Oak Street Health

Property Type: | Property Status: Just Sold

Oak Street Health

Property Details

Price: $1,505,000

CAP Rate: 6.5%

Square Feet:

Tenancy Type: National

Lease Type: NNN

Location Info

Address: 801 West Lake Avenue

City: Peoria

State: IL

Zip: 61614

Property Description

Short Description:
Single-Tenant Location with High-Profile, Publicly-Traded Medical User, Oak Street Health (NYSE: OSH): New 10-Yr. Lease Executed in 2021, Leaving Almost 9.5 Years of Term Remaining (No Early Termination Rights

Oak Street Health Self-Funded Nearly $2 Million to Their State-of-the-Art Space Designed to Meet Their Specific Needs, Demonstrating Their Long-Term Commitment to the Space and Market • NNN Lease Structure with No Daily Management Responsibilities, Mid-Term Rental Increase and 10% Rental Increases at the Beginning of Each Option Period • Strong Primary Care Tenancy: Oak Street Health Currently Operates 125+ Medical Centers Across 20 States and has a Joint Venture Partnership with Humana Inc. (NYSE: HUM), a Leading Health and Well-Being Company Providing Medicare Benefits to Patients 65 and Over • Kroger Shadow Anchored Location in the Evergreen Square Shopping Center in One of Area’s Main Retail Corridor, Adjacent to Metro Centre Surrounded by Loads of Other Complimentary Tenants and 2.5 Miles to Peoria’s Largest Mall (Northwoods Mall) • Well-Positioned at a Signalized Corner Location with Multiple Points of Ingress/Egress Making the Property Easily Accessible for Patients • Positioned with Excellent Frontage and Building Signage on Both Sides of Space Along West Lake Avenue with Surrounding Traffic Counts of 49,890 VPD Close Proximity to Major Highway I-74 with an Additional 56,000 VPD • Ideal Demographics with Average Household Incomes of Approx. $70,000 and High Population Density of Over 115,000 Residents Within a 5-Mile Radius • Health-Care Industry Accounting for 25% of Peoria’s Economy: OSF Saint Francis Medical Center (12,000+ Employees), UnityPoint Health – Methodist and UnityPoint Health – Proctor (Approximately 5,000 Total Employees), Along with the Children’s Hospital of Illinois, the University of Illinois College of Medicine at Peoria, Midwest Affiliate of St. Jude Children’s Research Hospital and USDA’s National Center for Agricultural Utilization Research, One of the Labs of Mass Production of Penicillin • Emerging Employers, Commuter Traffic to Surrounding Cities (Bloomington, Champaign, Decatur and Springfield) and Strategic Location Equidistant from Both Major Cities, Chicago and St. Louis • Major Employment Base: Komatsu America Corporation (12,000 Employees), Peoria Public School District 150 (3,000 Employees), Advance Technology Services (1,075 Employees) and Liberty Steel & Wire, the City of Peoria, County of Peoria and Citizens Equity First Credit Union, All with Approx. 1,000 Employees • 2.5 Miles to Bradley University with 1,300 Employees and Approximately 6,000 Students