OFFERING MEMORANDUM Single-Tenant Net Lease | Suburban Chicago - LoopNet
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
OFFERING MEMORANDUM Single-Tenant Net Lease | Suburban Chicago
TABLE OF CONTENTS 03 Disclaimer 04 Transaction Summary 05 Aerial Photos 09 Aerial Map 10 Metropolitan Map 11 Market Overview 12 Tenant Summary 13 Demographics EXCLUSIVE REPRESENTATION Ryan Smeele Vice President 847 651 7500 Ryan@stream-cp.com Lic: 475.168020 Jeff Lizzo Vice President 630 222 8409 Jeff@stream-cp.com Lic: 475.149270 Sebastian Geoffrion Vice President 615 428 7344 Sebastian@stream-cp.com Lic: 475.177850
DISCLAIMER
This Offering Memorandum (“Memorandum”) is intended solely for the use of prospective investors in determining whether or not to pursue the possible acquisition
of the Property (“the Property”) at 2451 South Randall Road in Algonquin, Illinois. This Memorandum is of a proprietary and confidential nature. Prospective investors
and/or their advisors are expressly forbidden from sharing this information with any individuals or organizations that are not directly connected with the analysis of
this investment opportunity. STREAM Capital Partners, LLC (“SCP”) have been retained as the exclusive advisors for this investment opportunity. Any and all inquiries
are to be directed to SCP.
By accepting this Memorandum, the recipient agrees that it will cause its directors, officers, employees and representatives to use the Memorandum and all of the
information contained therein only to evaluate this specific investment opportunity and for no other purpose and shall return this Memorandum together with
any copies to SCP upon request. This Memorandum contains confidential material which is non-public information. Receipt of this Memorandum constitutes your
acknowledgment that you will maintain the information contained herein in strict confidence.
All information contained herein has been provided by the Organization, its affiliates or other sources that SCP deems reliable; however, SCP has not independently
verified any of the information, including the financial estimates and projections and selected real estate information, contained herein. This Memorandum includes
information about the Organization, including selected financial information, estimates and projections that reflect various assumptions concerning anticipated results,
which may or may not prove to be correct and selected real estate information which may or may not prove to be correct. Such projections and estimates may or may
not be indicative of future performance, which may be significantly more or less favorable than that as reflected herein.
In furnishing this Memorandum, none of the Organization, its affiliates or SCP undertakes any obligation to provide additional information or to correct or update any
of the information set forth in the Memorandum. None of the Organization, its affiliates or SCP makes any representation or warranty, expressed or implied, as to the
accuracy or completeness of the information contained herein in this Memorandum, or made available in connection with any further investigation of the Organization,
and nothing contained herein is, or shall be relied upon as, a promise or representation, whether as to the past or the future. The recipient should rely solely on the
representations and warranties made to it by the Organization or its affiliates in any executed definitive agreement.
Under no circumstances should the Organization, its affiliates or any of their management, directors, shareholders, employees, customers or vendors be contacted
directly.
STREAM Capital Partners | 3
TRANSACTION SUMMARY Transaction Highlights
Purchase Price: $9,032,258
Strong rent to sales at ~5.5%
Cap Rate: 7.75%
Annual Rent: $700,000 Tenant exercised first two options early, showing
continued commitment to the location
Property Specifications
Address: 2451 South Randall Road
Situated along highly-trafficked Randall Road with over
Algonquin, IL 40,300 vehicles per day
Building Size: 50,000 square feet
Located in an affluent Chicago suburb with the average
Property Size: 4.51 acres
household income $152,487
Year Built: 2006
Lease Specifications
Tenant: Rockledge Furniture, LLC
Lease Guarantor: Rockledge Furniture, LLC
Lease Type: Double-Net (NN)
