Midwest Dental Corporate Lease – 190 Offices in 17 States – Parent Company of Four Regional Dental Brands – The subject property is leased to Midwest Dental on a long term corporate lease. Midwest Dental is the parent company of four regional brands – Mountain Dental, Midwest Dental, Merit Dental and Mondovi Dental. Midwest Dental is a nationally recognized brand servicing 190 offices in 17 states.
Recent Early 10-Year Lease Extension (May 2019) – Recent Capital Improvements to the Building – Midwest Dental has been successfully operating at this location since 2012 and recently executed (May 2019) a 10-year lease extension early, leaving 12+ years remaining on the lease term. Additionally, the building had a complete roof replacement in the summer of 2019 in addition to new HVAC units.
Extremely Low Rent – Mitigated Future Vacancy Risk – Ideal Long-Term Hold Investment – The tenant is paying a low rent for a medical tenant ($16.41 per square foot). The low rent provides an investor with an easily replaceable rent and even some potential rent upside, in the very unlikely event the tenant was to ever vacate. The extremely low rent also provides an investor with added security knowing that it’s highly probable the tenant will be profitable at this location and thus, remaining at this location for many years to come.
Located on Hard Corner Intersection – Excellent Access & Ample Parking – The subject property is located on the hard corner intersection of N. Plum St & W Livingston Rd offering excellent access and ample off-street parking (27 spaces), as well as street parking. The property is surrounded by over 5,300 households within a 5-mile radius, and is blocks from schools, businesses and county offices.
Ideal Location in City Center – Close to County Offices, Services – Strong Synergy with Nearby Retailers – Proximity to Historic Route 66, Interstate 55 – The property is ideally located in a centralized position within Pontiac’s downtown core, offering excellent retail synergy with nearby tenants such as Crescent Cinemas, the Eagle Performing Arts & Conference Center, Pontiac Oakland Auto Museum, US Post Office, BP, County Market, NAPA Auto Parts, and the Bank of Pontiac. Additionally, the property is located immediately next to the highest concentration of government offices in the area and within walking distance to the Livingston County Courthouse, Livingston County Law & Justice Center, the Pontiac Public Library, and the Pontiac Chamber. This immediate trade area is by far the most concentrated in Pontiac, with a daily work population of nearly 8,000 workers within a 5-mile radius of the property.
The subject property is located just 1 mile from the historic Route 66 (5,400 CPD), and is 3 miles from the on/off ramp onto Interstate 55 (21,500 CPD), offering quick access to nearby cities Bloomington (36 miles south), Peoria (70 miles west), and Chicago (105 miles northeast).
Located in Pontiac, IL – Major Stop Along Route 66 – New Hampton Inn Hotel, Amtrak Station – Home of Caterpillar, OSF Saint James Hospital – The subject property is located in the small town of Pontiac. Recognized by Time Magazine as one of the best small towns in the United States, the city’s dynamic downtown area offers brick streets, swinging bridges, beautiful parks, and historic buildings such as the Livingston County Courthouse, which is listed in the National Register of Historic Places. The original path of Route 66, one of the first interstate highways in the U.S., runs through Pontiac, and is a major draw for visitors to the area.
Pontiac’s economy is diverse, with strong healthcare, manufacturing, and retail industries. The area is home to the majority of Livinston County’s top employers, including OSF Saint James Hospital, Caterpillar, Inc., Interlake Mecalux, Inc., Walmart, Pontiac Healthcare, Bank of Pontiac, and Johnson Press of America. In the past few years, the city has been undergoing new developments, including a new 79-room Hampton Inn near Interstate 55, and in June 2017, Amtrak opened a new rail station in downtown Pontiac. The $2.65 million project includes a new 1,350-square-foot depot building, additional parking and connections to bicycle and pedestrian paths. The station is a significant upgrade for the more than 15,000 customers who use the Pontiac stop, and will enhance the experience for tourists who visit the area.