Leased to National and Local Tenants with NNN Leases
– The retail center is leased to national and local tenants, all of which have responsibilities for their pro-rata share of CAM, real estate taxes and insurance making this is very passive investment for a future landlord.
– Two out of the three pending retail tenants have 3.00% annual increases in rent, providing for a strong hedge against inflation. The third tenant has routine increases in the base term of their lease and in the option periods.
Significant Rental Upside with North Side Jiu Jitsu (Current Rate – $14.19/SF)
– There is significant upside in rent for roughly 26% of the center, given the two other retail tenants are paying $25 and $35 per square foot respectively.
– The Option Period for North Side Jiu Jitsu is structured such that Option rent shall be the greater of 3.00% from the prior year or Market Rent, and then continue at 3.00% annually.
Highly Trafficked and Extremely Dense Location (983,000+ People in 5-Miles)
– The subject property shadows (just north) the CVS at the intersection of Addison St. and Central Avenue, with a combined traffic count of 33,700+ per day.
– Cross-Easements to Addison St. thru CVS Parking Lot.
– Private 18 car Parking lot with additional shared ingress/ egress from Central Avenue at âTâ intersection with Patterson Avenue.
Located in Chicago â 3rd Largest City in the U.S.
– The city of Chicago contains 2.7 million residents. The metro houses 9.6 million people and comprises 14 counties.
– Illinois trails only New York City, Texas and California in total corporate headquarters. There are over 30 Fortune 500 companies based locally.
– The Chicago metro employs 4.8 million workers in an array of industries, including the growing tech and logistics sectors.
– The metro has one of the biggest economies in the nation, and is buoyed by its distribution, finance, manufacturing operations and growing high-technology sectors.
– The area is a major global tourist and convention destination. Typically, more than 50 million people visit the metro annually and support nearly 500,000 jobs in the leisure and hospitality sector.
