Retail

First Midwest Bank - DeKalb, IL

2290 Sycamore Rd Dekalb, Illinois United States 60115
Asking Price
Area Size
NOI Net Operating Income
NIY

Documents

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Attributes

Year Built 1998
Building Area Net
Land Area Net ()
Occupancy 100.0 %

Asset Description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer for sale a single tenant, net–leased Old National Bank (the “Property” or “Asset”) offering in DeKalb, IL. Old National Bank is currently operating on an Absolute NNN Ground Lease with over 11 years of remaining term. The lease features contractual increases throughout the term providing a strong hedge against inflation. The Tenant has a long operating history at the Property and has been at this location since 1998. The Property offers a rare opportunity to acquire an industry leading tenant on a long-term lease with zero landlord responsibilities. The Asset is located in the main retail trade area in DeKalb featuring strong national tenancy such as, Lowe’s, Kohl’s, Best Buy, Five Below, Walmart Supercenter, PetSmart. TJ Maxx and Ross Dress for Less. 

Investment Highlights

BEST-IN-CLASS TENANCY WITH STRONG GUARANTY

  • First Midwest Bank merged with Old National Bank, creating the sixth largest commercial bank headquartered in Midwest
  • Old National Bank holds investment grade credit rating (Moody’s Rating: A3)
  • Tenant has more than $48 billion in assets and over 250 branches across the Midwest


LONG-TERM OPERATING HISTORY & BRAND-NEW LEASE

  • The Tenant has occupied this Asset since 1998 and recently signed a brand new 10-year lease extension which includes four 5-year option periods 


STRATEGIC REAL ESTATE POSITIONING

  • Prime outparcel location, benefitting from established foot traffic by the adjacent retail center featuring a Walmart Supercenter, Best Buy, Lowe’s, and AMC
  • The Asset itself is strategically positioned on Sycamore Rd. (Hwy 23) and offers entry points for commuters traveling in either direction 
Last Updated Date: 03 May 2022

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Last Updated Date: 03 May 2022

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