Investment Highlights
- 61 Percent Occupied Retail Center - With Significant Upside Potential
- All Leases Are Structured As Double Net - All Tenants Reimburse A Fixed Amount Yearly (Upside In Restructuring Leases)
- Three Of Four Tenants Have Extended Their Initial Terms
- Building Has Roof Warranty Until May 2018
- Traffic Counts of 15,500 per 2015 IDOT
- Parking Lot Was Just Resealed & Restriped
This investment consists of a 11,996 square foot retail center built in 1992. The center is 61 percent occupied with Papa John’s, The Medicine Shoppe – Holistic Pharmacy, First Payday Loans, Liberty Tax Services. All tenants operate on a double net lease whereas all current tenants reimburse a fixed amount yearly. Leaving Landlord responsible for Roof, Structure and unreimbursed expenses.
Landlord will master lease the entire vacant space at $8 per square foot and $2.75 per square foot for operating expenses for three years. He will escrow the entire sum at closing.
Lincoln Center provides great tenant history; Papa John’s has been a tenant since the building was built in 1992 and
exercised their option to extend their lease for an additional five year period which will carry through August of 2022.
Liberty Tax Services has been a tenant since 2001 and has extended their lease term four times. Holistic Pharmacy has also extended their lease term since they started leasing space in 2014.
The property sits just off North Grand Avenue East which has traffic counts of 15,500 vehicles per day in 2015
according to IDOT. Springfield is the capital of the U.S. state of Illinois and the county seat of Sangamon County. It is the largest city in central Illinois. As of 2013, the city's population was estimated to have increased to 117,006, with just over 211,700 residents living in the Springfield Metropolitan Area.