Ashley HomeStore
Retail | 7.75% CAP | 33,891 SqFt
Marketing description
CBRE's Net Lease Property Group – Midwest is pleased to present the opportunity to acquire the fee simple interest in a freestanding Ashley HomeStore located directly along the dominant retail corridor between Downers Grove and Lombard, Illinois. Located directly off the egress of Interstate 88 (161,400 VPD) this store benefits from exceptional traffic counts and visibility from three major thoroughfares of the Chicago western suburbs.
Ashley HomeStore has been operating in this location since 2017, after assuming the Savers lease that commenced in 2010. This Ashley HomeStore recently exercised their second, 5-year option at contractual rent with no rent concessions. This lease now has ZERO OPTIONS REMAINING, putting control back into the landlord's hands to either re-tenant the building, or develop this asset given its ideal location.
Ashley Furniture Industries, doing business as The Ashley Companies, is the top-selling furniture store brand worldwide and the #1 US furniture and bedding retailer. It makes and imports upholstered furniture, as well as leather and hardwood pieces. The company licenses its name to some 400 Ashley Furniture HomeStores located in the US, as well as in Canada, Mexico, Central America, and Japan. These stores are independently owned and sell only Ashley Furniture-branded products. Founded by Carlyle Weinberger in 1945, Ashley Furniture is owned by father-and-son duo Ron and Todd Wanek.
Investment highlights
- Exceptional Visibility & Traffic Counts › Ashley Home Store is positioned directly off the exit from I-88 (161,400 VPD) and benefits from excellent access and visibility on the hard corner of Highland Ave and E Butterfield Rd (Combined 73,100 VPD). Additionally, this property is adjacent to the major North/South artery, Interstate 355, servicing 128,000 VPD.
- Dominant Retail Corridor › Ashley Home Store is located at the most coveted retail intersection in DuPage County and is in the heart of the Butterfield Road retail corridor that stretches two miles from Route 355 at the west to Meyers Road to the east. Prominent national box retailers nearby include Best Buy, Dick’s Sporting Goods, The Dump, PetSmart, Duluth Trading Company, Kohl’s, PGA Tour Superstore, Costco, and The Home Depot.
- Direct Signalized Access Off Interstate 88 This property benefits direct signalized access off an exit ramp of I-88, a major transportation artery with an impressive 161,400 VPD)\. This strategic positioning not only guarantees maximum visibility but also ensures seamless, hassle-free ingress and egress.
- Long Term Operating History With Recent Lease Extension: › Ashley Home Store has been at this location since 2017, after assuming the lease of the previous tenant, Savers, that opened in 2010. The Ashley Home Store has recently exercised an option that extends their lease through February 2031.
- No Lease Options Remaining: › After their recent extension in March, this lease has NO remaining options. This gives the landlord control after the tenant expires to re-tenant or sell to potential developers.
- Minimal Landlord Responsibilities: › Ashley Home Store is on a double net lease. Landlord responsibilities are limited to structural repairs, minimizing their risk and exposure to capital expenses.
- Placer. Ai National Rankings: › This Property ranks in the top 31% for all Ashley Home Stores in the nation according to Placer.ai.
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