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Restaurant

Chick-fil-A Ground Lease | Densely Populated Area | Near Major Retail Destinations

4512 N Harlem Ave, Chicago, IL 60656

Listing Price: $5,975,000

Cap Rate
3.85%
Tenant Name
Chick-fil-A
Years Remaining On Lease
13.4
Guarantor
Corporate Guarantee
Rentable SF
5,020
Lease Type
NNN Ground Lease
Rent Per Square Feet
$45.82

Investment Overview

Marcus & Millichap, as exclusive advisor, is pleased to present the opportunity to acquire a long-term, triple-net leased corporate Chick-Fil-A ground lease located within Norridge, Illinois, an inner suburb of Chicago. Recently developed in 2019, the 5,020-square foot building sits on approximately 0.45 acres of prime real estate along North Harlem Avenue (also known as Illinois Route 43), a major north and south thoroughfare that connects Interstate 290 from the south and Interstate 90 and has approximately 32,000 vehicles-per-day. The property is less than one-half of a mile from Harlem Irving Plaza, a 725,000-square foot indoor regional shopping mall with many well-known national retailers and approximately six miles from Chicago O’Hare International Airport and a four million-square foot office park. Situated on an out-parcel to Norridge Marketplace, an AMC theatre and Jo-Ann Fabrics-anchored retail center the building is one of Chick Fil A’s newest prototypes featuring double drive-thru lanes. Chick-fil-A is the largest quick-service chicken restaurant chain in the United States based on domestic annual sales with over 2,300 locations. Chick-fil-A currently has thirteen and a half years of its original fifteen-year lease remaining and eight, five-year options to renew. The lease is subject to ten percent rental escalations every five years during the initial lease term and throughout the option periods, offering a significant hedge against inflation. The Subject Property offers a great opportunity to acquire a long-term ground lease investment with a strong corporate guaranty in a prime Chicago MSA location. Additionally, the Property’s dense metro location, long-term lease structure and growing rental income make this investment perfect for a 1031 exchange investor looking for income passivity and zero landlord responsibilities; an investor looking to place capital in one of the country’s largest metropolitan areas with a top tier, highly sought-after corporate tenant; or a combination of both.

Investment Highlights

  • Premier Location: Out-lot to Norridge Marketplace along North Harlem Avenue in the Village of Norridge
  • Dense Metropolitan Demos: The 2020 estimated population in a two-mile radius was 123,000 residents with an average household income of $87,000
  • Surrounding National Retail: Less than half a mile from the Property is Harlem Irving Plaza, a 725,000-square foot indoor regional shopping center
  • Zero Landlord Responsibilities: Chick-fil-A is responsible for all common area maintenance, insurance, real estate taxes as well as the roof and all structural components
  • Access to Public Transportation: The Property is located one and a half miles from Chicago Transit Authority's Harlem Avenue train station that leads directly into downtown Chicago

Exclusively Listed By

Broker of Record

  • Steven D. Weinstock

    First Vice President / Regional Manager / Designated Managing Broker

    (630) 570-2250

    License(s) IL: 471.011175

    Illinois

Restaurant

Chick-fil-A Ground Lease | Densely Populated Area | Near Major Retail Destinations

Listing Price: $5,975,000

Cap Rate
3.85%
Tenant Name
Chick-fil-A
Years Remaining On Lease
13.4
Guarantor
Corporate Guarantee
Rentable SF
5,020
Lease Type
NNN Ground Lease
Rent Per Square Feet
$45.82

Investment Highlights

  • Premier Location: Out-lot to Norridge Marketplace along North Harlem Avenue in the Village of Norridge
  • Dense Metropolitan Demos: The 2020 estimated population in a two-mile radius was 123,000 residents with an average household income of $87,000
  • Surrounding National Retail: Less than half a mile from the Property is Harlem Irving Plaza, a 725,000-square foot indoor regional shopping center
  • Zero Landlord Responsibilities: Chick-fil-A is responsible for all common area maintenance, insurance, real estate taxes as well as the roof and all structural components
  • Access to Public Transportation: The Property is located one and a half miles from Chicago Transit Authority's Harlem Avenue train station that leads directly into downtown Chicago

Investment Overview

Marcus & Millichap, as exclusive advisor, is pleased to present the opportunity to acquire a long-term, triple-net leased corporate Chick-Fil-A ground lease located within Norridge, Illinois, an inner suburb of Chicago. Recently developed in 2019, the 5,020-square foot building sits on approximately 0.45 acres of prime real estate along North Harlem Avenue (also known as Illinois Route 43), a major north and south thoroughfare that connects Interstate 290 from the south and Interstate 90 and has approximately 32,000 vehicles-per-day. The property is less than one-half of a mile from Harlem Irving Plaza, a 725,000-square foot indoor regional shopping mall with many well-known national retailers and approximately six miles from Chicago O’Hare International Airport and a four million-square foot office park. Situated on an out-parcel to Norridge Marketplace, an AMC theatre and Jo-Ann Fabrics-anchored retail center the building is one of Chick Fil A’s newest prototypes featuring double drive-thru lanes. Chick-fil-A is the largest quick-service chicken restaurant chain in the United States based on domestic annual sales with over 2,300 locations. Chick-fil-A currently has thirteen and a half years of its original fifteen-year lease remaining and eight, five-year options to renew. The lease is subject to ten percent rental escalations every five years during the initial lease term and throughout the option periods, offering a significant hedge against inflation. The Subject Property offers a great opportunity to acquire a long-term ground lease investment with a strong corporate guaranty in a prime Chicago MSA location. Additionally, the Property’s dense metro location, long-term lease structure and growing rental income make this investment perfect for a 1031 exchange investor looking for income passivity and zero landlord responsibilities; an investor looking to place capital in one of the country’s largest metropolitan areas with a top tier, highly sought-after corporate tenant; or a combination of both.

Exclusively Listed By

Broker of Record

  • Steven D. Weinstock

    First Vice President / Regional Manager / Designated Managing Broker

    (630) 570-2250

    License(s): IL: 471.011175

    Illinois

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