Transwestern is pleased to offer for sale to qualified investors a long-term net leased property in Algonquin, IL. The fee simple offering is100 percent leased to Hobby Lobby.The lease commenced in August of 2012 and has a 15-year primary term, with three five-year tenant options to extend. Rent increases fifty cents per square foot every five years during the primary term as well as the option periods.The subject property is located on the southwest corner of Randall Road and Corporate Parkway. Over 43,700 cars pass the property daily. The area has a three-mile average household income of $116,896 and a five-mile population of over 147,194 people.Developed in 2012, the property consists of three acres of land improved with a 55,161 SF Hobby Lobby store. The duration of the corporate guaranteed lease, strong market co-tenancy, high barriers to entry and high traffic counts make this property a solid long-term investment.Hobby Lobby is a leader in the arts and crafts industry. The company currently has over 600 locations across the nation that average 55,000 square feet and stock more than 67,000 crafting and home décor products. With over $3 Billion in revenue, steady growth and no long term debt, Hobby Lobby has excellent financial fundamentals and is consistently included in Forbes list of America’s Largest Private Companies. The Village of Algonquin, Illinois is a growing community located in Kane and McHenry Counties, about 40 miles northwest of Chicago. The 2010 Census placed the village’s population at 30,046, growing considerably from the 2000 Census figure of 23,276. The village is known as “The Gem of the Fox River Valley”, since its downtown is nestled in the heart of Illinois’ Fox River Valley. Established in 1890 and long known as a small river community, the village is making the transition into a major regional hub, as it has experienced considerable suburban growth over the past 20 years. Now stretching all the way west to the busy Randall Road corridor, Algonquin has become a major center of retail activity, with popular shopping centers, various well known restaurants, and a growing corporate campus.As a result of successful growth, the Village of Algonquin was able to increase its commercial tax base, build great neighborhoods, reserve its character and history, as well as substantially improving its recreational offerings and quality of life for its residents and visitors.Surrounding AreaThe property is located on the south end of the bustling Randall Road corridor. Immediately north of the subject property is Algonquin Commons, a 500,000 square foot lifestyle center home to many national retailers and restaurants including Dick’s Sporting Goods, Trader Joe’s, DSW, Old Navy, Williams Sonoma, Pottery Barn, On the Border and Bonefish Grill. Many other major retailers are represented in this corridor including Wal-mart, Home Depot, Costco, Target, Kohl’s, Meijer, Walgreens, Lifetime Fitness, Michael’s, JC Penny and dozens more. The Randall Road corridor represents a one stop shopping experience for Algonquin and many of the other surrounding communities.
- Property Type : Retail
- Property Size : 55,161