MIDAS 6249 W NORTH AVE OAK PARK, IL OFFERING MEMORANDUM REPRESENTATIVE PHOTO

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Transcription:

MIDAS 6249 W NORTH AVE OAK PARK, IL OFFERING MEMORANDUM REPRESENTATIVE PHOTO

REPRESENTATIVE PHOTO CONTENTS LISTED BY 03 EXECUTIVE SUMMARY 04 05 FINANCIAL OVERVIEW TENANT OVERVIEW JAKE SEIJAS Associate jake.seijas@matthews.com DIR (310) 919-5776 MOB (415) 847-0566 LIC # 01974332 (CA) CALVIN SHORT FVP & Senior Director calvin.short@matthews.com DIR (949) 432-4506 MOB (310) 567-3525 LIC # 01927216 (CA) BROKER OF RECORD PAT WEIBEL LIC # 471018266 (IL) 08 AREA OVERVIEW

EXECUTIVE OVERVIEW INVESTMENT HIGHLIGHTS Dense Demographics with over 950,000 residents in a 5-mile radius Oak Park is located about 10 miles from downtown Chicago Chicago is the 3rd most populous city in the US, and the greater Chicagoland area is home to more than 10 million residents Major economy drivers in the area include the financial sector, airlines, manufacturing, retail headquarters, food processing, and is a global convention destination for all industries Short lease with no renewal options gives the new owner a wide range of possibilities with the future of this property - either renegotiate a new lease or redevelop for future upside on the investment Located on a signalized, hard corner parcel, with multiple driveways allowing easy access for auto service customers Property is commercially zoned, specifically NA: North Avenue, which includes auto-oriented retail, retail storefronts, and retail centers. Higher density residential and mixed-used development is also encouraged 3

FINANCIAL OVERVIEW FINANCIAL HIGHLIGHTS TENANT SUMMARY LIST PRICE $600,000 TERM REMAINING ± 4.75 YEARS CAP RATE Tenant Trade Name Midas Type of Ownership Fee Simple Lease Guarantor Franchisee & Personal Lease Type NN Roof & Structure Landlord Responsible Original Lease Term 4 Years Rent Commencement Date 4/1/2008 Lease Expiration Date 8/31/2022 ANNUALIZED OPERATING DATA Monthly Rent Annual Rent Rent/SF Cap Rate Current - 8/31/2022 $4,500 $54,000 $4.08 9.00% 9.00% 4

TENANT OVERVIEW MIDAS Midas, Inc. is an American chain of automotive service centers headquartered in Palm Beach Gardens, Florida. The Midas Auto Repair Franchise is one of the best-known and most-trusted automobile brands in the world. Midas is one of the world s largest providers of automotive services, offering brake, maintenance, tires, exhaust, steering, and suspension services. Since 1956, Midas has been a dominant force in the tire and auto repair industries, with more than 1,000 auto repair stores in the United States and more than 2,000 worldwide. Midas also owns the SpeeDee Oil & Auto Service business, with more than 150 auto service centers in America. PARENT COMPANY TRADE NAME TBC CORPORATION # OF LOCATIONS ± 3,000 HEADQUARTERED PALM BEACH GARDENS, FLORIDA WEBSITE WWW.MIDAS.COM YEAR FOUNDED 1956 5

PROPERTY OVERVIEW THE OFFERING THE PARCEL TENANT SUMMARY Property Address SITE DESCRIPTION Number of Stories Type of Ownership 6249 W North Ave Oak Park, IL 60302 One Fee Simple Year Built 1925 GLA Lot Size Parking Parking Ratio Landscaping Topography ± 13,250 SF ± 0.32 Acres (13,987 SF) ± 4 Surface Spaces 0.30 : 1,000 SF Professional Generally Level Oceanside Blvd ± 31,792 College Blvd ± 40,116 6

