U.S. CELLULAR - BRAND NEW RELOCATION STORE - ADJACENT TO WALMART - CORPORATE GUARANTY 1620 E JACKSON ST. | MACOMB, IL
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U.S. CELLULAR – BRAND NEW RELOCATION STORE – ADJACENT TO WALMART – CORPORATE GUARANTY
1620 E JACKSON ST. | MACOMB, IL
Actual Site - October 2020
BRAD TEITELBAUM EVAN BEESON
PRESIDENT VICE PRESIDENT
Office: 312-285-2946 Office: 773-455-1856
CONFIDENTIAL
Cell: 480-205-7637 Cell: 612-432-9935 OFFERING MEMORANDUM
Email: brad@bellagiorep.com Email: evan@bellagiorep.com
W W W . B E L L A G I O R E P . C O M
CONTENTS
EXECUTIVE SUMMARY����������������������� 3
Price/CAP/Base Rent
Summary and Highlights
AERIALS������������������������������������������������� 4
Market
Closeup
SITE PLAN���������������������������������������������� 6
LEASE ABSTRACT��������������������������������� 7
RENT ROLL�������������������������������������������� 8
TENANT OVERVIEW���������������������������� 9
AREA OVERVIEW�������������������������������10
Narrative, Demographics
Area Map
DISCLAIMER����������������������������������������11
Actual Site - October 2020
Bellagio Real Estate Partners
940 W. ADAMS STREET
SUITE 302
CHICAGO, IL 60607
w w w. b e l l a g i o r e p . c o m
EXECUTIVE SUMMARY
$1,212,000 6.65% $80,600
PRICE CAP NOI
10% every
2,600 SF Net Lease
5 years
BUILDING SIZE INCREASES LEASE TYPE
Bellagio Real Estate Partners, LLC is pleased to present the opportunity
to acquire a new construction, single tenant, and corporately guaranteed
U.S. Cellular net leased asset located at 1620 E Jackson St., Macomb, IL.
This is an opportunity to acquire a newly constructed asset adjacent
to construction adjacent to a Walmart Supercenter that also features
attractive escalations and strong corporate credit. Surrounding retailers
include Walmart Supercenter, Hy-Vee, Farm King, Aldi, McDonald’s, Arby’s
(new construction), Buffalo Wild Wings, Starbucks, and McAlister’s Deli,
among others.
Investment Highlights
⨇ Brand new 2020 - 2021 construction adjacent to Walmart
Supercenter
⨇ Outlot to new Farm King, which is a relocation and expansion
⨇ Corporate U.S. Cellular (NYSE: USM) 10-year lease
⨇ U.S. Cellular relocated from successful store in the submarket
⨇ Adjacent to brand new Arby’s relocation store
⨇ Home to Western Illinois University (9,400 students)
⨇ 10% escalations every 5 years
⨇ Heart of main retail corridor with national tenants
⨇ Tenant Headquartered in Chicago with 4.9M customers across
426 markets Actual Site - October 2020
3 1620 E Jackson St. | Macomb, IL
MARKET AERIAL
67
101
CHICAGO - KANSAS CITY EXPY
E UNIVERSITY DR
101
LINCOLN
67 SCHOOL
MACOMB
STATION
101 136
67 136 E JACKSON 67 136
SUBJECT
®
PROPERTY
S CANDY LN
EDISON ELEMENTARY
SCHOOL
W GRANT ST
4 1620 E Jackson St. | Macomb, IL
CLOSEUP AERIAL
E WHEELER ST
N BOWER RD
DRIVE-THRU
PROPOSED, FUTURE
ONE STORY
BUILDING
PYLON
67 136 E JACKSON 67 136 67 136
SUBJECT
PROPERTY
5 1620 E Jackson St. | Macomb, IL
SITE PLAN
PRIVATE DRIVE C
DRIVE-THRU
PROPOSED, FUTURE
ONE STORY
BUILDING
PYLON
136 67 E JACKSON 136 67 US HWY 136 136 67
6 1620 E Jackson St. | Macomb, IL
LEASE ABSTRACT
Tenant USCOC of Central Illinois, LLC
United States Cellular Operating Company,
Lease Guarantee
LLC (Corporate)
Building Size 2,600 SF
Lot Size 0.46 Acres
Estimated Delivery Date February 1, 2021
The sooner of: (1) The opening of the
Premises for business; or Seventy Five (75)
days from the last to occur: (A.) Delivery
Rent Commencement
of Premises or (B.) Landlord’s approval of
Tenant’s plans for Tenant’s work and tenant
obtaining all final permits and approvals.
