Overview

Description

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a newly constructed, NNN leased, corporate signed, WellNow investment property located in Decatur, IL. The tenant, ASP UC Support, LLC, recently signed a brand new 10-year lease with 3 (5-year) options to extend, demonstrating their commitment to the site. The lease features a 10% rental increase in year 6, and 8% rental increases at the beginning of each option period, growing NOI and hedging against inflation. The lease is signed by the corporate entity and is NNN with limited landlord responsibilities, making it an ideal, low-management investment opportunity for a passive investor. The building, which is slated to open by Q4 2021, will feature a state-of-the-art design using high quality materials.

WellNow is strategically located at the signalized, hard corner intersection of N. Water Street and Ash Street, averaging a combined 37,000 vehicles passing by daily.
The site is equipped with two large monument signs, benefiting from significant street frontage and creating excellent visibility along both cross streets. The site is also within proximity to multiple major commuter thoroughfares traveling throughout Central Illinois, including Interstate 72 (18,000 VPD) and State Highway 121 (21,500 VPD). The centralized location provides the site with easy commuting access to consumers throughout the region. In addition, the asset is directly across from a 395,326 SF neighborhood shopping center anchored by Walmart and Sam’s Club. Other nearby national/credit tenants include Kohl’s, Best Buy, Pet Smart, TJ Maxx, Walgreens, Panera Bread, Hobby Lobby, and more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure for the site. Furthermore, WellNow is within walking distance to multiple apartment complexes including The Village (97 units), Prairie Hills (109 units), Bristol Gardens (144 units), and more, providing a direct residential consumer base from which the site can draw. The 5-mile trade area is supported by more than 63,700 residents and 36,500 daytime employees with an average annual household income of $58,609.

---