Investment Overview

Marcus & Millichap is pleased to present the exclusive listing for a Pep Boys located at 17015 Torrence Avenue in Lansing, Illinois. The site consists of roughly 22,132 rentable square feet of building space on estimated 1.90-acre parcel of land. This Pep Boys is subject to a 15-year absolute triple-net (NNN) lease, which commenced on November 27th, 2007. The current annual rent is $438,498 and is scheduled to increase by 1.50% annually throughout the remaining lease years. There are a total of four (4), five (5)-year options. The tenant recently exercised its first option, which will commence on December 1st, 2022, and expire on November 30th, 2027. Pricing is based off the rental increase that takes place on December 1st, 2022. Seller will credit the buyer the difference in rent at COE. Base Rent increases annually by 1.10 x CPI, capped at 1.50% with a minimum increase of 0.35%.