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Shopping Neighborhood

Forsyth Center - Petsmart & Dollar Tree

1460 Koester Rd, Forsyth, IL 62535

Listing Price: $4,900,000

Cap Rate
7.88%
Gross SF
30,087
Rentable SF
30,087
Price/Gross SF
$162.86
Lot Size
3.72 acres
Year Built
2006

Investment Overview

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 bene?ts 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 bene?ts 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, ?ve-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.

Investment Highlights

  • 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

Exclusively Listed By

Shopping Neighborhood

Forsyth Center - Petsmart & Dollar Tree

Listing Price: $4,900,000

Cap Rate
7.88%
Gross SF
30,087
Rentable SF
30,087
Price/Gross SF
$162.86
Lot Size
3.72 acres
Year Built
2006

Investment Highlights

  • 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

Investment Overview

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 bene?ts 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 bene?ts 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, ?ve-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.

Exclusively Listed By

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