Stable Property with Investment Grade Credit Tenant -The property features desirable long-term leases guaranteed by investment grade credit tenants, Office Depot (S&P: BBB-) and O’Reilly Automotive (S&P: BBB+).
Below Market Rents – With rents at $8.25 a foot and $10.00 a foot annually, the Office Depot and O’Reilly stores are below market rents. According to Loopnet, as of March 2015 the average asking rate per year in Evansville is $10.67 psf.
Commitment to Site – Successful Operating History – Office Depot has operated at this site for 14 years and just signed a 5 ½ year extension that commences July 1, 2015 and includes three (3) 5-year options. O’Reilly Auto Parts has a 15-year lease (12 years remaining) with four (4) 5-year options.
Strategic Location – Investment Grade Credit Neighbors – The subject property sits on a signalized hard corner location with frontage on Lloyd Expressway (42,500 cars per day) and has attractive neighboring Investment Grade Credit Tenants including Lowe’s, Walmart, Home Depot, CVS, Old National Bank, McDonald’s, and Kohl’s.
Strong Retail Synergy – The property is located along one of Evansville’s main retail corridors with neighboring tenants such as Aldi, Schnucks Supermarket, McDonald’s, Burger King, Fifth Third Bank, Taco Bell, Bob Evans, Old National Bank, Arby’s, Cold Stone Creamery, Kohl’s, Lowe’s, Home Depot, and Walmart.
Strong Demographics – Nearly 82,000 people live within a 5 mile radius of the subject property with incomes of $53,000 within a 3 mile radius of the site. In addition, the subject property is located just 3 miles from the University of Southern Indiana with an enrollment of nearly 10,000 students.