Quincy, IL - Target

Description:

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NN leased, newly-remodeled, corporate signed (NYSE: TGT | S&P: A) Target investment property located in Quincy, Illinois. The tenant, Target Corporation, recently signed a brand new 15-year lease with 8 (5-year) options to extend, demonstrating their commitment to the site. The lease features 10% increases every 5 years during the initial term and at the beginning of each option period, growing NOI and hedging against inflation. The lease is signed by the corporate entity and is NN with limited landlord responsibilities, making this an ideal, low-management investment opportunity for a passive investor. Target (NYSE: TGT | S&P: A) is a leading discount chain with approximately 2,000 Target and SuperTarget stores across North America. The newly-remodeled building opened for business in August, 2023.

The subject property is strategically located near the signalized, hard-corner intersection of Broadway St. and N. 36th St., averaging a combined 34,900 vehicles passing by daily. The site benefits from excellent visibility via a large pylon sign along Broadway St. and a large monument sign along N. 36th St. In addition, the asset is ideally situated within a dense, regional retail corridor, adjacent to a new Raising Cane’s site, and across from a top-performing Hy-Vee grocery store (see page 10 for details). Other nearby national/credit tenants include Walmart Supercenter, Aldi, Dollar Tree, Sam’s Club, T.J. Maxx, Lowe’s, and many more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure to the site. The 5-mile trade area is supported by nearly 49,000 residents and 37,000 employees, with an average household income of $69,539. The subject property will benefit from extremely limited competition as the only Target within a 70-mile radius.