PetSmart & Dollar Tree
PetSmart & Dollar Tree
100% Occupied Two-Tenant Center | National Tenants | Triple-Net Leases
No Deferred Maintenance
Original Tenants With Recent Extensions | PetSmart Added 10 Years to Existing Term Showing Commitment to the Site
Corporate Leases-PetSmart (B2 Credit Rating) and Dollar Tree (B1 Credit Rating)
Limited Competition | PetSmart Only National Pet Store Chain Within 40 Miles
Adjacent to Best Buy (Not Included) | Excellent Location-Epicenter of Dense Retail Corridor Across 825,000 SF Regional Mall
1460 Koester Road, Forsyth, IL 62535
* Sale Price $4,825,000
* Sold at 98% of List
Cap Rate 7.88%
Rentable SF 30,087 SF
Price per SF $162.86
Year Built 2006
Lot Size 3.72 Acres
Marcus & Millichap is pleased to present for sale a fully-occupied two-tenant portion of an overall three-tenant, 69,626-square foot shopping center at 1460 and 1470 Koester Road in Forsyth, Illinois. The PetSmart/Dollar Tree Center is a national tenant community center situated on the east side of Koester Road. The PetSmart/Dollar Tree Center is part of the Hickory Point Mall regional trade area and sits directly across U.S. Route 51 from the Hickory Point Mall; owned by Namdar Realty Group. Namdar Realty Group is a real estate investment and management firm that has 268 properties in 35 states that invests in shopping centers, office buildings, mixed use, single tenant net lease and residential. The Hickory Point Mall is the only shopping mall within 45 miles; providing a strong mix of retailers and attracting many potential consumers from the dense residential population of Decatur. The Hickory Point Mall trade area totals approximately 1.63 million square feet of retail space.
Built in 2006, the 30,087-square foot building sits on a 3.72-acre lot shadow anchored by a 39,539-square foot Best Buy (not included in the sale). The subject property also benefits from limited competition, with PetSmart being the only national pet store chain within 40 miles and nearest Dollar Tree located over 5 miles away.
The subject property benefits from strong historical tenancy as both tenants are original tenants. PetSmart occupies 20,087 square feet on a corporate backed triple-net (NNN) lease through 2033; featuring three, five-year options that have increases of $0.75 per square foot at the beginning of each option. Dollar Tree occupies 10,000 square feet on a corporate backed triple-net (NNN) lease.