Triple Net Lease Property for Sale Chicago | The Boulder Group
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NET LEASED INVESTMENT OFFERING www.bouldergroup.com Gino’s East 500 North LaSalle Street Chicago, IL 60654
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The Boulder Group is pleased to exclusively market for sale a rare single tenant net leased trophy property located in the River North neighborhood of downtown Chicago.
Transcript of Triple Net Lease Property for Sale Chicago | The Boulder Group
NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
Gino’s East 500 North LaSalle Street
Chicago, IL 60654
NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
TABLE OF CONTENTS
TABLE OF CONTENTS
1) Confidentiality&Disclaimer
2) ExecutiveSummary
3) InvestmentHighlights
4) PropertyOverview
5) Aerials
6) Maps
7) Photographs
8) TenantProfile
9) DemographicComparisonReport
10) LocationOverview
11) ContactInformation
NET LEASED INVESTMENT OFFERING
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The information contained in the followingOfferingMemorandum is proprietary and strictly confidential. It is intendedto be reviewed only by the party receiving it from The Boulder Group and should not bemade available to any otherpersonorentitywithoutthewrittenconsentofTheBoulderGroup.Thishasbeenpreparedtoprovidesummary,unverifiedinformationtoprospectivepurchasers,andtoestablishonlyapreliminarylevelofinterestinthesubjectproperty.Theinfor-mationcontainedhereinisnotasubstituteforathoroughduediligenceinvestigation.TheBoulderGrouphasnotmadeanyinvestigation,andmakesnowarrantyorrepresentation,withrespecttotheincomeorexpensesforthesubjectproperty,thefutureprojectedfinancialperformanceoftheproperty,thesizeandsquarefootageofthepropertyandimprovements,thepresenceorabsenceofcontaminatingsubstances,PCB’sorasbestos,thecompliancewithStateandFederalregula-tions,thephysicalconditionoftheimprovementsthereon,orthefinancialconditionorbusinessprospectsofanytenant,oranytenant’splansorintentionstocontinueitsoccupancyofthesubjectproperty.Theinformationcontainedinthishasbeenobtainedfromsourceswebelievetobereliable;however,TheBoulderGrouphasnotverified,andwillnotverify,anyoftheinformationcontainedherein,norhasTheBoulderGroupconductedanyinvestigationregardingthesemattersandmakesnowarrantyorrepresentationwhatsoeverregardingtheaccuracyorcompletenessoftheinformationprovided.Allpotentialbuyersmusttakeappropriatemeasurestoverifyalloftheinformationsetforthherein.
CONFIDENTIALITY & DISCLAIMER
CONFIDENTIALITY & DISCLAIMER
NET LEASED INVESTMENT OFFERING
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TheBoulderGroupispleasedtoexclusivelymarketforsaleararesingletenantnetleasedtrophypropertylocatedintheRiverNorthneighborhoodofdowntownChicago.TheirreplaceablepropertyislocatedatthenorthwestcornerofthesignalizedintersectionofNorthLaSalleStreetandWestIllinoisStreet.ThisGino’sEast location iscentrally locatedamongstmanyhighrisehotelandresidentialbuildings inawell-knowntouristdestination.Gino’sEastrecentlyelectedtorelocatefromtheirpreviousfamousflagshiplocationandexecuteatenyearabsolutetriplenetleaseatthesubjectproperty.Theleasefeatures10%rentalescalationseveryfiveyears.Gino’sEastisaChicagoinstitutionandoneoftheoriginaldeepdishpizzarestaurantswhichfirstopenedin1966.Today,thereareelevenGino’sEastrestaurantslocatedthroughouttheChicagoMSA.
