Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer for sale the fee-simple interest in the newly constructed three-tenant retail strip center (the “Property” or “Asset”) located at 517–521 South Schmale Rd., in Carol Stream, IL. The Asset consists of 4,412 rentable square feet and is 100% occupied by Tropical Smoothie Café, Stella's Place, and Jersey Mike’s Subs. Tropical Smoothie Café and Jersey Mike’s have in-place 10-year leases with two 5-year extension options and three 5-year extension options, respectively. Stella’s Place (Laredo Hospitality), recently executed a 6-year lease with three 5-year extension options. The leases have attractive rent bumps in contractual term and each subsequent renewal option. The Property is ideally situated at the intersection of Schmale Rd. and Geneva Rd., a highly trafficked retail corridor with 45,000 vehicles per day. The Asset fronts Home Depot (789.3K visits in the last 12-months) and sits next to a new construction (2021) 7Eleven Gas Station featuring a Convenience Store and Arby's restaurant. The retail trade area also includes high quality national tenants such as Jewel-Osco, Aldi, Starbucks, Jimmy John's, Lou Malnati's, Chase Bank & PNC Bank.
BEST-IN-CLASS RETAIL TENANCY
- Jersey Mike’s Subs has 2,000+ locations and 265+ new locations under development in nearly all 50 states.
- Tropical Smoothie was ranked #10 overall on the 2022 franchise 500 list and #1 in their respective juice and smoothie category.
- Stella’s Place is one of the fasting growing gaming café franchises in America.
OPTIMAL LONG-TERM NET LEASE STRUCTURE
- All tenants are operating on double-net lease structures with 8.6 years of WALT, featuring minimal landlord responsibility and significant contractual rent increases
STRATEGIC REAL ESTATE POSITIONING
- The Asset fronts Home Depot, which saw 789.3K visits in the last 12-months.
- Adjacent to a new construction (2021) 7Eleven Gas Station + Convenience Store and an Arby's restaurant.
- Strategically positioned within a main retail corridor at the intersection of Geneva Rd. and Schmale Rd. (45,000 VPD).