Office

Pine Meadow Corporate Center II

950 Technology Way, Libertyville, IL 60048

Listing Price: $9,250,000

Cap Rate
9.70%
Gross SF
90,258
Rentable SF
90,258
Price/Gross SF
$102.48
Lot Size
5.28 acres
Year Built
2001

Investment Overview

Marcus & Millichap is pleased to present Pine Meadow Corporate Center II. The property is anchored by Snap-On Credit who occupies 58 percent of the property. Snap-On Credit Inc. provides financing for the purchase of Snap-On hand tools, power tools, tool storage, and diagnostic products for professional use in the transportation industry. Furthermore, Snap-On Credit is the financial arm to the publicly traded Snap-On Incorporated (NYSE: SNA). As of Q3 2019, Snap-On Inc.’s S&P and Moody’s credit rating is A- and A2 respectively. This investment grade tenant has occupied the property for the past 15 years, and recently executed a five-year net lease extension expiring 11/30/2025. At the current list price of $9.25MM, the Property has an in-place NOI of $828K which equates to an 9.0% in-place cap rate. Upon stabilization of the two vacant suites, an investor can increase year one (1) NOI by 8.5% to $899K yielding a 9.7% cap rate. This office investment provides the opportunity to own a pristine, Class A office asset with net-leased tenants in an affluent Chicago Suburb.

Investment Highlights

  • The Property is Anchored by Snap-On Credit (A- credit rating) who Occupies 58% of the Property
  • The Property Offers Two-Story Marble Lobby, State-of-the-Art Under-Floor HVAC System under the Control of Direct Digital Control Energy Management System
  • 87 Pecent Occupied by Six (6) Net-Leased Tenants, with Five-and-a-Half (5.5) Years of Weighted Average Remaining Lease Term

Exclusively Listed By

Listing Price: $9,250,000

Cap Rate
9.70%
Gross SF
90,258
Rentable SF
90,258
Price/Gross SF
$102.48
Lot Size
5.28 acres
Year Built
2001

Investment Highlights

  • The Property is Anchored by Snap-On Credit (A- credit rating) who Occupies 58% of the Property
  • The Property Offers Two-Story Marble Lobby, State-of-the-Art Under-Floor HVAC System under the Control of Direct Digital Control Energy Management System
  • 87 Pecent Occupied by Six (6) Net-Leased Tenants, with Five-and-a-Half (5.5) Years of Weighted Average Remaining Lease Term

Investment Overview

Marcus & Millichap is pleased to present Pine Meadow Corporate Center II. The property is anchored by Snap-On Credit who occupies 58 percent of the property. Snap-On Credit Inc. provides financing for the purchase of Snap-On hand tools, power tools, tool storage, and diagnostic products for professional use in the transportation industry. Furthermore, Snap-On Credit is the financial arm to the publicly traded Snap-On Incorporated (NYSE: SNA). As of Q3 2019, Snap-On Inc.’s S&P and Moody’s credit rating is A- and A2 respectively. This investment grade tenant has occupied the property for the past 15 years, and recently executed a five-year net lease extension expiring 11/30/2025. At the current list price of $9.25MM, the Property has an in-place NOI of $828K which equates to an 9.0% in-place cap rate. Upon stabilization of the two vacant suites, an investor can increase year one (1) NOI by 8.5% to $899K yielding a 9.7% cap rate. This office investment provides the opportunity to own a pristine, Class A office asset with net-leased tenants in an affluent Chicago Suburb.

Exclusively Listed By

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