McAlister’s Deli – Quincy, IL
Fortis Net Lease is pleased to present this 2019 BTS 3,188 sf McAlister’s Deli located in Quincy, IL. The site is secured with a 15 year Absolute NNN lease, leaving zero landlord responsibility, and has 7% rent increases every 5 years. There are 3 (5 year) options which also have 7% rent bumps at each. This store has been open & operating successfully since late April 2019.
This McAlister’s Deli is highly visible as it is strategically positioned on the main retail arterial thoroughfare Broadway Street (ADTC 17,480), at the intersection of I-172 (ADTC 6,991). It sits adjacent to a Buffalo Wild Wings & VA outpatient clinic. The subject property is an out parcel in the Prairie Trail retail center (performing in the top 1/3 of all retail centers in the country) which includes the following tenants: Lowes, Kohls, Old Navy, Dick’s Sporting Goods, Petco, & TJ Maxx. Other nearby retailers include; Walmart, Menards, & Home Depot. The population within 5 miles is 47,497 and the average household income within 1 mile is $99,242. Expected consumer retail spending within 5 miles is more than $548 Million. The subject offering represents an ideal opportunity for a 1031 exchange buyer or a “passive” investor to attain the fee simple ownership of a McAlister’s Deli. This investment will offer a new owner continued success due to the financial strength and the proven profitability of the tenant. List price reflects an 8.00% cap rate based on NOI of $132,680 (which is the rent bump commencing 6/1/2024. Seller will credit buyer the difference at closing).
• 15 Year Absolute NNN Lease | No Landlord Responsibilities
• 7% Rent Bumps Every Five Years
• 3 (Five Year) Options with 7% Rent Bumps
• 17,480 ADTC on Broadway Street | Close to I-172 exit/entrance
• Prairie Trail Retail Center is a 412,487 SF Retail Development Anchored By Lowe’s, Kohl’s, Dick’s Sporting Goods, Old Navy, Five Below and TJ Maxx | Performs in the top 1/3 of all Retail Centers in the Country!
• Additional Surrounding Retailers Include: Home Depot, Walmart, Kmart, Sear’s, Bergner’s, Sam’s Club and Menards
• Quincy is Home to 11 Hotels, Hospital and Medical Facilities, a Regional Airport, University and Colleges, National Retailers and Over 75 Restaurants That Facilitate its Growing Residential Development & Tourism Industry
• *NOI based on rent bump commencing 6/1/2024. Seller shall credit buyer the difference at closing
Instate Broker of Record: Eli Schultz | Fortis Net Lease