Landlord Responsibilities: Roof & Structure
Remaining Lease Term: ~8.75 years
Lease Commencement: April 6, 2007
Lease Expiration: April 5, 2027
Rental Increases: See rent schedule
Options to Renew: One, 5-year
Comments: Tenant has right of first refusal and
termination option in April 2022
Rent Schedule
Current - 4/5/2022 $700,000
4/6/2022 - 4/5/2027 $728,000 (4% increase)
4/6/2027 - 4/5/2032 $952,342 (31% increase)
STREAM Capital Partners | 4
AERIAL PHOTOS
STREAM Capital Partners | 5
AERIAL PHOTOS
Average HH
Income within
1-Mile is $152,487
STREAM Capital Partners | 6
AERIAL PHOTOS
Algonquin
Algonquin Galleria
Commons
D)
VP
0
30
0,
(4
d
oa
ll R
da
n
Ra
STREAM Capital Partners | 7
AERIAL PHOTOS
Algonquin Algonquin
Commons Galleria
PD)
0 0V
,3
d (40
l l R oa
da
Ran
STREAM Capital Partners | 8
AERIAL MAP
Algonquin Road (35,200 VPD)
Harnish Drive (2,950 VPD)
County Line Road (6,750 VPD)
Randall Road (40,300 VPD)
Downtown Mobile, AL STREAM Capital Partners | 9
METROPOLITAN MAP
Route 62
(41,600 VPD)
Route 31
(17,600 VPD)
Fox
River
O’Hare
International
Airport
(31 miles)
Chicago CBD
(43 miles)
Midway
International
Airport
(55 miles)
STREAM Capital Partners | 10MARKET OVERVIEW
Algonquin is a village in Illinois located in both McHenry and Kane counties just 40 miles northwest of downtown Chicago. It is one of Chicago’s
premier suburbs with a population of 30,947 people in 2016. As a premier suburb in the area with beautiful neighborhoods and lively commercial
districts, Algonquin is home to excellent schools, parks, and charming residential streets.
Since its downtown is nestled in the heart of Illinois’ Fox River Valley, the village is known as “The Gem of the Fox River Valley”. Established in
1890 and long known as a small river community, the village is making the transition into a major regional hub, as it has experienced significant
suburban growth over the past 20 years. The village continues to see considerable residential growth having experienced a 151% population
increase within one mile of the subject property throughout the past eight years.
Now stretching all the way west to the bustling Randall Road corridor, a regional shopping, dining, and entertainment corridor that is home to a
variety of shopping centers such as Algonquin Commons, the Algonquin Galleria, and the Esplanade, Algonquin has become a major commercial
center, with popular shopping centers and restaurants, as well as a growing corporate campus which is providing more jobs to the greater
Algonquin area.
STREAM Capital Partners | 11TENANT SUMMARY
Ashley Furniture Industries
Ashley Furniture Industries, the parent company of Ashley
HomeStore, is an American home furnishings manufacturer and
retailer. What began as a furniture sales company in 1945 has since
expanded to become the world’s largest furniture manufacturer in
the world.
Ashley Furniture’s products are sold by more than 6,000 retail
partners with over 20,000 storefronts in 123 countries and
manufacturing and distribution facilities that cover more than 13
million square feet. The company was named one of America’s Best
Employers by Forbes in 2017.
Ashley HomeStore
The first Ashley HomeStore opened in Anchorage, Alaska in 1997
and is owned by father and son team, Ron and Todd Wanek. Since
then, the company has become the #1 home furniture retailer in
North America. With both corporate and independently-owned
stores, Ashley HomeStore has more than 800 locations in 45
countries employing more than 18,000 people.
Rockledge Furniture, LLC
Owned by Ashley Furniture Industries President & CEO, Todd Wanek,
Rockledge Furniture, LLC currently operates 15+ Ashley HomeStore
retail locations.
STREAM Capital Partners | 12ALGONQUIN
DEMOGRAPHICS
POPULATION ESTIMATE
1-MILE 3-MILE 5-MILE
8,863 41,052 150,288
ESTIMATED AVERAGE HOUSEHOLD INCOME
1-MILE 3-MILE 5-MILE
$152,487 $146,892 $119,400
STREAM Capital Partners | 13CONTACT INFORMATION
Ryan Smeele Jeff Lizzo Sebastian Geoffrion
Vice President Vice President Vice President
847 651 7500 630 222 8409 615 428 7344
Ryan@stream-cp.com Jeff@stream-cp.com Sebastian@stream-cp.com
Lic: 475.168020 Lic: 475.149270 Lic: 475.177850
Birmingham Stamford Los Angeles Chicago Charlotte Ft. Lauderdale
AL CT CA IL NC FL
4201 WEST IRVING PARK ROAD | SUITE 200 | CHICAGO, IL | WWW.STREAM-CP.COMYou can also read