SURROUNDING TENANTS 7

AREA OVERVIEW OAK PARK, IL 3-MILE DEMOGRAPHICS 8 Oak Park is a thriving community of about 52,000 people located immediately west of the City of Chicago and known for its architectural heritage and diverse population. Within its 4.5 square miles live one of the region s most diverse mixes of cultures, races, ethnicities, professions, lifestyles, religions, ages and incomes. It is the 29th largest municipality in Illinois and has easy access to downtown Chicago (the Chicago Loop) via public transportation including the CTA Blue and Green lines, buses, and Metra commuter rail. Pace buses serve the Village for travel within its borders and connecting to neighboring suburbs. 373,134 POPULATION 130,182 HOUSEHOLDS $80,819 INCOME

CHICAGOLAND Situated on the southwestern shore of Lake Michigan. Chicagoland is an informal name for the metropolitan area associated with the city of Chicago and its suburbs and has no official definition. The region is often considered to include areas beyond its corresponding MSA, as well as portions of the greater CSA. 9

10 ECONOMY The city is an efficient economic powerhouse, home to more than 400 major corporate headquarters, including 31 in the Fortune 500. As a multicultural city that thrives on the harmony and diversity of its neighborhoods, Chicago embodies the values of America s heartland integrity. It is this level of diversification that has resulted in Chicago being rated as having the most balanced economy in the United States. Additionally, its central location allows Chicago to be at the center of global trade, transit and data networks. Chicago has one of the world s largest and most diversified economies, with more than four million employees. Chicago generates an annual gross regional product (GRP) of over $575 billion, which is more than countries like Sweden and Norway. Having been listed as an alpha global city by the Global Cities Index, it is a key player in every sector from risk management innovation and information technology to manufacturing and health services. HIGHER EDUCATION Chicago has been a world center of higher education and research with several universities inside its city limits. Most notably, Northwestern University and the University of Chicago are two top universities that call the city home. Northwestern University is a large, private research university based in Evanston with a comprehensive doctoral program. Attracting over $650 million in sponsored research each year, Northwestern has the eighth largest university endowment in the country. The University of Chicago is one of the world s leading and most influential institutions of higher learning. Its main campus is located seven miles south of downtown Chicago in the Hyde Park and Woodlawn neighborhoods. The University of Chicago has many prominent alumni, including 92 Nobel laureates that have been affiliated with the university as professors, students, faculty or staff.

CONFIDENTIALITY & DISCLAIMER STATEMENT This Offering Memorandum contains select information pertaining to the business and affairs of Midas located at 6249 W North Ave, Oak Park, IL 60302 ( Property ). It has been prepared by Matthews Real Estate Investment Services. This Offering Memorandum may not be all-inclusive or contain all of the information a prospective purchaser may desire. The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Seller or Matthews Real Estate Investment Services. The material is based in part upon information supplied by the Seller and in part upon financial information obtained from sources it deems reliable. Owner, nor their officers, employees, or agents makes any representation or warranty, express or implied, as to the accuracy or completeness of this Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence. By acknowledging your receipt of this Offering Memorandum for the Property, you agree: 1. The Offering Memorandum and its contents are confidential; 2. You will hold it and treat it in the strictest of confidence; and 3. You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion or manner detrimental to the interest of the Seller. Owner and Matthews Real Estate Investment Services expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase and sale of the Property has been fully executed and delivered. If you wish not to pursue negotiations leading to the acquisition of the Property or in the future you discontinue such negotiations, then you agree to purge all materials relating to this Property including this Offering Memorandum. A prospective purchaser s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against Seller or Matthews Real Estate Investment Services or any of their affiliates or any of their respective officers, Directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property. This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs of the Property since the date this Offering Memorandum.

EXCLUSIVELY LISTED BY JAKE SEIJAS Associate jake.seijas@matthews.com DIR (310) 919-5776 MOB (415) 847-0566 LIC # 01974332 (CA) CALVIN SHORT FVP & Senior Director calvin.short@matthews.com DIR (949) 432-4506 MOB (310) 567-3525 LIC # 01927216 (CA) BROKER OF RECORD PAT WEIBEL LIC # 471018266 (IL) MIDAS 6249 W NORTH AVE OAK PARK, IL