Friday, February 25, 2011
Chicago, Illinois - Our Net Lease Properties news today is on a very unique net leased Tenant. A net lease investment sold with Tiger Direct as the net leased Tenant. TigerDirect (Tigerdirect.com) was established, in Miami, to serve the needs of computer users. TigerDirect is currently one of the industry's top computer and computer-product retailers. Their web site has been ranked among the New York Times' "Top 25 Online Retailers".
The net leased property seller was two investment Groups, Shorewood Development Group LLC and Oxford Development Partners LLC. The net leased property sellers received $6.1 million or approximately $182 per square foot for a NNN Retail Property. This NNN Lease Property was a former Circuit City retail property. This triple net lease property is located at 551 N. Milwaukee Avenue, in Vernon Hills, Illinois. Vernon Hills is approximately 35 miles north of Chicago. Vernon Hills is near the affluent town of Lake Forrest, Illinois. Lake Forrest has an extremely high median family income and median home price.
The triple net leased property Buyer was Samir Financial Services Incorporated. This triple net leased property is approximately 33,399 square feet and it is a single story, retail property. The former Circuit City retail property has Tiger Direct on a 10-year triple-net lease. This property was built in 1994. The net leased tenant, Tiger Direct, will benefit from a recent renovation of the property.
This NNN Lease Investment is a Free standing, Out-parcel to a power center with Home Depot, JoAnn, DSW, Bed Bath & Beyond, Ashley, Old Navy, Kohls & Sams Club. The triple net leased property is near the traffic light on Milwaukee Avenue, just south of Townline Road. A nearby Retail Shopping Center, the Hawthorn Mall is approximately 1 block away from the NNN Lease Investment with Tiger Direct.
The Marketplace at Vernon Hills is the nearby retail power center, originally developed as a Builders Square in 1993. In 1999, the excellent net lease tenant, Home Depot assumed the NNN Lease. The Marketplace at Vernon Hills was a value-add property and was expanded upon in recent years. We are not aware of any CTL Financing on this transaction.
The NNN Commercial Real Estate was originally developed as a Builders Square in 1993 and The Home Depot assumed the lease in 1999. Due to the age of the lease, The Home Depot's lease rate is significantly below market. The Power Center, NNN Lease property is on a parcel that is approximately 9.27 acres and has approximately 579 parking spaces on the Illinois Investment property. The Vernon Hills retail power center is in the heart of one of the strongest and most sought after retail trade areas in the Chicago area.
The Marketplace at Vernon Hills also is near Sam's Club and Kohl's which are located immediately to the south of the NNN Leased property. The Marketplace of Vernon Hills also has a fine tenant, and that is Caribou Coffee. This Caribou Coffee is located at 375 North Milwaukee in Vernon Hills. These NNN Lease Investments are in a established trade area with over 130,000 people with average household incomes exceeding $129,900 within a 5-mile radius.
Contact Net Lease Properties to sell your net lease properties, purchase NNN Property or 1031 exchange opportunities.
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