Investment Offering
Schnucks Grocery - Loves Park, IL
1810 Harlem Road | Loves Park, IL 61111
$13,829,000
Price7%
Cap Rate$968,028
NOI142,357
± SF Offering GLA15.07
± AC Land AreaDescription
SRS is pleased to present the rare opportunity to acquire Schnucks, a single tenant, absolute NNN leased, corporately guaranteed, investment property located in Loves Park, Illinois. The tenant, Schnucks, recently extended their lease for an additional 10 years showing their commitment to the site. Schnucks currently has 11.5 years remaining on their lease. There are 9 (5-Year) option periods, with a 5% rental increases at the start of each option. The lease is absolute NNN with zero landlord responsibilities and is corporately guaranteed by Schnucks Markets, Inc.
Location
The Schnucks is located at the signalized hard corner intersection of Harlem Road and N. Alpine Road (30,400 combined vehicles per day). Harlem Alpine Centre is located directly adjacent to Schnucks, it is anchored by Dollar General, with other tenants including Chase Bank, Rent-A-Center and Cricket Wireless. Other national tenants within the immediate trade area include CVS Pharmacy, O’Reilly Auto Parts, Goodwill and more which further increase consumer flow and crossover traffic. Loves Park, Illinois is approximately 4 miles north of Rockford, Illinois. The subject property is also 2 miles southeast of Machesney Mall with Big Lots, Bergner’s, Bath & Body Works, and Burlington as tenants. The 5-mile trade area is supported by a population of 117,226 with an average household income of $69,904 and nearly 65,000 employees support the trade area.
Contact
Patrick Luther, CCIM
Sr Managing Principal & Co-Head of National Net Lease
949.698.1115949.698.1115[email protected]CA #: 01912215