US acquired Pinewood Crossing at 87% occupancy, whiteboxed the vacant bays, and leased the center to 100% — lifting net operating income by more than a third and re-appraised value by $1.85M since acquisition.
| Type | Strip Retail Center |
| Square Feet | 31,800 |
| Acres | 2.96 |
| Year Built | 2007 |
| Zoning | COM — C-2 Community Commercial |
| Flood Zone | Not in a flood area |
| Access | N Dilleys Rd & Pinewood Rd |
| Frontage | 400 ft (N Dilleys) / 670 ft (Pinewood) |
Golden Corral
The largest buffet chain in the U.S., with nearly 400 locations and over $1.6B in system sales. Average unit volumes exceed $4M, driving reliable rental income and steady foot traffic for the rest of the center.
Prairie Orthodontics
A specialty healthcare tenant in an essential, recession-resistant category. Heavy investment in buildout and a loyal, appointment-based client base support long lease terms and low turnover.
Access
- 30 minutes to O'Hare International Airport
- 50 minutes to downtown Chicago
- Direct access from Interstate 94 via Grand Avenue
- 400 ft of frontage on N Dilleys Rd, 670 ft on Pinewood Rd
Surrounding draw
- Gurnee Mills, one of the largest outlet malls in the Midwest, next door
- Six Flags Great America & Hurricane Harbor across I-94
- National big-box, dining and hotels along Grand Ave — a Hampton Inn shares the corner
- Established residential neighborhoods immediately north and west
Nine months, from 87% to fully leased
What Strata US did with the asset, in order — and what changed on the rent roll between the day of closing and the six-month re-appraisal.
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August 2025 — Acquisition
Bought at 87% leased
Sourced in the Gurnee Mills corridor with both anchors — Golden Corral and Prairie Orthodontics — in place on long-term leases. Two inline bays, 4,260 SF, sat vacant and were priced into the basis.
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Fall 2025 — Reposition
Fix the plant first
Vacant bays whiteboxed to lease-ready condition, new concrete slab work, HVAC serviced, and the full exterior repainted — the immediate capital program completed in the first months of ownership.
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Winter 2025–26 — Lease-up
Leased to 100%
Both vacant bays leased to neighborhood-service operators on new triple-net leases, taking the rent roll from seven tenants to nine and the center to fully occupied.
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May 2026 — Six-month mark
+37% NOI, +$1.85M value
Stabilized rent roll re-appraised $1.85M above the purchase valuation, with net operating income up more than a third — the basis for a refinance on stabilized income.
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2026–27 — Hold & refinance
Operate, refinance, return capital
Planned site program — sealcoating and restriping, roof maintenance, and an updated monument sign — while the stabilized income supports a refinance and Strata continues to operate the asset.
| Metric | Aug 2025 | May 2026 | Change |
|---|---|---|---|
| Occupancy | 87% | 100% | +13 pts |
| Vacant space | 4,260 SF | 0 SF | −4,260 SF |
| Tenants | 7 | 9 | +2 |
| Net operating income | Base | +37% | +37% |
| Appraised value | Purchase basis | +$1.85M | +$1.85M |
| New lease structure | — | NNN |
Tenant mix today: buffet restaurant, orthodontics, chiropractic, optometry, veterinary, salon, sushi, dog training — essential and appointment-driven services rather than soft-goods retail. Figures from internal Strata reporting as of May 2026.
The same sequence Strata applies to every Midwest acquisition: buy below replacement cost, fix the physical plant, lease to credit and essential-service tenants, then refinance on the stabilized income. See what we're buying next →