GRAND PLAZA REO ADD-VALUE OPPORTUNITY - 10207-10237 W. Grand Avenue Franklin Park, Illinois 60131 - Sharko|Weisenbeck
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GRAND PLAZA
REO ADD-VALUE OPPORTUNITY
10207-10237 W. Grand Avenue
Franklin Park, Illinois 60131
Subject Property Subject Property Subject Property
INVESTMENT HIGHLIGHTS Grand Plaza | REO Add-Value Opportunity
10207-10237 W. Grand Avenue, Franklin Park, Illinois 60131
Real Estate Owned Opportunity
Shadow Anchored by Jewel-Osco, Ace Hardware, Price $1,655,000
Big Lots, Salvation Army and Forman Mills Pro Forma Cap Rate After Cost of Stabilization
9.88%
(See Cash Flow)
Price/ SF $39.30
Value-Add Opportunity With Significant Upside
Gross Leasable Area 42,111 SF
Through Leasing Remaining 63 Percent of Vacancy
Year Built 1980
Lot Size 2.27 Acres +/-
National Tenants Include Just Tires, Domino’s Pizza
Parcel Numbers 12-28-300-029-0000
and Sally Beauty Supply
Parking 63 Surface Spaces +/-
Just Tires is Corporate Guaranteed by Goodyear |
Seven Service Bays
VITAL DATA - PRO FORMA
Located on a Major Retail Corridor of Grand Avenue Rent $499,303
Boasting Many National, Regional and Local Tenants Total Reimbursements $326,267
Vacancy/Collection Allowance (7% GPI) $57,790
Heavily Traveled | Located at the Intersection of Effective Gross Income $767,779
Grand Avenue and Mannheim Road | 76,450 Total Expenses $332,583
Vehicles Passing per Day NOI $435,196
Shadow Value-Add National Heavily
Anchored Opportunity Tenants Traveled
RENT ROLL
Rent Schedule
SF % of Base Lease % of Renewal Lease
Tenant /Suite # Start End Monthly Annual Rent/
Leased Total SF Term (Yrs) Period Changes on Increase Total Rent Options Type
Rent Rent SF
Beijing Chinese Restaurant 1,125 2.67% 4/1/2014 Month to - Base Current $1,734 $20,813 $18.50 - 4% N/A Net
Retail, Suite 10213 Month - - - - - -
Notes: N/A
Vacant 1,800 4.27% - - - Base Current $2,402 $28,818 $16.01 - 6% N/A -
Retail, Suite 10215 - - - - - -
Notes: N/A
Nice Nails II 2,700 6.41% 3/1/2017 2/28/2022 5 Years Base Current $2,475 $29,700 $11.00 - 6% N/A Net
Retail, Suite 10219 - - - - - -
Notes: N/A
Sally Beauty Supply, LLC 1,800 4.27% 11/1/2015 Month to - Base Current $2,250 $27,000 $15.00 - 5% 1, 3-Year Net
Retail, Suite 10221 Month - - - - - -
Notes: N/A
Domino's Pizza 2,000 4.75% 9/29/2016 2/28/2022 5 Years Base Current $2,775 $33,300 $16.65 - 7% 2, 5-Year Net
Retail, Suite 10229 - 3/1/2020 $2,830 $33,960 $16.98 2%
- 3/1/2021 $2,887 $34,640 $17.32 2%
Opyion 1 3/1/2022 $2,944 $35,333 $17.67 2%
- 3/1/2023 $3,003 $36,039 $18.02 2%
Notes: N/A
The Goodyear Tire & Rubber 6,000 14.25% 3/24/1977 4/30/2032 55 Years Base Current $3,250 $39,000 $6.50 - 8% 2, 5-Year Net
Company (Just Tires)
Retail, Suite 10237 - 5/1/2022 $3,575 $42,900 $7.15 10%
- 5/1/2027 $3,933 $47,190 $7.87 10%
Notes: N/A
RENT ROLL
Tenant /Suite # SF % of Start End Base Lease Rent Schedule
Rent Schedule % of Renewal Lease
SF
Leased % ofSF
Total Base
TermLease
(Yrs) % of
Total Rent Renewal
Options Lease
Type
Tenant /Suite # Start End Period Changes on Monthly
Monthly Annual
Annual Rent/
Rent/ Increase
Leased Total SF Term (Yrs) Period Changes on Increase Total Rent Options Type
Rent
Rent Rent
Rent SF
SF
Vacant 1,686 4.00% - - - Base Current $1,686 $20,232 $12.00 - 4% N/A -
Retail, Suite 10207 - - - - - -
Notes: Rent is assumed market rent.
Vacant 980 2.33% - - - Base Current $980 $11,760 $12.00 - 2% N/A -
Retail, Suite 10209 - - - - - -
Notes: Rent is assumed market rent.
Vacant 2,860 6.79% - - - Base Current $2,860 $34,320 $12.00 - 7% N/A -
Retail, Suite 10211 - - - - - -
Notes: Rent is assumed market rent.
Vacant 4,821 11.45% - - - Base Current $4,821 $57,852 $12.00 - 12% N/A -
Retail, Suite 10223 - - - - - -
Notes: Rent is assumed market rent.
Vacant 6,839 16.24% - - - Base Current $6,839 $82,068 $12.00 - 16% N/A -
Retail, Suite 10225 - - - - - -
Notes: Rent is assumed market rent.
Vacant 3,500 8.31% - - - Base Current $3,500 $42,000 $12.00 - 8% N/A -
Retail, Suite 10227 - - - - - -
Notes: Rent is assumed market rent.
Vacant 6,000 14.25% - - - Base Current $6,000 $72,000 $12.00 - 14% N/A -
Retail, Suite 10231-33 - - - - - -
Notes: Rent is assumed market rent.
