Investment Highlights: Top Performing Chicago MSA Walmart Location • Largest Suburban Trade Area - Anchored By Woodfield Mall (27M Annual Shoppers) • Recent $3M Renovation Completed By Walmart • Absolute Corporate NNN Lease - No Landlord Responsibility • Irreplaceable Retail Location - Situated at the Intersection of Golf Rd. & Algonquin Rd. (61,600 VPD) • World's Largest Company - Walmart Stores, Inc. has $482B in Revenue and AA/Stable (S&P) Credit Rating
Investment Highlights: Possibility for New Sam's Club Concept to Occupy Space • Significant Value-Add Opportunity by Re-Leasing Space • Four Years of Term Remaining • Absolute NNN • Largest Suburban Trade Area - Anchored By Woodfield Mall (27M Annual Shoppers) • Irreplaceable Retail Location - Situated at the Intersection of Golf Rd. & Algonquin Rd. (61,600 VPD) • World's Largest Company - Walmart Stores, Inc. has $482B in Revenue and AA/Stable (S&P) Credit Rating
Outlot to Major Power Center – Geneva Commons is one of the strongest performing lifestyle centers in the Chicago MSA. Dominant Retail Corridor – The property features over 400 feet of frontage along Randall Road, one of Chicagoland’s most dominant retail corridors, with over 2.5 million square feet of retail. Passive Net Leases - All tenants pay their pro-rata share of CAM, taxes, insurance, and capital expenses (amortized), plus management / admin fees, providing virtually zero slippage of expenses. Attractive Tenant Line-Up – Leased to a complimentary mix of national and regional tenants including ATI Physical Therapy, Vitamin Shoppe, Verizon Wireless, Jimmy John’s, Precor Fitness, Lou Malnati’s Pizza, and others. Affluent Chicago Suburb – There are over 60,000 residents earning an average household income in excess of $126,000 within 3 miles. Major Growth Area - Directly behind Geneva Commons is a recently completed 256-unit multifamily development. Another 670 residential units are expected to be delivered in November 2019. Value-Add Potential - Opportunity to add value to this historically well-occupied center through the lease-up of the last remaining space. Attractive Assumable Debt - The property features attractive non-recourse assumable debt, providing a new owner with strong cash-on-cash returns.
100 Percent Occupied, Five-Tenant Center All Tenants Operate Under Triple-Net Leases, Including Roof and Structure Signalized Intersection with 50,280 Vehicles Per Day Average Lease Term of 5.32 Years Remaining 55,630 Residents and $103,000 Annual Income within 3 Miles
Long-Term Lease There is a long-term lease in place with Egg Harbor Café, who recently signed an early 10-year lease renewal. Future Upside Potential The offering includes two separate parking lots, a rare amenity for downtown Wheaton. In addition The Perfect Thing is currently paying under market rent. Strong Rent Increases Both tenants feature 2% annual rent increases during the primary term and option periods. Wheaton Metra Station Located less than one block from the Wheaton Metra Train Station where an estimated 1,500 passengers board this station each weekday. Ranked #1 Best Place to Live in Illinois Wheaton is ranked as Illinois #1 “Best Place to Live” by Money Magazine in 2019. The magazine ranked Wheaton as the #27 “Best Places to Live” in the country. Additionally, Wheaton College (5-minute walk) is consistently ranked one of the top private colleges in the country.
Absolute NNN Lease – This long-term lease features zero landlord responsibilities. Corporate Brinker Lease – The property features a corporate lease with Brinker, one of the world’s leading casual dining restaurant companies, with more than 1,600 restaurants in 31 countries, serving over 1 million customers per day. Attractive Annual Rent Increases – 1.5% rent escalations each year throughout the initial term and during each of the four 5-year option periods. Strong Regional Market – Outlot to Home Depot and Meijer Supermarket with other major national tenants in the immediate area including Menards, Jewel-Osco, Starbucks, Chipotle, Wendy’s, McDonald’s, Jimmy John’s, and Dunkin’ Donuts, among others. Affluent Demographics – The trade area caters to 94,641 residents earning $121,000 average annual income within 5 miles of the property.
Investment Grade Credit – Advance Auto Parts is BBB- investment grade credit and is a leading automotive aftermarket retailer with over 5,200 locations. • Dense Chicago Neighborhood – There are over 312,400 residents earning average household incomes of $81,000 within 2 miles of the property. • Minimal Competition – This is the only national auto-parts retailer within 3 miles and combined with high barriers to entry, will provide long-term success for the tenant. • Nearby Regional Access – The property is 1 mile west of the I-90/94 Expressway which leads 7 miles southeast to downtown Chicago and 7 miles west to O-Hare Int. Airport. • Primary East-West-Thoroughfare – The site is located along Montrose Avenue with exposure to more than 22,300 VPD. Other retailers in the area include: Starbucks, Walgreens, McDonald’s, Chase Bank, Wendy’s, and many others.