TheGino’s East property is ideally situated in theheart of Chicago’sRiverNorth neighborhood.RiverNorth is a vibrant submarket inChicagowhich hasexperiencedtremendousdevelopmentandredevelopmentinthepastseveralyears.RiverNorthishometomanyrestaurants,retailshops,hotelsandhighriseresidentialbuildings.ThepropertyislocatedatthesignalizedintersectionofNorthLaSalleStreetandWestIllinoisStreet.LaSalleStreetexperiencestrafficcountsofapproximately25,000vehiclesperdayandisamainnorth-souththoroughfareinChicago.Additionally,thepropertyisbenefittedfrombeinglocatedclosetoOhioStreetandOntarioStreet,whicharethemainentryandexitpointforvehiclestravelinginandoutofthecityviaInterstate90/94.Approximately300,000vehiclesperdaytravelonInterstate90/94.Thereareapproximately90,000peoplelivingwithinaonemilerangeofthepropertyearningaveragehouseholdincomesofapproximately$110,000.
The three-story,17,400 square foot building is constructedof brick,woodandmasonry.Gino’sEastrecently invested $1,000,000 in tenant improvements to the building bringing it to elite twenty-firstcenturystandardsandevidencingtheircommitmenttothislocation.
Gino’sEastrecentlysignedatenyearleasethatisscheduledtoexpireinJuly2023.Theleasefeatures10%rentalescalationsandnolandlordresponsibilities.Gino’sEastisaprivatelyheldcompanythatisoneoftheoriginalChicago-stylepizzarestaurants.InadditiontotheelevenlocationslocatedthroughouttheChicagoMSA,Gino’sEastoperatesamail-orderbusinesswherepatronsfromaroundthecountrycanorderfrozenpizzasandhavethemshippedovernight.
EXECUTIVE SUMMARY
EXECUTIVE SUMMARY
NET LEASED INVESTMENT OFFERING
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• LocatedwithinChicago’svibrantRiverNorthneighborhood
• RareopportunitytoacquireatrophyChicagosingletenantpropertyinacorelocation
• CentrallylocatedamongstChicago’smostvisitedtouristattractions
• Gino’sEastrecentlysigneda10yearlease
• Gino’sEastiscommittedtothelocationasevidencedbythe$1,000,000renovationrecentlymadetothebuilding
• Leasefeatures10%rentalescalationseveryfiveyears
• Gino’sEastisaniconicChicago-stylepizzachain
• RelocationofGino’sEastflagshiplocationthatwaspreviouslylocatedthreeblocksnorth
• Nolandlordresponsibilities
• LocatedalongNorthLaSalleStreetlessfourblocksfromtheChicagoLoop
• Surroundedbyhighriseresidential,hotel,andofficebuildingsinarapidlydevelopingarea
• Locatedatasignalizedintersection(25,000VPD)
• ThreeblocksfromoneofChicago’smainpointsofentryandexit,theOhioStreet/OntarioStreetfeederramps
• Approximately90,000peoplelivingwithinaonemilerangeofthepropertyearningaveragehouseholdincomesofapproximately$110,000
INVESTMENT HIGHLIGHTS
INVESTMENT HIGHLIGHTS
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PROPERTY OVERVIEW
PROPERTY OVERVIEW
Price: $7,000,000
CapRate: 6.00%
RentSchedule: NOI EscalationDate
$420,000$462,000 7/1/2018$508,200 7/1/2023(Option1)$559,020 7/1/2028(Option2)$614,922 7/1/2033(Option3)$676,416 7/1/2038(Option4)$744,060 7/1/2043(Option5)
RentalEscalations: 10%EveryFiveYears
RenewalOptions: Five5-Year
LeaseCommencementDate: January1,2013
LeaseExpirationDate: June30,2023
Tenant: Gino’sEast
YearRenovated: 2013
LeaseType: NNN
RentableSquareFeet: 17,400SF
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AERIALS
AERIALS
25,000 VPDLASALLE STR
EET
28,000 VPDOHIO STREET
22,000 VPDONTARIO STREET
ROCK N’ ROLL MCDONALD’S
N
941 MILE
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AERIALS
AERIALS
OHIO/ONTARIO RAMP
OGILVIE STATION
LAKE MICHIGAN
N
MICH
IGAN
AVENUE
CHICAGO RIVER
THE LOOP
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MAPS
MAPS
MICH
IGAN
AVENUE
HANCOCK CENTER
THE SHOPS ATNORTH BRANCH
TRUMP TOWERMERCHANDISE MART
LOYOLA UNIVERSITY
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PHOTOGRAPHS
PHOTOGRAPHS
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TENANT PROFILE
TENANT PROFILE
Gino’s East isaChicago-basedrestaurantchain,notableforitsdeep-dish,Chicago-stylepizza.Therestaurantfeaturesdeep-dishpizzabakedincast-ironpans,aswellassandwiches,soups,andsalads.ThefirstGino’sEastopenedin1966bytwotaxidriversandafriend.ThecompanysubsequentlyopenedotherlocationsthroughouttheChicagoMetropolitanArea.Today,thereareelevenGino’sEastlocationsthroughoutChicagolandwithfourlocationsinthecityofChicago.
