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|Last Updated Date||26 Jun 2020|
JLL is pleased to offer for sale the fee-simple interest in a new construction 7-Eleven (the “Property” or “Asset”) located in Chicago, IL at one of the busiest intersections in the city. The infill market on Chicago’s northside features dense surrounding demographics with average household income figures far exceeding the national average. The Property is positioned with frontage along Clybourn and Belmont Avenues at the intersection with Western Avenue and sees over 75,000 vehicles per day. The Property is leased to 7-Eleven, Inc (the “Tenant”) the largest convenience store operator, with investment-grade credit rating from both Moody’s and S&P (Baa1 / AA-) and a “stable” outlook. This offering presents the opportunity to acquire an urban infill retail asset with investment-grade credit tenancy within one of Chicago’s most coveted neighborhoods.
- Investment-grade ‘AA-’ rating from Standard and Poor’s
- Ideally positioned at the southeast corner of Belmont and Clybourn Avenues
- West Belmont is a primary east/west thoroughfare traversing the most affluent neighborhoods of Chicago’s near north side
- More than 75,000 VPD at the 5-way intersection with planned driveway access into gas station from Belmont and Clybourn
- Subject to an ideal 15-year net lease with limited landlord responsibility
- 7.5% rental increases every five years in the primary term and five, 5-year option periods provide long term stability for future ownership
- Developers are rapidly buying all opportunistic parcels in the immediate vicinity to incorporate new-construction attractions to residents in the surrounding neighborhoods
- A scarcity of new-construction urban offerings is present in primary markets, and core retail opportunities in Chicago are highly coveted and extremely rare
- Situated within Chicago’s near northside neighborhood with affluent demographics and a dense surrounding population
- Average household income of $143,800 doubles the national average