Main Street Commons

St Charles | Illinois (Chicago MSA)

Offering Summary

  • Status: active
  • Price: Determined by Market
  • Occupancy: 95%
  • GLA: 171,458 SF
  • Year(s) Built: 2000
  • Major Tenants: Do it Best Hardware, Ross Dress for Less, & T.J. Maxx
  • 95.7% Occupied, 171,458 SF Regional Shopping Center in Affluent St. Charles, IL (Chicago MSA)
  • Anchored by Do it Best Hardware, Ross Dress for Less, and T.J. Maxx – Collectively 48.7% of GLA, 6.3 Years Avg. Term Remaining, Avg. $7.07/SF NNN Rent
  • Offered with the Assumption of Attractive Non-Recourse Debt – 5.5% IR, 11/2028 Maturity, $12.18M Principal Balance, 1.66x DSCR on In-Place NOI
  • Below Market Rents – Long-Term Upside Potential with Overall Average Rent of $9.69/SF NNN
  • Potential to Acquire an Exceptional Asset in a Top 5 MSA at a Basis Below Replacement Cost
  • 84% of Occupied GLA Leased to National/Regional Tenants (14 of 19 Tenants); 80% of Occupied GLA has 5+ Years of Term Remaining
  • New 10-Year Lease with Do it Best thru April 2031 (Commenced 2021) – Below-Market $5.50/SF NNN Rent on 34,000 SF
  • T.J. Maxx & Ross – 10-Year NNN Leases in 2017/2018 with 2027 and 2029 Expirations, Respectively
  • Cost Plus World Market – One Year Remaining on Lease (Exp. Jan 2024) at $5.77/SF Gross Rent; Opportunity to Force Next Option at $8.30/SF or Re-Tenant at Market Rent
  • Ulta and Five Below – 10-Year NNN Leases in 2018 with 2028 Expirations
  • National & Regional Small-Shop Tenants Include Giordano’s Pizza, Orangetheory, Edward Jones, Panda Express, Wise Guys Vapes, ShareTea, and Great Clips
  • Future Parcelization/Spin-Off Potential – Junior Box Inline Center with Freestanding Restaurant and Three Outparcel Strips of 2-, 4-, and 7-Units Each
  • Freestanding Spotted Fox Ale House – Successful Local Concept In-Place Since 2011 with New 10-Year Extension thru 2032
  • Ideal Small-Shop Layout – Virtually All Shop Units Located in Outparcel Strips Providing Ideal Unit Dimensions, Maximizing Endcap Opportunities, and Providing Best Visibility
  • Upside via Three Small-Shop Vacancies Totaling 7,325 SF – Anticipated Rents of $16-24/SF NNN
  • Situated at the Major Intersection of E. Main Street & S Kirk Road with 56,100 VPD
  • E. Main (Route 64) – Major Commuter Route; Primary East-West Arterial Connecting St. Charles East to I-290, Other Suburbs, and Chicago
  • Highly Affluent, Dense Demographics: 1-Mile AHHI of $155K, AHHI of $131K within 3- and 5-Mile Radius; 107,758/5-Mi Population
  • Situated Amongst 13.5 Million Square Feet of Industrial (2-Mile Radius) and 1-Mile from DuPage Airport ($1.5B Annual Economic Impact)
  • Chicagoland MSA – #3 Largest MSA in the U.S. with a Population of 9.6 Million; One of the Largest & Most Diversified Economies in the World with 31 Fortune 500 Headquarters with 370 Other Major Corporate Headquarters

Erin Patton

Senior Managing Director