Taco Bell Cantina - Chicago, IL

2432 N Milwaukee Ave
Chicago , IL 60647

Taco Bell Cantina - Chicago, IL - Retail for sale

Overview


JLL is pleased to offer for sale the fee simple interest in a two-tenant, quick service restaurant and residential property (the “Property”, or “Asset”) renovated in 2017 for a Taco Bell Cantina location. The Asset is located in Chicago’s Logan Square neighborhood, one of the fastest growing urban neighborhoods in the United States. The residential component of the Property is currently on a year-to-year lease (utilized as private office space), providing an additional income stream. Positioned along one of Chicago’s primary thoroughfares, the Property is an urban infill investment opportunity with intrinsic real estate value, contractual rent growth, over 9 years of remaining term and five, five-year options to renew. The Asset features a 2018 build-to-suit interior renovation for Taco Bell Cantina and a strong lease guaranty. The guarantor is the operating entity responsible for the first ever opening and management of a Taco Bell Cantina restaurant, and is currently operating approximately 50 Taco Bell units globally. This offering represents the opportunity to purchase a Property with an incredibly rare QSR tenant and location within the urban infill of the Chicago MSA.

Investment Highlights



·      Unique Taco Bell Cantina tenancy

·      50+ unit lease guaranty

·      2018 renovation

·      Located in a high-growth urban market

·      Value-add residential component

General
Property Type Retail
Tenure Type Sale / Purchase
Property Address 2432 N Milwaukee Ave, Chicago, IL 60647-2628
Land In Acres 0.07
Building Size 3,607  ft2
Financial
Price $1,450,000
Cap Rate 6.64%
Current NOI $96,252.00
Lease
Tenant's Name TACO BELL Corporation
Guarantor Confidential
Lease Type Modified Gross
Annual Rent $96,252.00
Lease Expiration Date 08/31/2028
Remaining Term 9.5Yrs

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