Fountain Square Village

Highlights:

• Strong Tenant Lineup | Upcoming NNN Leases | E-Commerce Resistant | Scheduled Rental Increases
• Direct Residential Consumer Base | Affluent Community | Strong Demographics in 5-Mile Trade Area
• Dense Trade Area | Major Surrounding Shopping Centers | Strong National/Credit Tenant Presence
• Located Along 179th Street | Centralized Location | Excellent Visibility & Access

Description:

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in the Fountain Square Village multi-tenant strip, a 11,994 SF, 100% occupied, 4-tenant retail strip investment property located in Orland Park, IL (Chicago MSA). The center features a strong lineup of e-commerce resistant food and service-based tenants including Heartland Dental, Anytime Fitness, Hi Nails & Spa, and Joy of Thai. Anytime Fitness, who recently extended their lease through October 2030, occupies 41% of the leasable square footage, equating to 40% of the annual rent. In addition, Hi Nails & Spa will begin paying their PRS on all operating expenses starting August 2024, providing zero expense slippage for an investor - see page 17 for details. All of the tenants have scheduled rental increases throughout their option periods, while Anytime Fitness and Hi Nails have annual rental increases throughout their initial terms, steadily growing NOI and hedging against inflation. Orland Park is ranked among the best suburbs of Chicago with great public schools, above-average population diversity, and below-average crime rates.

The subject is strategically located along 179th Street with clear visibility and access to an average of 12,700 vehicles passing by daily. The asset benefits from direct access onto U.S. Highway 6 (39,300 VPD), State Highway 43 (129,600 VPD), Interstate 80 (116,300 VPD), and other major commuter routes, making this a centralized location with easy commutes for employees and customers. Fountain Square Village is ideally situated within a dense trade area and neighbors Marley Creek Square, a 125K+ SF Neighborhood Center anchored by Jewel-Osco. Marley Creek Square is a high performing shopping center that ranks within the 63rd percentile of all nationwide shopping centers with over 1M annual visitors. The other nearby national/credit tenants include Target, Best Buy, Costco Wholesale, Walmart Supercenter, ALDI, TJ Maxx, among many others. The nearby national and regional tenant presence drives a steady stream of loyal, local consumers and promotes crossover store exposure for the site. Furthermore, the property is near numerous single-family communities and multi-family complexes including The Magnuson (144 units – U/C), Apartments of Orland (252 units), Orland Ridge (294 units), and others, providing a direct residential consumer base. The 5-mile trade area is supported by over 147,900 residents and 71,400 daytime employees. Residents within one mile of the subject boast an affluent average household income of $133,437.