AT&T and Mattress Firm
Fortis Net Lease is pleased to present this new AT&T & Mattress Firm two tenant shopping center located in Marion, IL. Both AT&T and Mattress Firm operate on long term 10 year double net (NN) leases, having commenced upon construction completion in the fall of 2017. Both leases are equipped with 10% rental rate increases in year six (6) of the primary term, and in each of their two (2) five(5) year options. Given the nature of the leases, the landlord is responsible for the foundation, exterior walls, roof, as well as all structural components. Each tenant is responsible for their pro-rata share of Taxes, Insurance, and Common Area Maintenance.
The subject offering is strategically located on the main retail intersection of W Deyoung St, and Halfway road in close proximity to Interstate 57. Nearby retailers include Walmart, Sam’s Club, Menard’s, Home Depot, McDonald’s, Burger King, Taco Bell, Etc. One of the largest city attractions is the Illinois Star Centre, a 600K SF mall which is home to more than 50 retailers and restaurants. The 3 mile population is greater than 15,000, with the average 3 mile household income exceeding $62,000. A new owner will find continued success with the top bedding company and one of the top wireless providers in the United States. List price reflects a 7.50% cap rate based on a NOI of $278,400.
• Brand New Two – Tenant Retail Center | AT&T & Mattress Firm
• 2017 Construction | Long Term 10 Year Double NN Leases
• Located on a Hard Signalized Corner | Average Daily Traffic Counts Above 39,500
• Adjacent To Walmart, Home Depot, Sam’s Club, Menards, McDonald’s, Etc.
• Marion is Home to the Illinois Star Center | 600,000 SF Mall – 50+ Retailers
• Strong Corporate Guarantees | Industry Leading Tenants