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Davids Bridal 5020 West 95TH Street Oak Lawn, IL 60453 (Chicago MSA)
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TABLE OF CONTENTS
NET LEASED INVESTMENT OFFERING
TABLE OF CONTENTS
1) 2) 3) 4) 5) 6) 7) 8) 9) 10)
Confidentiality & Disclaimer Executive Summary Property Overview Aerial Site Plan Map Tenant Profile Demographic Comparison Report Location Overview Contact Information
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EXECUTIVE SUMMARY
NET LEASED INVESTMENT OFFERING
EXECUTIVE SUMMARY
The Boulder Group is pleased to exclusively market for sale a single tenant net leased Davids Bridal property located in the Chicago MSA. The property benefits from its location in a dense infill area of the Chicago MSA and an above average parking ratio for retail buildings in Oak Lawn. The lease is corporately guaranteed by Davids Bridal, the largest bridal store chain in the United States. Davids Bridal is a privately owned and operated clothing store specializing in wedding dresses, prom gowns and other formal wear with over 300 locations in 45 states. The 10,000 square foot property was built in 2007 and has four years of lease term remaining. The lease features a 15% rental escalation in each renewal option. The property is located along 95th Street, a primary thoroughfare in Oak Lawn, which experiences traffic volumes in excess of 39,000 vehicles per day. The property also benefits from its position across the street from the Oak Lawn Metra Station. The property is located two miles east from the Chicago Ridge regional mall, which is anchored by Sears, Kohls, Michaels, Bed Bath & Beyond and AMC Theaters. Additionally, the property is located in close proximity to a Home Depot, Target, Kmart and a Jewel-Osco grocery store. There are approximately 486,000 people living within five miles of the property. Overall retail vacancy in Oak Lawn is 6%, which is low compared to the entire Chicago MSA (8.7%). Davids Bridal is located in close proximity to the Advocate Christ Medical Center, Oak Lawns largest employer, which employs over 5,800 people. Davids Bridal original lease term was for ten years with three 5-year renewal options and the lease expires in June 2017. The net operating income increases by 15% in each renewal option. Davids Bridal is a privately clothing store specializing in wedding dresses, prom gowns and other formal wear with over 300 locations in 45 states. INVESTMENT HIGHLIGHTS Located within the Chicago MSA 15% rental escalation in each renewal option period Corporately guaranteed lease Dense area of the Chicago MSA with over 485,000 people living within five miles 95th Avenue has traffic volumes in excess of 39,000 vehicles per day Above average parking ratio for a retail building in Oak Lawn (6.2/1,000 SF) Other nearby retailers include Home Depot, Target, Kmart and Jewel-Osco Davids Bridal is the largest bridal store chain in the country Across the street from the Oak Lawn Metra Station Below average retail vacancy rate of 6.2% in Oak Lawn
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PROPERTY OVERVIEW
NET LEASED INVESTMENT OFFERING
PROPERTY OVERVIEW
$3,503,185 7.85% NOI $ 275,000 $ 316,300 $ 363,800 $ 418,300 Escalation Date 7/1/2018 (Option 1) 7/1/2023 (Option 2) 7/1/2028 (Option 3)
Renewal Options: Lease Commencement Date: Lease Expiration Date: Tenant: Year Built Lease Type: Rentable Square Feet: Land Size:
Three 5-Year with escalations July 1, 2007 June 30, 2017 Davids Bridal 2007 NN 10,000 SF 32,234 SF
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AERIAL
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AERIAL
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SITE PLAN
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SITE PLAN
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MAP
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MAP
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TENANT PROFILE
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TENANT PROFILE
Davids Bridal is a privately owned and operated clothing store specializing in wedding dresses, prom gowns and other formal wear. Davids Bridal is the largest American bridal-store chain operating more than 300 stores in 45 states, Canada and Puerto Rico. Davids Bridal was purchased by May Department Stores in 2000. May Department Stores was acquired by Federated Department Stores, the parent company of Macys, in 2005. Davids Bridal stores provide a broad assortment of designer wedding gowns, special occasion dresses and accessories at affordable prices. Davids Bridal serves as a one stop shop for brides to purchase designer gowns at a fraction of the price. Today one in four brides are dressed by Davids Bridal. Davids Bridal was founded in 1945 and is headquartered in Conshohocken, Pennsylvania.
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Population Total Population Total Households Income Median Household Income Average Household Income
$51,433 $66,224
$53,616 $65,873
$62,014 $64,070
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LOCATION OVERVIEW
NET LEASED INVESTMENT OFFERING
LOCATION OVERVIEW
Oak Lawn is a village located in Cook County, Illinois. Oak Lawn is about 15 miles southwest of Chicago. At the time of the 2010 U.S. Census the population of Oak Lawn was 56,937. Oak Lawn is located within Cook County and part of the Chicago metropolitan area. At the time of the 2010 U.S. Census Cook County had a population of 5,194,675. Oak Lawn is the home of Advocate Christ Medical Center and Hope Children's Hospital, one of the most comprehensive providers of pediatric care in the state. The medical center is a leader in cardiology, pediatrics, surgical services, oncology, womens services and emergency medicine. The Advocate Christ Medical Center, Oak Lawns largest employer, employs over 5,800 people. www.oaklawn www.oaklawn-il.gov Chicago is the most populous city in the Midwestern United States and the third most populous city in the United States with 2,700,000 residents. Chicago is the county seat of Cook County, the second largest county in the United States. The Chicago MSA is the third most populated metropolitan area in the United States with 9,580,567 residents. The MSA covers over 1,300 square miles and six counties. The Chicago metropolitan area is home to the corporate headquarters of 57 Fortune 1000 companies, including Boeing, McDonald's, Motorola, Discover Financial Services and es, United Airlines. Chicago is a major hub for industry, telecommunications and infrastructure and O'Hare International Airport is the second busiest airport in the world center of traffic movement. The metro is also a major financial in termsin North America, and is home to the largest futures exchange in the United States, the CME Group. Chicago is third in the world on the Global Financial Centers Index which ranks the competitiveness of financial centers based on people, business environment, market access, infrastructure and general competitiveness. www.cityofchicago.com
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CONTACT INFORMATION
NET LEASED INVESTMENT OFFERING
CONTACT INFORMATION
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