Inadditiontotheirrestaurantbusiness,Gino’sEastoperatesamail-orderbusiness,wherepatronsfromaroundthecountrycanorderfrozenpizzasandhavethemshippedovernight.
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DEMOGRAPHIC COMPARISON REPORT
DEMOGRAPHIC COMPARISON REPORT
Population 1-mi 3-mi 5-mi
TotalPopulation 89,389 336,576 797,930
TotalHouseholds 57,230 180,461 370,342
Income
MedianHouseholdIncome $73,669 $64,649 $53,098
AverageHouseholdIncome $108,321 $97,746 $82,348
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LOCATION OVERVIEW
LOCATION OVERVIEW
River NorthisarapidlydevelopingandtransformingneighborhoodinthecityofChicago.AcommondefinitionputstheDistrictintheareanorthoftheChicagoRiverandtheMerchandiseMart,southofChicagoAvenue,eastoftheChicagoRiverandwestofMichiganAvenue.RiverNorthhasexperiencedvastchanges in theyears1990-2012 includingthedevelopmentofvasthighrisebuildings,nightclubsandrestaurants.RiverNorthhasbecomeoneofChicago’stopneighborhoodsfornightlifeespeciallyalongFranklinAvenueandHubbardStreet.Italsohoststhelargestconcentrationofartgalleries intheUnitedStates,outsideofManhattan.With itscloseproximitytoMichiganAvenue,theLoop,MerchandiseMartandtheKennedyExpressway,inadditiontoarecentincreaseintheresidentialpopulation,RiverNorthhasbecomeaurban
lifestyledestinationforfashion,home,finediningandnightlife.
ChicagoisthemostpopulouscityintheMidwesternUnitedStatesandthethirdmostpopulouscityintheUnitedStateswith2,700,000residents.ChicagoisthecountyseatofCookCounty,thesecondlargestcountyintheUnitedStates.TheChicagoMSAisthethirdmostpopulatedmetropolitanareaintheUnitedStateswith9,580,567residents.TheMSAcoversover1,300squaremilesandsixcounties.TheChicagometropolitanareaishometothecorporateheadquartersof57Fortune1000companies,includingBoeing,McDonald’s,Motorola,DiscoverFinancialServicesandUnitedAirlines.Chicagoisamajorhubforindustry,telecommunicationsandinfrastructureandO’HareInternationalAirportisoneofbusiestairportintheworldintermsofvolume.
ThemetroisamajorfinancialcenterinNorthAmerica,andishometothelargestfuturesexchangeintheUnitedStates,theCMEGroup.ChicagoisthirdintheworldontheGlobalFinancialCentersIndexwhichranksthecompetitivenessoffinancialcentersbasedonpeople,businessenvironment,marketaccess,infrastructureandgeneralcompetitiveness.
www.cityofchicago.org
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666DundeeRoad,Suite1801Northbrook,IL60062
Randy [email protected]
Jimmy [email protected]
CONTACT INFORMATION
CONTACT INFORMATION
