
Lucky's Market - Tallahassee, FL
US - Tallahassee, FL
SGD 16,050,000 | 5,079 m²
Property Address: 1272 N Lake St, Aurora, IL 60506
Property Size: 125,830 SF / 9.18 acres
Year Built: 1988
Occupancy: 75%
Tenants: Ross Dress For Less, dd’s Discounts, Five Below, Dollar Tree, Cermak Fresh Market (Shadow)
Free & Clear Offering
Value-Add Opportunity through Stabilization | 12.7% 5 - Year NOI CAGR
o Tremendous upside potential to add nearly $500k in ABR and achieve a 5-Year NOI CAGR of 12.7% through the lease up of 31,097 SF
o 10 vacant units, 7 of which are under 4k SF, allow for lower risk and create income diversification opportunities
Strong Leasing Momentum | 2 New Anchor Leases
o Five Below and DD’s Discounts (Ross Stores, Inc) joined the high credit anchor lineup with new leases in 2020 bringing anchor occupancy at Aurora Commons to 100%
o The new anchor leasing spurred an increase in shop space demand a potential investor can take advantage of with the property seeing two new leases and 6 renewals since this anchor stabilization
45% of Income Attributable to Investment Grade Tenancy
o A2 Tenancy – Ross Dress for Less and dd’s Discounts (37% of income) fall under Ross Stores, Inc. #189 on 2022 Fortune 500
o Baa2 Tenancy – Dollar Tree (8% of income) falls under Dollar Tree, Inc. which owns another iconic discount brand – Family Dollar #137 on 2022 Fortune 500
High-Performing Shadow Anchor
o Cermak Fresh Market is one of two grocers within a 3-mile radius, and it outperforms its competitor by more than 10x for annual traffic counts
o Loyal and Local Consumer Base
o Est. $54M in annual sales
o 70% of visits in TTM came from visitors who came to the center 5+ times
o 70% of consumer base comes from within 3-mile radius
o Nearest Cermak Fresh Market is 30+ miles away
Advantageous Tax Benefits within Chicago MSA
o Chicago property taxes grew 31% from $35.9bn to $47.0bn between 2018 and 2021
o Kane County property taxes grew only 14% from $15.7bn to 17.9bn between 2018 and 2021
o Aurora Commons is 40 miles west of downtown Chicago and 12 miles west of downtown Naperville