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Restaurant

Taco Bell

8840 Waukegan Rd, Morton Grove, IL 60053

Listing Price: $2,730,000

Cap Rate
4.25%
Tenant Name
Taco Bell
Years Remaining On Lease
19.4
Gross SF
1,760
Guarantor
Franchisee Guarantee
Rentable SF
1,760
Price/Gross SF
$1,551.14
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$65.91

Investment Overview

Marcus & Millichap is pleased to present this absolute triple-net lease Taco Bell restaurant located in Morton Grove (Chicago MSA), Illinois. The property will be operated by AG Bells II LLC, part of a multi-brand franchisee operating Taco Bells, Burger Kings, Little Caesars and Church’s Chickens in multiple states. The property consists of approximately a .41-acre site improved with an approximately 1,760-square foot building. The restaurant has a new 20-year lease in place with annual base rent of $116,000. The lease also calls for 7.5 percent rental increases every five years in the base term, as well as each of the six five-year renewal options. SITE FUNDAMENTALS The restaurant is in the densely populated Village of Morton Grove in the Chicago MSA. It is among a balanced mix of commercial retail and affluent residential homes in the nation’s third largest city. The restaurant is easily accessible with two points of ingress/egress in an infill corner location just off the intersection of Waukegan Rd and Dempster St. enjoying combined traffic counts of 70,300 vehicles per day. Nearby retailers include Culver’s, Burger King, Arby’s, Dunkin’, TJ Maxx, Hobby Lobby, Harbor Freight, and Big Lots. PROPERTY LOCATION The Village of Morton Grove is part of the Chicago MSA and its world-renown restaurants, shopping and entertainment. The “Windy City” holds nearly 10 million residents within its MSA and more than 400,000 are within five miles of the restaurant, with average household incomes of over $130,000, above the national average. STRONG GUARANTEE | GLOBALY RECOGNIZED BRAND Taco Bell is an American chain of fast-food restaurants based out of Irvine, California and a subsidiary of Yum! Brands, Inc. The restaurants serve a variety of Tex-Mex foods that include tacos, burritos, quesadillas, nachos, novelty and specialty items, and a variety of "value menu" items. As of 2018, Taco Bell serves more than 2 billion customers each year at 7,000 restaurants, more than 80 percent of which are owned and operated by independent franchisees and licensees.

Investment Highlights

  • New 20-Year NNN Lease | Six Five-Year Options
  • Located in the Chicago MSA's Urban Village of Morton Grove
  • Combined Traffic Counts of 70,300 VPD | More Than 150,000 People within Three-Mile Radius

Exclusively Listed By

Broker of Record

  • Steven D. Weinstock

    First Vice President / Regional Manager / Designated Managing Broker

    (630) 570-2200

    License(s) IL: 471.011175

    Illinois

Listing Price: $2,730,000

Cap Rate
4.25%
Tenant Name
Taco Bell
Years Remaining On Lease
19.4
Gross SF
1,760
Guarantor
Franchisee Guarantee
Rentable SF
1,760
Price/Gross SF
$1,551.14
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$65.91

Investment Highlights

  • New 20-Year NNN Lease | Six Five-Year Options
  • Located in the Chicago MSA's Urban Village of Morton Grove
  • Combined Traffic Counts of 70,300 VPD | More Than 150,000 People within Three-Mile Radius

Investment Overview

Marcus & Millichap is pleased to present this absolute triple-net lease Taco Bell restaurant located in Morton Grove (Chicago MSA), Illinois. The property will be operated by AG Bells II LLC, part of a multi-brand franchisee operating Taco Bells, Burger Kings, Little Caesars and Church’s Chickens in multiple states. The property consists of approximately a .41-acre site improved with an approximately 1,760-square foot building. The restaurant has a new 20-year lease in place with annual base rent of $116,000. The lease also calls for 7.5 percent rental increases every five years in the base term, as well as each of the six five-year renewal options. SITE FUNDAMENTALS The restaurant is in the densely populated Village of Morton Grove in the Chicago MSA. It is among a balanced mix of commercial retail and affluent residential homes in the nation’s third largest city. The restaurant is easily accessible with two points of ingress/egress in an infill corner location just off the intersection of Waukegan Rd and Dempster St. enjoying combined traffic counts of 70,300 vehicles per day. Nearby retailers include Culver’s, Burger King, Arby’s, Dunkin’, TJ Maxx, Hobby Lobby, Harbor Freight, and Big Lots. PROPERTY LOCATION The Village of Morton Grove is part of the Chicago MSA and its world-renown restaurants, shopping and entertainment. The “Windy City” holds nearly 10 million residents within its MSA and more than 400,000 are within five miles of the restaurant, with average household incomes of over $130,000, above the national average. STRONG GUARANTEE | GLOBALY RECOGNIZED BRAND Taco Bell is an American chain of fast-food restaurants based out of Irvine, California and a subsidiary of Yum! Brands, Inc. The restaurants serve a variety of Tex-Mex foods that include tacos, burritos, quesadillas, nachos, novelty and specialty items, and a variety of "value menu" items. As of 2018, Taco Bell serves more than 2 billion customers each year at 7,000 restaurants, more than 80 percent of which are owned and operated by independent franchisees and licensees.

Exclusively Listed By

Broker of Record

  • Steven D. Weinstock

    First Vice President / Regional Manager / Designated Managing Broker

    (630) 570-2200

    License(s): IL: 471.011175

    Illinois

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