Rare Absolute Net PetSmart - 4465 US Route 14, Crystal Lake, Illinois 60014 - Sharko|Weisenbeck
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
Rare Absolute Net PetSmart 4465 US Route 14, Crystal Lake, Illinois 60014
583 Employees
Subject Property
14 31
D
0 VP
,70
1 | 34
D IL-3
OL
NO
RT
W H
ES
T
HW
Y
|2
9,
47
5
VP
D
31
NOR
THW
VPD EST
4,700 HW
-31 | 3 Y|2
OLD IL 9,47
5 VP
D
Subject Property 14
S RD
ND
Crystal Lake/Northwest Highway Corridor SA
Under Construction
New $100 Million
13-Bed Hospital
OLD
Subject Property IL-3
1|3
4,70
0V
PD
31
NORTHWEST HWY | 29,475 VPD 14
INVESTMENT HIGHLIGHTS
• National Tenant | PetSmart
National ° Largest Specialty Pet Retailer of Services and Solutions for the Lifetime Needs of Pets
Tenant ° Location Features a Banfield Pet Hospital, Driving Additional Foot Traffic into the Store
• Over 11 Years Remaining on a Corporately Guaranteed Rare Triple-Net Lease
° Seven Percent Rent Bump in Just Over Year, and then a Seven and a Half Percent Rent Bump Every
rantee Five Years After That
Gua
° Five, Five-Year Option Periods with Rental Increases
° No Landlord Responsibility – Very Rare for PetSmart Leases
Corporate
Guarantee
• Ideally Positioned on a Signalized, Hard-Corner Intersection of Northwest Highway and Illinois
Route 31 | 64,175 Total Vehicles Passing per Day
• Attractive Real Estate
° Adjacent to The Home Depot
Heavily
° Access from Route 31, Northwest Highway and Sands Road
Traveled
° Four Points of Ingress/Egress
• Situated Along a Major East-West Thoroughfare, Directly Off Route 31
° Notable Major Retailers in the Area Include Target, Walmart, Walgreens, ALDI, ACE Hardware, T.J.
Maxx, ROSS Dress for Less, ULTA, Hobby Lobby, Burlington, Petland, Menards and Much More
Abundance of • Dense, Affluent Demographics
Retailers
° The Average Household Income is $124,419 Within One Mile and $128,734 Within Five Miles
° The Population Within Five Miles is 126,268
° Within Three Miles the Daytime Population is 52,481 and 109,480 Within Five Miles
• In 2020, The Pet Industry Reached a Milestone with Total Sales of $103.6 Billion, a Historic High
Highly | 6.7 Percent Increase from Previous Year
Populated ° Forecast Predicts the Global Pet Care Market will Reach $358.62 Billion by 2027
Rare Absolute Net PetSmart
4465 US Route 14, Crystal Lake, Illinois 60014
FINANCIAL SUMMARY LEASE SUMMARY
Price $4,269,334 Lease Type NNN
Cap Rate 6.25% Lease Guarantor PetSmart Corporate
NOI $266,833 Roof & Structure Paid Directly by Tenant
Price/SF $162.40 Lease Term Remaining 11+ years
Gross Leasable Area 26,289 SF Rent Commencement 9/1/2020
Year Built 1998 Lease Expiration 2/28/2033
Lot Size 2.21 Acres +/- Options 5, 5-Year
Parcel Number 19-10-201-005 Option to Terminate None
Type of Ownership Fee Simple Option to Purchase None
Parking 120 Surface Spaces +/-
RENT SCHEDULE
Term Period Annual Rent Rent/SF
Base Current $266,833 $10.15
3/1/2023 $285,512 $10.86
3/1/2028 $306,925 $11.68
Option 1 3/1/2033 $329,944 $12.55
Option 2 3/1/2038 $354,690 $13.49
Notes: There is a seven percent rent bump after the first two and a half years, and then a
seven and a half percent rent bump every five years after that.
