Harbor Freight Tools and Dollar Tree 1557-1559 Irving Park Rd

ILLINOIS BROKER OF BROKER - Michael Schertler - License No 471.011764
Faris Lee Investments and Great Street Realty Partners is pleased to offer the opportunity to acquire a corporate backed 2 tenant investment consisting of Harbor Freight and new Dollar Tree Store. Harbor Freight has approximately 6 years of primary term remaining and is paying a below market rent of $9.17 per square foot. Dollar Tree signed a new 10 year lease at this location to increase the sales for the company in this trade area and complement their top performing existing store (top 2 Percentile nationwide). The low rents being paid by Harbor Freight and Dollar Tree, and favorable pricing, allows the investor to purchase the property at $141 per square foot which is well below replacement costs for the building. The building underwent significant renovation in 2014 and 2023 with a new façade, new roof, new parking lot, landscaping, lighting and signage. Dollar Tree added new HVAC for their premises and upgraded the interior improvements as well, adding value to the to the premises.
The subject property is ideally positioned at the signalized intersection of heavily travelled Irving Park Road and Barrington Road, which combine for approximately 58,288 cars per day. The national retailers in the immediate trade area: Wal-Mart, Menards, Walgreens, Target, Home Depot, Jewel-Osco, Dollar Tree among others boasts excellent sales as the majority of these stores are top performing both nationally and in the metro area (see Placer Data on page 6). The strength of the trade area is attributed to the strong demographics of the Hanover Park area with approximately 130,000 residents within 3 miles of the property, and an Average Household Income of $102,000 within a 5 mile radius.