Seller's Comments and Description:
It is occupied by Subway with DRIVE/THRU,has been a tenant in the property since its initial construction in 2014 for this 2,103 square foot single tenant building on a 0.66-acre parcel. The subject property was a relocation store for Subway in 2014 when they moved to this site. Subway recently extended their lease early for an additional 13 years, through October 2026 (9 years remaining). Subway is on a NNN lease in which they are responsible for procuring and paying for all operating expenses directly with the landlord only responsible for the roof and structure replacements. The lease calls for annual escalations of 1% as well as three, five-year renewal options with a notification period of 180 days.
The guarantor on the lease is Subway Real Estate, LLC which is considered to be a corporate lease. The SUBWAY brand is the world' s largest submarine sandwich chain with more than 44,000 locations around the world. The company is privately held and their international headquarters are in Milford, Connecticut.
The subject property is an outparcel to The Oaks Shopping Center consisting of 50,000 square feet and anchored by ACE and Dollar Tree. Additionally, the Property sits directly across from the Faurecia Saline plant consisting of over one million square feet of manufacturing space. The Subway Property sits in a major retail corridor and is surrounded by many additional regional and national tenants along with experience traffic counts of 28,000+ vehicles per day along Michigan Avenue.