TENANT PROFILE
1,650
LOCATIONS
Largest Specialty Pet Retailer of Services and
200
Solutions for the Lifetime Needs of Pets IN-STORE PET HOTELS
Provides a Broad Range of Competitively Priced
Pet Food and Products, as well as Services Such
as Dog Training, Pet Grooming, Pet Boarding,
Petsmart Doggie Day Camp™ and Pet Adoption 9 Million
1,650 Stores in the United States, Canada and
Puerto Rico | Over 55,000 Associates
ADOPTIONS
Over 200 In-Store PetSmart PetsHotel® Dog and
Cat Boarding Facilities
PetSmart Charities® and PetSmart Charities® of
Canada Work with Nearly 4,000 Animal Welfare
$5.8 Billion
Organizations EST. 2020 REVENUES
Facilitated More Than Nine Million Adoptions, More
Than Any Other Brick-and-Mortar Organizations
Headquartered in Phoenix, Arizona
Ranked on Several Forbes Lists Including “Largest
B+ B2 Stable
Private Companies 2020” and “America’s Best S&P RATING MOODY’S RATING
Employers 2021”
Tenant/Guarantor: PetSmart Corporate
PETSMART.COM
LEASE SUMMARY
TENANT PetSmart
GUARANTOR PetSmart Corporate
SQUARE FEET 26,289 SF
LEASE COMMENCEMENT 9/1/2020
LEASE EXPIRATION 2/28/2033
LEASE TYPE NNN
RENEWAL OPTIONS 5, 5-Year
INSURANCE Paid directly by Tenant
COMMON AREA Paid directly by Tenant
TAXES Paid directly by Tenant
ROOF & STRUCTURE Paid directly by Tenant
PARKING LOT Paid directly by Tenant
HVAC Paid directly by Tenant
UTILITIES Paid directly by Tenant
RIGHT OF FIRST REFUSAL None
RIGHT TO TERMINATE None
*Representative Photo
LOCATION HIGHLIGHTS | CRYSTAL LAKE, IL
• Located in the Chicago Metropolitan Statistical Area • Over $1.2 Billion in the Retail Sales Market and 2.3
° 50 Miles Northwest of Downtown Chicago Million Square Feet of Retail Space (2019)
° Largest City in McHenry County ° In Light of the Pandemic, the City Continues to Support the
° 30 Miles to O’Hare International Airport | 70 Miles from Business Community Through an “I Shop Local” Campaign
General Mitchell International Airport in Milwaukee, Wisconsin Mobilizing Capital to Assist Small Businesses and Through
Offering Webinars and Guidance with State and Federal
Resources
• City Amenities Include Retail, Hotel, Restaurants
and a Bustling and Vibrant Downtown Filled with
Specialty Stores and an Entertainment Venue • City is Growing and the Demand for Retail and
Restaurants is Strong
• Easily Accessible City ° 75 New Businesses Opened in 2020, Adding Nearly 500
New Jobs in the City
° Readily Accessible to Downtown Chicago with Two
° Recent Town Developments Include a Raising Cane’s,
Convenient Metra Stations
McAlisters, and Tropical Smoothie
° Accessible via Northwest Tollway Interstate 90, Highway 14,
° New Residential Developments Include Woodlore Estates
Highway 31, Randall Road, Route 176 and Route 47
(68 Townhouses, 105 Single-Family Homes and 319
° Subject Property Located 2.7 Miles North of Lake in the Hills Single-Family Homes); The Springs (Luxury 280-Unit Gated
Airport | 34,000 Annual Operations Apartment Complex); and Church Street Apartments
(Former Lutheran Church and School Converted to 32 Units)
• Park District Oversees the 238-Acre Crystal Lake and
its Two Beaches, Including the Oaks Recreational • Some of City’s Largest Enterprises Have Recently
Area Expanded Their Businesses
° Aptar Headquarters, a Global Leader in Drug Delivery
• City Offers Many Economic Development and
° Autotrol, an Industry Leader in Custom AC and DC Gear
Improvement Incentive Programs
Motors
• Featured in Bisnow as a Leader for Business
Development (October, 2020)
REGIONAL MAP
Lake
Michigan
Subject Property
DEMOGRAPHICS
Population 1-Mile 3-Miles 5-Miles
2020 Population 3,613 46,217 126,268
2025 Population 3,577 46,191 126,280
Households 1-Mile 3-Miles 5-Miles
2020 Households 1,317 16,414 44,663
2025 Households 1,334 16,506 44,936
Daytime Population 1-Mile 3-Miles 5-Miles
