The Boulder Group is pleased to exclusively market for
sale a rare single tenant Walmart ground lease located in the Chicago MSA. The 132,695 square foot building is located on a 9.82 acre parcel
within a dominant retail destination. The Walmart anchors Pointe Plaza, a
330,000 square foot development located in an affluent area north of Chicago.
Walmart has approximately ten years of lease term remaining on their ground
lease that expires in March 2024. The lease features rental escalations in each
of the seven 10-year renewal option periods. Walmart is a publicly traded
company (NYSE: WMT) with a market capitalization in excess of $240 billion and
is an investment grade rated company (S&P: AA).
The Walmart property is located within an affluent area just
north of Chicago. Average household incomes within a one mile radius are in
excess of $107,000 annually. Additionally, there are approximately 700,000
people living within five miles earning average household incomes in excess of
$80,000 per year. The property is located along West Touhy Avenue, a heavily
trafficked east-west thoroughfare that experiences traffic counts in excess of
35,000 vehicles per day. The property is located less than one mile from a full
interchange with Interstate 94, which experiences traffic counts in excess of
153,000 vehicles per day. The immediate area is dense providing for high
barriers to entry.
The Walmart is well located
within one of the dominant retail destinations of Chicago’s northern suburbs.
The Walmart anchors Pointe Plaza, a 330,000 square foot development that also
features Ross Dress For Less, Walgreens, Fresh Farms International Market,
Dress Barn and Babies R’ Us. Directly across the street from Pointe Plaza is Village
Crossing, a 450,000 square foot development that features Dick’s Sporting
Goods, AMC Theaters, Best Buy, Michael’s, Bed Bath & Beyond and many other
national retailers. Jewel-Osco is also located across the street from the
Walmart. Other notable retailers in the immediate vicinity along West Touhy
Avenue include Target and Costco. This is a 24 hour location and Walmart has a
longstanding operating history since 2000. The closest Walmart property is
located 5.8 miles away. With convenient interstate access and a large variety
of strong retailers, this corridor has the unique advantage of drawing
consumers from both the city and suburbs.
Walmart has approximately 10
years remaining on their original twenty-five year ground lease that expires in
March 2024. The lease features seven 10-year renewal options with a 10% rental
escalation in the first option and 5% rental escalations in each remaining
renewal option period. Walmart is an investment grade rated company (S&P:
AA) and is publicly traded (NYSE: WMT) with a market capitalization in excess
of $240 million. Walmart is the largest company in the world by both number of
employees and revenue.
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