September 4, 2024 – Zach Smith of Horvath & Tremblay has successfully completed the sale of a Panera and US Cellular in Machesney Park, Illinois. Horvath & Tremblay exclusively represented the buyer to complete the transaction at a sale price of $3,275,000.
The Property is located at 1512-1516 West Lane in Machesney Park, Illinois. The build-to-suit property was constructed in 2004 and is improved by a two-tenant building leased to Panera and US Cellular. The Property contains 8,209 square feet on a 1-acre parcel of land. The building features a modern design and a drive-thru for Panera. The Property is an outlot to the Target and Home Depot anchored Gateway District Shopping Mall and benefits from outstanding visibility and frontage along West Lane Road (IL Route 173). Panera has been at this location since 2014 and has 4+ years remaining on their lease with two 5-year renewal options. US Cellular has been at this location since 2014 and has 2+ years remaining on their lease with two 3-year renewal options. Both leases feature attractive rent increases at the start of each renewal option. Additionally, both tenants have net leases and reimburse their pro-rata share of real estate taxes, insurance and common area maintenance costs providing an ideal, low-management investment opportunity for a passive investor. The property is positioned in between two signalized intersections along West Lane Road (IL Route 173), the area’s primary commercial and commuter corridor. The property is close to IL Route 251 and Interstate 90 and is surrounded by national retailers and restaurants that drive traffic to the area. Additionally, the Property is surrounded by densely populated residential neighborhoods that provide a built-in customer base.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.