2020 Population 9,659 52,481 109,480
Income 1-Mile 3-Miles 5-Miles
2020 Median HH Income $98,569 $96,618 $102,619
2020 Average HH Income $124,419 $121,430 $128,734AERIAL
31
VPD
,700
PINGREE RD | 11,800 VPD
S MAIN ST | 17,200 VPD
| 34
E RD
1 FRONTAG
OLD IL-3
NORTHWEST HWY | 29,475 VPD
14 14
Under Construction
Crystal Lake Outlots
10,000 SF of Retail
Subject Property
VI
RG
31
Three Oaks
NII
Recreational Area
A
RD
|9
,2
00
VP
DAERIAL
Deer Path Elementary
School | 435 Students
Manufacturing
Cary Junior High
School | 827 Students
31
Cary-Grove High School
1,591 Students
NO
RT
H W
ES
TH
W
Y|
29
,47
Subject Property 5V
PD
THREE OAKS RD | 12,200 VPD 14
Under Construction
New $100 Million
13-Bed Hospital
OLD IL-31 | 34,700 VPD
583 Employees
UP-NW Line Train Station
10,384,356 Annual
RidershipSURVEY
CONFIDENTIALITY AGREEMENT
The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party
receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap.
This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary
level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus &
Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property,
the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of
contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon,
or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property.
The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not
verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters
and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must
take appropriate measures to verify all of the information set forth herein.
NON-ENDORSEMENT NOTICE
Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The
presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of
Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the
purpose of providing tenant lessee information about this listing to prospective customers.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
SPECIAL COVID-19 NOTICE
All potential buyers are strongly advised to take advantage of their opportunities and obligations to conduct thorough due diligence and seek expert
opinions as they may deem necessary, especially given the unpredictable changes resulting from the continuing COVID-19 pandemic. Marcus & Millichap
has not been retained to perform, and cannot conduct, due diligence on behalf of any prospective purchaser. Marcus & Millichap’s principal expertise is in
marketing investment properties and acting as intermediaries between buyers and sellers. Marcus & Millichap and its investment professionals cannot
and will not act as lawyers, accountants, contractors, or engineers. All potential buyers are admonished and advised to engage other professionals
on legal issues, tax, regulatory, financial, and accounting matters, and for questions involving the property’s physical condition or financial outlook.
Projections and pro forma financial statements are not guarantees and, given the potential volatility created by COVID-19, all potential buyers should
be comfortable with and rely solely on their own projections, analyses, and decision-making.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to
square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example
purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate
Investment Services, Inc. © 2020 Marcus & Millichap. All Rights Reserved. Activity ID: ZAC0670636EXCLUSIVELY LISTED BY
SEAN SHARKO AUSTIN WEISENBECK DESIGNATED MANAGING BROKER
SENIOR VICE PRESIDENT INVESTMENTS SENIOR VICE PRESIDENT INVESTMENTS
Chicago Oakbrook Chicago Oakbrook STEVEN WEINSTOCK
Chicago Oakbrook
(630) 570-2238 (630) 570-2169 (630) 570-2200
sean.sharko@marcusmillichap.com austin.weisenbeck@marcusmillichap.com steven.weinstock@marcusmillichap.com
IL 471.011175
IL 471.010712 IL 475.140200You can also read
