[email protected] [email protected] brent@encorereis · 2017-08-21 · 4 orland square drive...
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Representative Photo
EXCLUSIVE OFFERING | Saks Inc. Guarantee | Zero Cash Flow
4 Orland Square Drive | Orland Park, IL 60462
EXCLUSIVELY LISTED BY:
Brandon Hanna Managing Partner 248.702.0290 [email protected] Ryan Vinco Managing Partner
248.702.0299 [email protected] Brent Hanna Associate Advisor 248.702.0293 [email protected]
4 Orland Square Drive | Orland Park, IL 60462 www.encorereis.com
Lease Type: Absolute Net
Taxes/Insurance/CAM: Tenant Responsibility
Roof/Structure: Tenant Responsibility
Original Lease Term: 20 Years
Term Remaining: 7+ Years
Commencement Date: 2004
Current Term Expiration: January 31, 2024
Options: (5), Five-Year Options
Increases: $26,121 in Each Option
Guarantor: Saks Incorporated
2016 Sales: Contact Agent
List Price: $12,384,000 (20% Above Existing Debt)
Down Payment: $2,063,843 (16.67%)
Current NOI/Debt Service: $1,306,530
Debt Balance: $10,320,157 - (April 2017)
Building Size: 163,370 SF
Rent PSF: $8.00
Land Acreage: 13.16 +/-
Opened: 1976
• Absolute Net Lease Structure | Zero Landlord Responsibilities
• Strong Guarantor | Saks Incorporated
• Sits on 13.16 Acres and Anchor in the 1.2 Million SF Orland Mall
• 5-Five Year Options to Renew with 3% Rent Escalations
• Population within a 5 Mile Radius of Subject Property Exceeds 170,165
• Affluent Average Household Income Within 5 Miles is $103,917
• Located Amongst a Plethora of National Tenants: Macy’s. JC Penny, Sears,
Toys R Us, Dave & Busters, Mattress Firm, Red Lobster, Ihop, Art Van, Ol-
ive Garden, Dollar Tree, Kohls, Red Robin, Staples, Lowes, Walmart, Tar-
get, Chick-fil-A , Starbucks, Bank of America, Chase Bank, PNC Bank, Dis-
count Tire, Pep Boys, AutoZone, KFC, Aldi, Burger King, Firestone, McDon-
alds, Taco Bell, Fresenius Medical, Sherwin Williams, Culvers, Walgreens,
O’Reilly Auto Parts and Many More
INVESTMENT SUMMARY
LEASE SUMMARY
INVESTMENT / LOCATION HIGHLIGHTS
Loan Balance 04/1/2017: $10,320,157
Loan to Purchase Price: 83.33%
Interest Rate: 7.16%
Original Term: 20 Years
Maturity Date: January 31, 2024
Non-recourse: Yes
Assumption Fee: See Agent For Details
FINANCING - ZERO CASH FLOW ASSUMPTION
4 Orland Square Drive | Orland Park, IL 60462 www.encorereis.com
TENANT SUMMARY
Carson's (formerly Carson Pirie Scott and Co.) is an American chain of upscale department stores located primarily in the Mid-western United States, with over 50 stores under the nameplate.
The Carson Pirie Scott name is strongly associated with the historic
Carson, Pirie, Scott and Company Building designed by Louis Sulli-
van, built in 1899 for the retail firm Schlesinger & Mayer, and ex-
panded and sold to Carson Pirie Scott in 1904.
The chain began in 1854 when Scotsmen Samuel Carson and John Pirie first clerked in the Murray's dry goods store in Peru, Illinois - then opened their own store in LaSalle, Illinois followed by one in Amboy, Illinois. In 1871, the Great Chicago Fire destroyed 60% of the store's stock. In 1961, Carson Pirie Scott & Co. greatly expanded in Illinois by purchasing the 20 unit Block & Kuhl chain headquar-tered in Peoria, Illinois.
In 1980, to diversify its business, Carson Pirie Scott & Co. borrowed $108 million to buy Dobbs Houses, Inc., an airline caterer and owner of the Toddle House and Steak 'n Egg Kitchen restaurant chains. These were sold in 1988, as was the County Seat clothing chain.
In 1989, Carson Pirie Scott & Co. was acquired by P.A. Bergner & Co.
(founded in Peoria, Illinois), who operated the Bergner's, Charles V.
Weise, Myers Brothers and Boston Store chains.