Occupied 13,625 32% $149,813 $11.00
Vacant 28,486 68% $349,050 $12.25
Total 42,111 100% $498,863 $11.85
CASH FLOW YEAR ONE - AS OF 11/1/2019
Base Rent Current Per SF Pro Forma Pro Forma
Occupied Space $150,253 $11.03 $499,303 $11.86
Available Space $349,050 $12.25 - -
Gross Potential Rent $499,303 $11.86 $499,303 $11.86
Expense Reimbursements
Real Estate Taxes $68,913 $1.64 $212,990 $5.06
CAM $36,651 $0.87 $113,277 $2.69
Total Expense Reimbursements $105,563 $2.51 $326,267 $7.75
Gross Potential Income $604,866 $14.36 $825,569 $19.60
Vacancy/Collection Allowance $349,050 $8.29 $57,790 $1.37
Effective Gross Income $255,816 $6.07 $767,779 $18.23
Expenses*
Real Estate Taxes $212,990 $5.06 $212,990 $5.06
CAM $113,277 $2.69 $113,277 $2.69
Reserves $6,317 $0.15 $6,317 $0.15
Total Expenses $332,583 $7.90 $332,583 $7.90
Net Operating Income ($76,767) ($1.82) $435,196 $10.33
Stabilized Value (9.88% CAP) $4,351,961 $103.34
Leasing Costs
Capital Improvements (Roof) - - $294,777 $7.00
Tenant Improvements - - $1,281,870 $45.00
Leasing Commissions (5% 5 Years) - - $87,263 $0.25
Total Leasing Costs - - $1,663,910 $39.51
Risk To Stabilize - - $1,087,990 25.00%
Total Costs to Stabilize - - $2,751,900 $65.35
*All expenses are assumed based on similar shopping center operations, with the exception of real
estate taxes which are actual 2017 payable 2018. Pro Forma vacancy allowance is seven percent of
GPI.
LOCATION HIGHLIGHTS | FRANKLIN PARK Grand Plaza | REO Add-Value Opportunity
10207-10237 W. Grand Avenue, Franklin Park, Illinois 60131
Included in the Chicago MSA
17 Miles Northwest of Chicago DEMOGRAPHICS
Heavily Populated | Population of 117,047 Within Population 1-Mile 3-Miles 5-Miles
2018 Population 21,354 117,047 387,396
Three Miles of Subject Property
2023 Population 20,790 116,134 385,081
144,204 People Work Within Three-Miles of Subject
Property Households 1-Mile 3-Miles 5-Miles
2018 Households 6,909 39,769 139,150
Neighboring O’Hare International Airport | Serving 2023 Households 6,845 40,195 140,354
Approximately 2,400 Aircrafts per Day
Daytime Population 1-Mile 3-Miles 5-Miles
New Construction in 2017 Totaled Over 2.1 Million
2018 Population 21,950 144,204 444,977
Square Feet | Two Spec Warehouse Facilities
Totaling 560,000 Recently Built for CenterPoint
Properties Income 1-Mile 3-Miles 5-Miles
2018 Median HH Income $62,132 $56,090 $63,109
Commercial and Industrial Property Make Up 50 2018 Average HH Income $71,336 $69,567 $87,228
Percent of the Village’s Land Use
Easily Accessible with Three Metra Rail Stations,
Interstates 90, 290 and 294
MSA
Chicago Airport Highly Near Metra
MSA Nearby Populated Station
TENANT OVERVIEWS
Second Largest Pizza Restaurant Chain in the World Tenant Domino’s Pizza
Over 15,100 Locations in 85 Markets Number of Locations 15,100+
97 Percent Franchise-Owned Stock Symbol | Board DPZ | NYSE
Sell Over 1.5 Million Pizzas Each Day
$2.79 Billion in 2017 Revenues
dominos.com Founded in 1960
Global Distributor and Retailer of Professional Beauty Products Tenant Sally Beauty Supply
Carrier to Over 10,000 Professional Salon Products Number of Locations 3,700+
Operating 3,200 Stores in North America Stock Symbol | Board SBH | NYSE
Over 500 Stores in Europe, United Kingdom, Ireland and South America Credit Rating | Agency BB- | Standard & Poor’s
Annual Sales of $2.3 Billion; Gross Profit Margin of 55 Percent
sallybeauty.com Founded in 1964
AERIAL
Grand Ave
27,300 VPD
Enger
Elementary School Public Library
Subject Property
Mannheim Rd
49,150 VPD
REGIONAL MAP
Lake
Michigan
Subject PropertyCONFIDENTIALITY AGREEMENT
The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by
the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of
Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and
to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough
due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to
the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of
the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and
Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or
any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure
has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the
information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or
representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate
measures to verify all of the information set forth herein.
NON-ENDORSEMENT NOTICE
Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package.
The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said
corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap,
and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.
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This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to
square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example
purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate
Investment Services, Inc. © 2018 Marcus & Millichap. All Rights Reserved. Activity ID: ZAA0670598Exclusively Listed By Visit our website
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SEAN SHARKO
SENIOR VICE PRESIDENT INVESTMENTS
Chicago Oakbrook
(630) 570-2238
sean.sharko@marcusmillichap.com
IL 471.010712
WI 75784-94
AUSTIN WEISENBECK
SENIOR VICE PRESIDENT INVESTMENTS
Chicago Oakbrook
(630) 570-2169
austin.weisenbeck@marcusmillichap.com
IL 475.140200
WI 76206-94
STEVEN WEINSTOCK
BROKER OF RECORD
Chicago Oakbrook
(630) 570-2250
(630) 570-2323 fax
steven.weinstock@marcusmillichap.com
IL 471.011175You can also read