Corporate Lease - An original 12-year absolute NNN corporate lease with Panera Bread Company. Strong Rent Increases - Featuring a 10% rent increase in the initial term and each of the three option periods. Below Average Rent & Price Point - Relatively low rental rate for this regional sub-market of Indianapolis. International Hub - The nearby Indianapolis Airport supports the second largest FedEx hub in the world, making it the 8th busiest airport in the US in total pounds of cargo. Amazon, Home Depot, Pep Boys, Dick’s Sporting Goods, and many others have major distribution facilities nearby which employ over 6,000 workers. Robust Population - Plainfield has one of the fastest growing populations within the MSA and there are over 104,600 daytime employees within 5 miles.
Investment Grade Credit – Advance Auto Parts is BBB- investment grade credit and is a leading automotive aftermarket retailer with over 5,200 locations. • Signalized Intersection – The site is situated at the signalized intersection of Western Avenue and Marquette Road, providing strong visibility and exposure to over 48,700 vehicles per day. • Major Auto-Service Corridor – The site is located along Western Avenue and surrounded by numerous auto dealerships and service centers. Nearby retailers include AutoZone, O’Reilly Auto Parts, Chevrolet, and Walgreens among others. • Strong Historical Occupancy – Advance Auto Parts has occupied the site for nearly 12 years, showing a strong commitment to this location.
RECENT LEASE EXTENSION - Staples recently executed a new lease extension at below-market rent. Additionally, there are three, 5-year options with a 24% rent increase in the first renewal option, providing significant upside to an investor. BELOW REPLACEMENT COST - The property is priced well-below replacement cost. The property features a brand-new roof and is currently undergoing a full exterior tuck-point and repaint. PASSIVE NET LEASE INVESTMENT - Tenant directly maintains all common area expenses including snow removal, landscaping, utilities, and basic parking lot maintenance. Tenant reimburses landlord 100% for real estate taxes and property insurance. MAJOR CORPORATE-CREDIT TENANT - Staples is one of the largest office supply companies in the world with over $18.25 Billion revenue and 1,220 locations the US, South America, and Asia. In 2017, Staples was acquired by Sycamore Partners, a leading national private equity investment firm which manages over $10 billion in assets. REGIONAL RETAIL TRADE AREA - The property is centrally located in the Middletown regional retail trade area (7-mile radius), encompassing 137,790 residents, 53,634 employees, and $1.77 Billion in retail consumer expenditures in 2017. The Middletown trade area is anchored by the 328-bed Atrium Medical Center 1-mile to the east. GROWING BUSINESS ENVIRONMENT - The area continues to grow significantly with a brand new $30 million Kettering Medical Center less than 1 mile east of the property. Additionally, Bed, Bath and Beyond is under construction on a $33 Million e-commerce center 5 miles south, further enhancing Middletown’s dominance as a regional economic hub. ACTIVE RETAIL SUB-MARKET - National retailers in the immediate area include: Walmart Supercenter, Lowe's, Kroger, Meijer, Petco, Burlington, Planet Fitness, Buffalo Wild Wings, and Aspen Dental, among others.
Brand New Construction – Newly built freestanding Starbucks property with a drive-thru and outdoor patio. Long-Term Lease – Corporate 10-year NNN lease with no early termination rights. Outlot to New Planned Development – Major 50-acre mixed-use development including a 200-unit multi-family complex and approximately 200,000 square feet of retail. Construction set to begin in spring 2019. Centrally Located – Ideally situated at the main signalized entrance to the 147,000 square foot Pine Lake Shopping Center. National Retailer Presence – Surrounded by a strong presence of national retailers including Kroger, Tractor Supply Co., Anytime Fitness, Buffalo Wild Wings, McDonald’s, Taco Bell, Pizza Hut, Dunkin’ Donuts, KFC, Arby’s, and Culver’s, among others. Investment Grade Credit – Starbucks is the world’s leading coffee retailer with revenues in excess of $22 Billion with an “investment grade” credit rating, providing strong financial security. Strong Sales – This store is performing well above the average Starbucks location. Please call for details.
Available for sale is a NNN leased Outback Steakhouse property located in Lincoln, Nebraska, just 2 miles east of the University of Nebraska. Outback is situated just south of the highly trafficked intersection of 48th Street and Vine Street, featuring combined traffic counts of 47,200 cars per day. The area benefits from heavy surrounding traffic and prominent national retailers including Target, Hy-Vee, T.J. Maxx, DSW, Michael’s, Walgreens, CVS, among others. Outback has occupied this location for over 23 years and features a 10% rent increase in the final option period.
10-Year Starbucks Lease Extension – Starbucks corporation recently extended the lease for an additional 10 years, with no early termination rights. Dual Income Stream – Rare opportunity for long-term, passive dual income streams from two dynamic and e-commerce resistant tenants. Low Rent Basis & Price Point – Both Starbucks and Rosati’s Pizza feature relatively low rents. The average two-tenant Starbucks property is over $3M. Strong Rent Increases – Starbucks rent increases 10% every 5 years while Rosati’s Pizza rent increases 3% each year. Grocery Store Shadow Anchor – Ideally situated at the signalized intersection and main entrance to a major grocery store anchored shopping center.