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Representative Photo EXCLUSIVE OFFERING | Saks Inc. Guarantee | Zero Cash Flow | 7+ Years 1995 Southlake Mall | Merrillville, IN 46410 EXCLUSIVELY LISTED BY: Brandon Hanna Managing Partner 248.702.0290 [email protected] Ryan Vinco Managing Partner 248.702.0299 [email protected] Brent Hanna Associate Advisor 248.702.0293 [email protected]
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Representative Photo
EXCLUSIVE OFFERING | Saks Inc. Guarantee | Zero Cash Flow | 7+ Years
1995 Southlake Mall | Merrillville, IN 46410
EXCLUSIVELY LISTED BY:
Brandon Hanna Managing Partner 248.702.0290 [email protected] Ryan Vinco Managing Partner
248.702.0299 [email protected] Brent Hanna Associate Advisor 248.702.0293 [email protected]
1995 Southlake Mall | Merrillville, IN 46410 www.encorereis.com
Lease Type: Absolute Net Bonded
Taxes/Insurance/CAM: Tenant Responsibility
Roof/Structure: Tenant Responsibility
Original Lease Term: 20 Years
Term Remaining: 7+ Years
Commencement Date: 2004
Current Term Expiration: January 31, 2024
Options: (5), Five-Year Options - 3%
Increases: $26,121 in Each Option
Guarantor: Saks Incorporated
2016 Sales: Contact Agent
List Price: $8,160,000 (20% Above the Debt)
Down Payment: 17% / $1,360,000
Current NOI/Debt Service: $870,698
Cap Rate: 10.67%
Debt Balance: $6,800,000 - (May 2017)
Building Size: 145,000 SF
Rent PSF: $6.00
Land Acreage: 11.00 +/-
Opened: 1976
• Absolute Net Lease Structure | Zero Landlord Responsibilities
• Strong Store Sales and Guarantor | Saks Incorporated
• 11+ Acres of Land | Serves as Co-Anchor to the 1.4 Million SF Southlake Mall
• 5-Five Year Options to Renew with 3% Rent Escalations
• Southlake Mall is the Dominant Regional Mall for the Area
• Chicago MSA | Located Near the Exit of I-65 Highway
• Population within a 5 Mile Radius of Subject Property Exceeds 90,063
• Average Household Income Within 5 Miles is $69,459
• Located Amongst Hundreds of National Retail Tenants
INVESTMENT SUMMARY
LEASE SUMMARY
INVESTMENT / LOCATION HIGHLIGHTS
MAPS/STREET VIEW
Street View: Click HERE
Aerial View: Click HERE
Loan Balance 05/1/2017: $6,800,000
Loan to Purchase Price: 83.33%
Interest Rate: 7.16%
Original Term: 20 Years
Maturity Date: January 31, 2024
Non-recourse: Yes
Next 12 Months Principal Reduction: $395,000 +/ -
Assumption Fee: See Agent For Details
FINANCING - ZERO CASH FLOW ASSUMPTION
1995 Southlake Mall | Merrillville, IN 46410 www.encorereis.com
TENANT SUMMARY
Carson's (formerly Carson Pirie Scott and Co.) is an American chain of upscale department stores located primarily in the Mid-western United States, with over 50 stores under the nameplate.
The Carson Pirie Scott name is strongly associated with the historic
Carson, Pirie, Scott and Company Building designed by Louis Sulli-
van, built in 1899 for the retail firm Schlesinger & Mayer, and ex-
panded and sold to Carson Pirie Scott in 1904.
The chain began in 1854 when Scotsmen Samuel Carson and John Pirie first clerked in the Murray's dry goods store in Peru, Illinois - then opened their own store in LaSalle, Illinois followed by one in Amboy, Illinois. In 1871, the Great Chicago Fire destroyed 60% of the store's stock. In 1961, Carson Pirie Scott & Co. greatly expanded in Illinois by purchasing the 20 unit Block & Kuhl chain headquar-tered in Peoria, Illinois.
In 1980, to diversify its business, Carson Pirie Scott & Co. borrowed $108 million to buy Dobbs Houses, Inc., an airline caterer and owner of the Toddle House and Steak 'n Egg Kitchen restaurant chains. These were sold in 1988, as was the County Seat clothing chain.
In 1989, Carson Pirie Scott & Co. was acquired by P.A. Bergner & Co.
(founded in Peoria, Illinois), who operated the Bergner's, Charles V.
Weise, Myers Brothers and Boston Store chains.