4 Orland Square Drive | Orland Park, IL 60462 www.encorereis.com
PROPERTY PHOTOS
4 Orland Square Drive | Orland Park, IL 60462 www.encorereis.com
AERIAL
ORLAND SQUARE
MALL
4 Orland Square Drive | Orland Park, IL 60462 www.encorereis.com
LOCAL AND REGIONAL MAPS
Local Map
Regional Map
4 Orland Square Drive | Orland Park, IL 60462 www.encorereis.com
DEMOGRAPHICS
Population 1 Mile 3 Mile 5 Mile
2017 Total Population: 10,855 73,594 170,165
2022 Population: 10,875 73,910 170,826
Pop Growth 2017-2022: 0.18% 0.43% 0.39%
Average Age: 40.80 41.70 41.50
Households
2017 Total Households: 4,152 27,689 63,605
HH Growth 2017-2022: 0.14% 0.39% 0.35%
Median Household Inc: $71,923 $85,787 $85,989
Avg Household Size: 2.60 2.60 2.70
2017 Avg HH Vehicles: 2.00 2.00 2.00
Housing
Median Home Value: $239,982 $268,703 $266,952
Median Year Built: 1980 1983 1983
Population: 1 Mile 3 Mile 5 Mile
2022 Projection 10,875 73,910 170,826
2017 Estimate 10,855 73,594 170,165
2010 Census 10,753 71,961 167,239
Growth 2017-2022 0.18% 0.43% 0.39%
Growth 2010-2017 0.95% 2.27% 1.75%
2017 Population Hispanic Origin 1,380 6,197 13,655
2017 Population by Race:
White 10,016 67,324 156,508
Black 165 1,457 3,399
Am. Indian & Alaskan 23 128 312
Asian 478 3,706 7,767
Hawaiian & Pacific Island 4 19 32
Other 170 959 2,147
U.S. Armed Forces: 1 15 15
Households:
2022 Projection 4,158 27,796 63,830
2017 Estimate 4,152 27,689 63,605
2010 Census 4,119 27,129 62,596
Growth 2017 - 2022 0.14% 0.39% 0.35%
Growth 2010 - 2017 0.80% 2.06% 1.61%
Owner Occupied 3,246 24,343 56,473
Renter Occupied 905 3,346 7,133
2017 Avg Household Income $88,855 $104,530 $103,917
2017 Med Household Income $71,923 $85,787 $85,989
2017 Households by Household Inc:
<$25,000 474 3,257 7,072
$25,000 - $50,000 1,070 4,780 10,469
$50,000 - $75,000 608 4,031 10,009
$75,000 - $100,000 688 4,117 9,675
$100,000 - $125,000 511 3,766 8,416
$125,000 - $150,000 348 2,340 5,572
$150,000 - $200,000 177 2,725 6,783
$200,000+ 275 2,673 5,610
RELATIONSHIP DRIVEN • RESULTS ORIENTED Encore Real Estate Investment Services is dedicated to assisting clients in the acquisition and disposition of net leased and multi-tenant retail properties across the United States. We
provide advisory and brokerage expertise with the highest level of commitment and attention to detail, which ensures a higher assurance of closing and a faster turnaround time as
each client is assisted and advised on strategic exit and entrance strategies aimed at achieving their investment goals.
Led by Principals Brandon Hanna and Deno Bistolarides, our team of distinguished brokers has evaluated, listed, sold and marketed over $5 Billion dollars’ worth of investment real
estate nationally, totaling over 700 transactions. We have a combined track record of investment real estate sales experience spanning 50 years. Through this experience, we continue
to execute transactions on behalf of some of the most prominent developers, institutions, and private investors in the industry. As such, we continue to build long-term relationships
with the leaders in the investment community and grow our global database of investors and developers, which enables us to provide our clients with real estate investment services
that are unmatched in the industry. We are results oriented – our advisors all have a shared vision of excellence and a commitment to ensuring we are meeting our client’s needs above
all else.
The information contained herein is proprietary and strictly confidential It is intended to be reviewed only by the party receiving it from Encore Investment Real Estate Services, LLC and should not be made available to any other person or
entity without the written consent of Encore Investment Real Estate Services, LLC . The information has been prepared to provide summary, unverified information, and to establish only a preliminary level of understanding of market
conditions. The information contained herein is not a substitute for a thorough due diligence investigation. Encore Investment Real Estate Services, LLC has not made any investigation, and makes no warranty or representation, with respect
to the information contained herein. This information has been obtained from sources we believe to be reliable; however, Encore Investment Real Estate Services, LLC has not verified, and will not verify, any of the information contained
herein, nor has Encore Investment Real Estate Services, LLC conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided.
www.encorereis.com
Sheren Zakaria Marketing Coordinator D: 248.702.0294
Tracey Sensing Operations Manager D: 248.702.0283
EXECUTIVE TEAM
Brandon Hanna Managing Partner D: 248.702.0290
C: 248.939.0717
Deno Bistolarides Managing Partner D: 248.702.0288
C: 734. 255.6820
Dante Hargis Senior Advisor D: 248.702.0289
C: 586.610.9848
Brandon Kassab Senior Advisor D: 248.702.0292
C: 248.520.2321
Danny Samona Senior Advisor D: 248.702.0286
C: 734.945.5967
Matthew Weber Senior Advisor D: 248.702.0285
C: 734.320.6141
Michael Gaggo Senior Advisor D: 248.702.0287
C: 248.866.4977
Derek Kello Associate Advisor D: 248.702.0295
C: 248.860.2650
David Wilson Associate Advisor D: 248.702.0947
C: 248.330.0771
Ryan Vinco Managing Partner D: 248.702.0299
C: 313.516.6873
Kaleb Rupp Associate Advisor D: 248.702.0297
C: 419.344.3989
James Roberts Associate Advisor D: 248.702.0948
C: 419.508.5307
Evan Lyons Senior Advisor D: 248.702.0298
C: 248.535.0354
Mo Alashkar Associate Advisor D: 248.702.0946
C: 313.610.8818
Mark Meram Associate Advisor D: 248.702.0296
C: 248.227.2444
Brent Hanna Associate Advisor D: 248.702.0293
C: 248.762.0788
Marlon Gaggo Associate Advisor D: 248.702.0291
C: 248.388.0591
30500 Northwestern Hwy, Ste 400
Farmington Hills, MI 48334