Sale Leaseback Property For Sale Date June 12, 2017
The Boulder Group is pleased to exclusively market for sale a single tenant net leased Discovery Clothing sale leaseback opportunity located within the Chicago MSA in Orland Park, Illinois. The property is strategically located along South LaGrange Road in a dominant retail corridor. The Discovery Clothing has excellent visibility to the 41,400 vehicles per day that travel along South LaGrange Road. The Discovery Clothing lease will have an initial primary term of fifteen years remaining upon close of escrow. This absolute net lease will feature 1% annual rental escalations in the primary term and in each of the five year renewal option periods. Discovery Clothing Company is Chicago’s largest independently owned junior fashion retailer providing the latest fashion trends.
The 12,000 square foot sale leaseback building was constructed in 2012 and is well located within one of the dominant retail destinations in the southwest suburbs of Chicago. Discovery Clothing has excellent visibility along South LaGrange Road, the areas primary north-south thoroughfare, which experiences traffic counts of 41,400 vehicles per day. There are over 168,295 people living within a five mile radius of the property with average annual household incomes of $101,980 per year.
Discovery Clothing is surrounded by a number of major retail developments. Orland Park Place, a 627,365 square foot development, features Dick’s Sporting Goods, Nordstrom Rack, Ross Dress for Less, Stein Mart, Marshalls, Bed Bath & Beyond, Old Navy and Kohl’s. Directly across the street is Lake View Plaza featuring Best Buy, Golf Galaxy, Jo-Ann Fabrics, PETCO and ULTA Beauty. Less than one and one-half miles north on South LaGrange Road is Orland Square Mall, the largest shopping center in the southwest suburbs of Chicago, featuring Sears, JCPenney, Carson Pirie Scott, Macy’s and Apple to name a few. Other notable retailers in the immediate vicinity include Lowe’s Home Improvement, Target, Walmart, Whole Foods Market and a number of national banks and quick service restaurants. With a large variety of strong retailers, this corridor has the unique advantage of drawing consumers from the surrounding southwest suburbs.
There will be fifteen years remaining on the corporately guaranteed Discovery Clothing sale leaseback upon close of escrow. The lease will feature 1% annual rental escalations and require no landlord responsibilities. Additionally, there will be five 5-year renewal option periods. Discovery Clothing Company is a family owned business started in 1986. The company operates more than 30 stores in Illinois, Indiana, Wisconsin and Florida.
- Located within the Chicago MSA
- 15 year initial lease term
- 1% annual rental escalations in primary terms and renewal option periods
- Absolute triple net with zero landlord responsibilities
- Located along the primary north-south thoroughfare (41,400 VPD)
- Exceptional visibility and easy access
- Densely populated area
- Over 168,295 people living within five miles of the property earning average annual household incomes of $101,980
- Positioned in a major retail corridor featuring Walmart, Target, Lowe’s Home Improvement, Dick’s Sporting Goods, Nordstrom’s Rack, Ross Dress for Less and many more national retailers, banks and restaurants
- Benefits from its close proximity to Orland Square Mall, the largest shopping center in the southwest suburbs of Chicago