1995 Southlake Mall | Merrillville, IN 46410 www.encorereis.com
PROPERTY PHOTOS
1995 Southlake Mall | Merrillville, IN 46410 www.encorereis.com
PROPERTY PHOTOS
1995 Southlake Mall | Merrillville, IN 46410 www.encorereis.com
AERIAL
SOUTHLAKE
MALL
1995 Southlake Mall | Merrillville, IN 46410 www.encorereis.com
AERIAL
SOUTHLAKE
MALL
1995 Southlake Mall | Merrillville, IN 46410 www.encorereis.com
LOCAL AND REGIONAL MAPS
Local Map
Regional Map
1995 Southlake Mall | Merrillville, IN 46410 www.encorereis.com
DEMOGRAPHICS
Population 1 Mile 3 Mile 5 Mile
2017 Total Population: 1,871 24,406 90,063
2022 Population: 1,807 24,234 89,576
Average Age: 39.00 40.10 39.20
Households
2017 Total Households: 878 10,044 34,634
HH Growth 2017-2022: (3.30%) (0.69%) (0.52%)
Median Household Inc: $44,772 $52,230 $55,093
Avg Household Size: 2.10 2.30 2.50
2017 Avg HH Vehicles: 2.00 2.00 2.00
Housing
Median Home Value: $165,820 $153,116 $155,821
Median Year Built: 2002 1992 1976
Population: 1 Mile 3 Mile 5 Mile
2022 Projection 1,807 24,234 89,576
2017 Estimate 1,871 24,406 90,063
2010 Census 2,133 24,540 89,808
2017 Population Hispanic Origin 287 3,511 11,481
2017 Population by Race:
White 1,269 15,722 60,971
Black 466 7,387 25,214
Am. Indian & Alaskan 9 107 345
Asian 75 559 1,637
Hawaiian & Pacific Island 2 24 53
Other 50 607 1,844
U.S. Armed Forces: 0 9 11
Households:
2022 Projection 849 9,975 34,455
2017 Estimate 878 10,044 34,634
2010 Census 996 10,090 34,490
Owner Occupied 408 6,123 24,422
Renter Occupied 470 3,921 10,212
2017 Avg Household Income $65,916 $65,306 $69,459
2017 Med Household Income $44,772 $52,230 $55,093
2017 Households by Household Inc:
<$25,000 83 1,939 6,713
$25,000 - $50,000 371 2,904 8,944
$50,000 - $75,000 110 1,902 6,900
$75,000 - $100,000 199 1,582 4,963
$100,000 - $125,000 13 761 2,990
$125,000 - $150,000 12 379 1,717
$150,000 - $200,000 91 401 1,509
$200,000+ 0 177 900
RELATIONSHIP DRIVEN • RESULTS ORIENTED Encore Real Estate Investment Services is dedicated to assisting clients in the acquisition and disposition of net leased and multi-tenant retail properties across the United States. We
provide advisory and brokerage expertise with the highest level of commitment and attention to detail, which ensures a higher assurance of closing and a faster turnaround time as
each client is assisted and advised on strategic exit and entrance strategies aimed at achieving their investment goals.
Led by Principals Brandon Hanna and Deno Bistolarides, our team of distinguished brokers has evaluated, listed, sold and marketed over $5 Billion dollars’ worth of investment real
estate nationally, totaling over 700 transactions. We have a combined track record of investment real estate sales experience spanning 50 years. Through this experience, we continue
to execute transactions on behalf of some of the most prominent developers, institutions, and private investors in the industry. As such, we continue to build long-term relationships
with the leaders in the investment community and grow our global database of investors and developers, which enables us to provide our clients with real estate investment services
that are unmatched in the industry. We are results oriented – our advisors all have a shared vision of excellence and a commitment to ensuring we are meeting our client’s needs above
all else.
The information contained herein is proprietary and strictly confidential It is intended to be reviewed only by the party receiving it from Encore Investment Real Estate Services, LLC and should not be made available to any other person or
entity without the written consent of Encore Investment Real Estate Services, LLC . The information has been prepared to provide summary, unverified information, and to establish only a preliminary level of understanding of market
conditions. The information contained herein is not a substitute for a thorough due diligence investigation. Encore Investment Real Estate Services, LLC has not made any investigation, and makes no warranty or representation, with respect
to the information contained herein. This information has been obtained from sources we believe to be reliable; however, Encore Investment Real Estate Services, LLC has not verified, and will not verify, any of the information contained
herein, nor has Encore Investment Real Estate Services, LLC conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided.
www.encorereis.com
Sheren Zakaria Marketing Coordinator D: 248.702.0294
Tracey Sensing Operations Manager D: 248.702.0283
EXECUTIVE TEAM
Brandon Hanna Managing Partner D: 248.702.0290
C: 248.939.0717
Deno Bistolarides Managing Partner D: 248.702.0288
C: 734. 255.6820
Dante Hargis Senior Advisor D: 248.702.0289
C: 586.610.9848
Brandon Kassab Senior Advisor D: 248.702.0292
C: 248.520.2321
Danny Samona Senior Advisor D: 248.702.0286
C: 734.945.5967
Matthew Weber Senior Advisor D: 248.702.0285
C: 734.320.6141
Michael Gaggo Senior Advisor D: 248.702.0287
C: 248.866.4977
Derek Kello Associate Advisor D: 248.702.0295
C: 248.860.2650
David Wilson Associate Advisor D: 248.702.0947
C: 248.330.0771
Ryan Vinco Managing Partner D: 248.702.0299
C: 313.516.6873
Kaleb Rupp Associate Advisor D: 248.702.0297
C: 419.344.3989
James Roberts Associate Advisor D: 248.702.0948
C: 419.508.5307
Evan Lyons Senior Advisor D: 248.702.0298
C: 248.535.0354
Mo Alashkar Associate Advisor D: 248.702.0946
C: 313.610.8818
Mark Meram Associate Advisor D: 248.702.0296
C: 248.227.2444
Brent Hanna Associate Advisor D: 248.702.0293
C: 248.762.0788
Marlon Gaggo Associate Advisor D: 248.702.0291
C: 248.388.0591
30500 Northwestern Hwy, Ste 400
Farmington Hills, MI 48334
