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Shopping Strip

Just Tires Retail Center | Jewel Shadow Anchor

10237 Grand Ave, Franklin Park, IL 60131

Listing Price: $5,411,769

Cap Rate
6.50%
Gross SF
42,111
Rentable SF
42,111
Price/Gross SF
$128.51
Lot Size
2.20 acres
Year Built
1980

Investment Overview

Marcus & Millichap is pleased to offer the opportunity to purchase the fee simple interest in a Just Tires Anchored Retail Center located in Franklin Park, Illinois, just outside the city of Chicago. Just Tires has operated out of this location since 1975. The length of lease term across this rent is remarkable, with many leases not expiring until after 2030. The Weighted Average Lease Term, or WALT, is over 8 years. The WALT calculation takes tenants' respective square footages into account in determining the relative stability of a rent roll, giving more weight to tenants' with larger footprints within the center. This property shares a large parking field with a Jewel Grocery Store and a Big Lots, both of which serve as additional traffic drivers to the location. Ownership recently executed a lease on +10,000 square feet with a regional medical provider, which should add another important traffic driver to this location. The property has direct exposure to over 25,000 vehicles per day on Grand Avenue, and the nearby intersection at Mannheim sees another 45,000 vehicles daily. With 114,000 people residing within a three mile radius, this is a decidedly dense retail location with a large population to service within close proximity to the property. Please reach out to Marcus & Millichap with additional questions about this opportunity.

Investment Highlights

  • Anchored by Just Tires (subsidiary of Goodyear, S&P credit rating BB-) | Just Tires has occupied this space since 1975
  • Shadow anchored by a Jewel Grocery Store (Albertson's) and Big Lots
  • Highly stabilized rent roll | Weighted Average Lease Term of over 8.5 years
  • 42,000 square foot retail center offered at $127 per square foot - priced far below replacement cost
  • Highly sought after "Med-Tail" opportunity with a diverse mix of medical and service oriented uses amongst the tenants

Exclusively Listed By

Financing By

Shopping Strip

Just Tires Retail Center | Jewel Shadow Anchor

Listing Price: $5,411,769

Cap Rate
6.50%
Gross SF
42,111
Rentable SF
42,111
Price/Gross SF
$128.51
Lot Size
2.20 acres
Year Built
1980

Investment Highlights

  • Anchored by Just Tires (subsidiary of Goodyear, S&P credit rating BB-) | Just Tires has occupied this space since 1975
  • Shadow anchored by a Jewel Grocery Store (Albertson's) and Big Lots
  • Highly stabilized rent roll | Weighted Average Lease Term of over 8.5 years
  • 42,000 square foot retail center offered at $127 per square foot - priced far below replacement cost
  • Highly sought after "Med-Tail" opportunity with a diverse mix of medical and service oriented uses amongst the tenants

Investment Overview

Marcus & Millichap is pleased to offer the opportunity to purchase the fee simple interest in a Just Tires Anchored Retail Center located in Franklin Park, Illinois, just outside the city of Chicago. Just Tires has operated out of this location since 1975. The length of lease term across this rent is remarkable, with many leases not expiring until after 2030. The Weighted Average Lease Term, or WALT, is over 8 years. The WALT calculation takes tenants' respective square footages into account in determining the relative stability of a rent roll, giving more weight to tenants' with larger footprints within the center. This property shares a large parking field with a Jewel Grocery Store and a Big Lots, both of which serve as additional traffic drivers to the location. Ownership recently executed a lease on +10,000 square feet with a regional medical provider, which should add another important traffic driver to this location. The property has direct exposure to over 25,000 vehicles per day on Grand Avenue, and the nearby intersection at Mannheim sees another 45,000 vehicles daily. With 114,000 people residing within a three mile radius, this is a decidedly dense retail location with a large population to service within close proximity to the property. Please reach out to Marcus & Millichap with additional questions about this opportunity.

Exclusively Listed By

Financing By

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