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Chicago Ridge, IL - Home Depot
300 Commons Drive | Chicago, IL 60415
Description
SRS National Net lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in The Home Depot, a corporate guaranteed, investment grade offering located in Chicago Ridge, IL, in the highly productive, Commons of Chicago Ridge, which generates over 6 million annual visitors. The Tenant recently exercised their second of six option periods, providing firm term through January 2030. The lease features $1.00 PSF rental increases at the beginning of each option period, growing NOI and hedging against inflation. The lease is guaranteed by the corporate entity (NYSE: HD / S&P: A) and features limited landlord responsibilities, making this an ideal, low-management investment opportunity for a passive investor. Additionally, this is one of the most visited Home Depots in the state of Illinois as it is ranked in the top 15 out of 74 locations in the state
Location
The Home Depot is strategically located at the signalized, hard corner intersection of Southwest Highway and Ridgeland Avenue, averaging a combined 45,700 vehicles passing by daily. The asset also benefits from direct access onto Interstate I294 (156,900 VPD), connecting it to the greater Chicagoland area. The Home Depot is ideally situated within a dense retail corridor that attracts significant demand as Commons of Chicago Ridge is co-anchored by attractive Tenants such as Marshall’s, Ross Dress for Less, and XSport Fitness. Additionally, the project is directly adjacent to Chicago Ridge Mall, a Super Regional Mall with many best in-class Tenants, which draws from a wide trade area. The strong Tenant presence drives a steady stream of loyal, local consumers to the trade area and promotes crossover store exposure. Furthermore, the property is near numerous single-family communities and multi family complexes including Oak Lawn Blu (108 units), Ridge Garden (132 units), Water Edge Estates (132 units), and others, providing a direct residential consumer base. The 5 mile surrounding area is supported by over 325k residents and 134k daytime employees
Contact
Matthew Mousavi
Sr Managing Principal & Co-Head of National Net Lease
949.698.1116949.698.1116[email protected]CA #: 01732226
Patrick Luther, CCIM
Sr Managing Principal & Co-Head of National Net Lease
949.698.1115949.698.1115[email protected]CA #: 01912215