Just Tires Retail Center
Marcus & Millichap is pleased to offer the opportunity to purchase the fee simple interest in a Just Tires Anchored Retail Center located in Franklin Park, Illinois, just outside the city of Chicago. Just Tires has operated out of this location since 1975. The length of lease term across this rent is remarkable, with many leases not expiring until after 2030. The Weighted Average Lease Term, or WALT, is over 10 years. The WALT calculation takes tenants' respective square footages into account in determining the relative stability of a rent roll, giving more weight to tenants with larger footprints within the center.
The majority of the leases feature annual rent increases, so a new owner can expect steady NOI growth as a result of the increase structure. All tenants operate on NNN leases so potential increases in operating expenses should be absorbed by the tenants.
This property shares a large parking field with a Jewel Grocery Store and a Big Lots, both of which serve as additional traffic drivers to the location. Ownership recently executed a lease on +10,000 square feet with a regional medical provider, which should add another important traffic driver to this location. The property has direct exposure to over 42,000 vehicles per day on Grand Avenue, and the nearby intersection at Mannheim sees another 25,000 vehicles daily. With over 114,000 people residing within a three mile radius, this is a decidedly dense retail location with a large population to service within close proximity to the property.
Please reach out to Marcus & Millichap with additional questions about this opportunity.