Lease Term 10 Years
Tenant has a one-time termination right at
Termination Option the beginning of lease year 8 with 180 days’
written notice.
NOI $80,600
Renewal Options Three, 5-year options
Rent Increases 10% every 5 years Actual Site - October 2020
Lease Type Net Lease
Roof, Structure & Parking Landlord responsible for capital improve-
Lot ments. LL can amortize over the useful life.
Landlord responsibility – fully reimbursed
CAM
by tenant.
Admin fee 10% of CAM
HVAC Tenant maintains, repairs, and replaces.
Taxes Tenant Reimburses
Utilities Tenant pays utilities directly. Actual Site - October 2020 Actual Site - October 2020
7 1620 E Jackson St. | Macomb, IL
RENT ROLL
Term Net Annually Monthly Rent Rent Increase Annual Return
Year 1 - Year 5 $80,600 $6,717 N/A 6.65%
Year 6 - Year 10 $88,660 $7,388 10.00% 7.32%
Year 11 - Year 15 (1st Option) $97,500 $8,125 10.00% 8.05%
Year 16 - Year 20 (2nd Option) $107,250 $8,938 10.00% 8.85%
Year 21 - Year 25 (3rd Option) $117,975 $9,831 10.00% 9.74%
*Tenant has a one-time termination right at the beginning of lease year eight with 180 days written notice.
Actual Site - October 2020 Actual Site - October 2020
8 1620 E Jackson St. | Macomb, IL
TENANT OVERVIEW
United States Cellular Corporation provides wireless telecommunications
services in the United States. Its wireless services include postpaid and prepaid
service plans with voice, messaging, and data services; and smartphone
messaging, data, and Internet services, which allow the customer to access
the Web, social network sites, email, text, picture, and video messaging, as well
as to utilize GPS navigation, and browse and download various applications.
As of December 2019, it operates 262 retail stores and kiosks. The company was
founded in 1983 and is headquartered in Chicago, Illinois. United States Cellular
Corporation is a subsidiary of Telephone and Data Systems, Incorporated.
Tenant Facts
Tenant USCOC of Central Illinois, LLC
Company United States Cellular Corporation
(NYSE: USM)
Number of Customers 4.9 million customers across 426 markets
Revenue and Net Income $4.022 billion | $127 million
Full-Time Employees +10,300
Company Headquarters Chicago, IL
Website www.uscellular.com Actual Site - October 2020
9 1620 E Jackson St. | Macomb, IL
AREA OVERVIEW
The subject property is located in Macomb, IL, county seat of McDonough County. The city is home to DEMOGRAPHICS
NCCA Division I Western Illinois University. Western Illinois University has over 9,400 full time students and
1,200 employees, serving as an anchor for the city and its economy. The city of Macomb also features a POPULATION 3 Mile 5 Mile
number of major manufacturing companies, including NTN Bower (651 employees), Pella Corporation (475
TOTAL POPULATION 17,484 19,242
employees), and Vaughan & Bushnell (238 employees).
AVERAGE HH INCOME $59,891 $62,280
In addition to large employers and educational institutions, McDonough District Hospital has been serving
Macomb and surrounding areas since 1958. The 48-bed health care facility provides an impressive spectrum
of advanced medical treatments and personalized health services for its patients. In September 2015, the NTN Bower – 651 Employees
hospital opened a three-floor expansion which included a new Emergency Department with 10 large private
treatment rooms, an ambulance garage, direct access to diagnostic technology, and a spacious waiting area
along with pediatric waiting area.
