3001 Plainfield Rd, Joliet, IL, 60435

Home Depot

$ 10,943,538.00

100,000 sq ft

This Home Depot is an absolute NNN lease in a great location!

 

Price $10,943,538              Cap Rate 6.50%               NOI $711,330               Price Per SF $101

Leasable Area 108,600 SF   Term Remaining 5 YRS     Year Built 1992/R2001   Occupancy 100%

Status available

INVESTMENT HIGHLIGHTS

Absolute Net Lease: This absolute NNN lease has no landlord responsibilities. Home Depot is responsible for all taxes, insurance, and maintenance of the Property, including the roof and structure.

Investment Grade Credit: Home Depot’s credit is currently rated “A” by Standard & Poor’s, “A2” by Moody’s, and “A” by Fitch. These ratings are investment grade, indicating the company has a strong capacity to meet financial commitments.

Secure Tenancy: Home Depot is the largest home improvement retailer in the world with more than 2,200 stores in all 50 states, the District of Columbia, Puerto Rico, U.S. Virgin Islands, Guam, 10 Canadian provinces, and Mexico. In fiscal 2017, the company had sales of $100.9 billion and earnings of $8.6 billion. Home Depot’s stock is traded on the New York Stock Exchange (NYSE: HD) and is included in the Dow Jones industrial average and Standard & Poor’s 500 index.

Long Term Commitment: Home Depot has been a tenant at this location since 2000 after acquiring the lease from Kmart and recently extended the lease through July 2023, showing their strong commitment to the site. The lease includes nine additional five-year options to extend.

Dunkin’ Donuts Sublease: Home Depot subleases a portion of their premises, approximately 1.14 acres, to Third Dunkin’ Donuts Realty, Inc (the “Subtenant”). The Subtenant pays Home Depot $85,000 annually in base rent, which subsidizes Home Depot’s rent. So effectively, Home Depot is only paying $626,330, or $5.77 per square foot, in annual rent. The sublease expires on July 31, 2023, and the Subtenant has one additional 5-year option. The Subtenant’s base rent will increase to $96,000 annually in their last option period.

Convenient Access & Visibility: The Property is situated on Plainfield Rd, a primary arterial road running through Joliet with traffic counts of 34,000 vehicles per day. There are four points of ingress/egress, providing customers with convenient access to the Property.

Strong Demographics: The Property serves a trade area featuring one of the Chicago MSA’s strongest demographic profiles. Joliet is the third largest city in the state of Illinois. Within a three-mile radius, there are over 69,000 residents with an average household income of $88,858.

Established Retail Corridor: The Property is located in an established retail corridor. National retailers within the immediate area include Target, Dick’s Sporting Goods, PetSmart, Ross Dress for Less, Barnes & Noble, Old Navy, Jo-Ann, Party City, Fresh Thyme, Michael’s, Bed Bath & Beyond, Planet Fitness, Bob’s Discount Furniture, The Room Place, Kirkland’s, Shoe Carnival, and The Great Escape. The Property is also directly across Plainfield Road from Louis Joliet Mall, a 980,000 square foot super-regional mall anchored by Macy’s, JC Penney, Sears, and a Cinemark 14-screen theater. This critical mass of retailers generates substantial traffic along Plainfield Road, enabling Home Depot to draw customers from several of the surrounding communities.

Unencumbered Offering: Offered free and clear of any existing financing, a new investor can take advantage of historically low interest rates and ample availability in the capital markets to significantly enhance returns through aggressive capitalization structures.

 

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