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JLL is pleased to offer for sale the fee simple interest in a brand-new Lou Malnati’s Pizzeria (the “Property” or “Asset”) located about 20 miles west of downtown Chicago in Oakbrook Terrace, Illinois. Lou Malnati’s is an award-winning Chicago-style deep dish pizza restaurant chain serving Chicago deep-dish pizza since 1971. The Asset is encumbered by a NNN lease featuring a 14.5 years of primary lease term remaining with 10% rental escalations every five years and four, five-year renewal options. The Property is situated along 22nd Street (47,000 VPD) within one of the largest office and retail submarkets outside of the downtown Chicago CBD. This Property possesses excellent real-estate fundamentals and presents the opportunity to acquire a long-term investment leased a growing restaurant chain in an affluent Chicago suburb.
- Brand new 2020 construction with 14.5 years of primary lease term remaining
- Leased to Lou Malnati's Pizzeria - considered to be the oldest name in Chicago pizza
- Award-winning and high-growth tenancy
- Off-interstate positioning in the center of a highly trafficked suburban retail + office submarket
- Optimal long-term net lease structure with corporate guaranty
- Strategic positioning between two premier shopping centers
- More than 263,600 residents with AHHI of more than $137,000 within a five-mile radius