The subject property is situated in the main retail corridor of the market – while also enjoying the benefits of
its close proximately to the downtown area (1 mile) and Western Illinois University (2 miles). National tenants
surrounding the site include Walmart, Hy-Vee, Farm King, Aldi, McDonald’s, Arby’s (new construction),
Starbucks, McAlister’s Deli, and Buffalo Wild Wings, among others.
5-MILE
Western Illinois University
9,400 students and 1,200 staff
3-MILE
1-MILE
McDonough District Hospital – 48 Beds
10 1620 E Jackson St. | Macomb, ILDISCLAIMER Bellagio Real Estate Partners, LLC (“Bellagio REP”) has been retained as the exclusive broker by the owner of record (the “Owner”) of 1620 E Jackson St., Lot 3, Pad 2, Macomb, IL 61455 (the “Property”) in connection with its sale as described in this Offering Memorandum. This Offering Memorandum is solely for the use of the person or entity whose name appears herein. You are not permitted to distribute, reproduce or divulge the contents of this Offering Memorandum, either in whole or in part, without the express written consent of Bellagio REP. By accepting this Offering Memorandum, the recipient agrees not to disclose the contents hereof to any third-party, except for the recipient’s professional advisors. This Offering Memorandum is not a contract nor does it purport to provide an all-inclusive accurate summary of the physical or economic aspects of the Property, or any documents related thereto. Certain information contained in this Offering Memorandum, while believed to be true, is based on other sources, assumptions about the general economy and competition, and other factors beyond the control of Bellagio REP and Owner. For the foregoing reasons, Bellagio REP and Owner make no representations as to the accuracy or completeness of this Offering Memorandum, including, but not limited to, the budgets and projections. No such information contained in this Offering Memorandum is or shall be relied upon as a promise, representation or warranty whether as to the past or future performance. Neither Bellagio REP nor the Owner, nor any of their agents shall be held liable for any improper or incorrect use of the information described and/or contained herein and assumes no responsibility for anyone’s use of the information. Although the information contained in this Offering Memorandum was produced and processed from sources believed to be reliable, no warranty, expressed or implied, is made regarding accuracy, adequacy, completeness, legality, reliability or usefulness of any information. The contents of this Offering Memorandum should not be construed as investment, legal or tax advice. Each prospective purchaser is urged to seek independent investment, legal and tax advice concerning the consequences of purchasing the Property. No assurance can be given that existing law, general economy, competition, or other factor beyond the control of Bellagio REP and Owner will not be changed or interpreted adversely to the Property or a purchaser thereof. Additional information and an opportunity to inspect the Property will be made available upon written request to interested and qualified prospective investors. In making a purchase decision, a potential purchaser must rely on their own examination of the Property and the terms of purchase. Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers regarding the Property, and/or terminate discussions with any potential purchaser at any time with or without notice. Owner shall have no legal commitment or obligations to any person or entity reviewing the Offering Memorandum or making an offer to purchase the Property unless and until such offer is approved by Owner and a written agreement for the purchase of the Property has been fully executed, delivered and approved by Owner and its legal counsel, and any conditions to Owner’s obligations hereunder have been satisfied or waived. 11 1620 E Jackson St. | Macomb, IL
U.S. CELLULAR – BRAND NEW RELOCATION STORE – ADJACENT TO WALMART – CORPORATE GUARANTY
1620 E JACKSON ST. | MACOMB, IL
Actual Site - October 2020
BRAD TEITELBAUM EVAN BEESON
PRESIDENT VICE PRESIDENT
Office: 312-285-2946 Office: 773-455-1856
CONFIDENTIAL
Cell: 480-205-7637 Cell: 612-432-9935 OFFERING MEMORANDUM
Email: brad@bellagiorep.com Email: evan@bellagiorep.com
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