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

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Market Summary

Price                                  $4,900,000

Cap Rate                            7.88%

NOI                                     $386,232

Rentable SF                       30,087 SF

Price per SF                       $162.86

Year Built                            2006

Lot Size                               3.72 Acres

Description

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.​