The subject property is on a hard-corner stoplight location, centrally located on the retail corridor of Route 59. Traffic counts at this heavily traveled location exceed 58,325 vehicles per day between Route 59 and West Jefferson Avenue. The property is directly in front of an institutionally owned power center, across from the Meijer super store, next to the Target, and adjacent to the Fox Valley Mall. The property sits at the cusp of both Naperville and Aurora, which are both heavily populated suburbs of Chicago, approximately 34 miles west of Chicago’s central business district. There are 84,755 people and an average household income of $109,094 within a three-mile radius of the subject property. There is also an impressive daytime population of 102,630 within five-miles.
A triple net lease (triple–Net or NNN) is a lease agreement on a property where the tenant or lessee agrees to pay all real estate taxes, building insurance, and maintenance (the three “nets”) on the property in addition to any normal fees that are expected under the agreement (rent, utilities, etc.)
High demand from tenants. This demand remains strong as newer types of retailers have emerged and compete for the prime visibility and easy access (Urgent Care Centers and ER Centers, Dental Care, Wireless Carrier Stores).
Tenants desire the visibility as well as the control over their real estate. The building and signage reflects the retailers brand and image. Whereas in a shopping center a retailer would only get to put up a sign on the building, in a freestanding building the entire building is designed by the retailer. High visibility builds brands.
Majority of NNN retailers are national or regional tenants that have meticulous site selection criteria models (they know where they want to be which is why they sign the longer term leases and invest in their properties the way they do)