TCF Bank - Chicago

1400 W Fullerton Ave Chicago , IL 60614

TCF Bank - Chicago - retail for sale

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Overview




JLL is pleased to exclusively offer the opportunity to acquire a single-tenant, NNN ground leased TCF Bank (the “Property”) located in the affluent and highly-coveted Chicago neighborhood of Lincoln Park. TCF Bank is currently in year 17 of its 30-year NNN ground lease that features ten percent rental increases every five years throughout the primary term and in each of the four, five-year renewal options. The Property sits on the hard corner and signalized intersection of Fullerton Avenue and Southport Avenue along an established retail thoroughfare, offering maximum exposure and visibility within a highly-trafficked area. With absolutely zero landlord responsibilities, the Property offers a passive and long-term investment opportunity with contractual rental growth within one of Chicago’s most desirable neighborhoods. 


Investment highlights



The Property is leased to TCF National Bank, a premier Midwest bank with a strong financial profile, including annual revenue of $1.46 billion and a Long Term Counterparty Risk Rating of ‘Baa1’ from Moody’s, offering greater financial security to the underlying cash flows.

Lincoln Park is one of Chicago’s most coveted neighborhoods, known for its high-end shopping districts and affluent demographic profile. The average household income in Lincoln Park is $146,000 and the average home value is over $793,000. Of Lincoln Park’s 66,000 residents, 21.9 percent make more than $200,000 annually.

Strategically positioned at the hard corner and signalized intersection of Fullerton Avenue and Southport Avenue, the Property has excellent visibility and exposure to combined traffic counts of 24,000 vehicles per day. This established retail thoroughfare features national tenants including Walgreens, Costco, and Menards. DePaul University, the largest Catholic university in the country with over 22,400 students enrolled, is just two blocks east of the Property.

The Property’s strong real estate fundamentals and favorable zoning allows for value-add and redevelopment opportunities. Current zoning of C3-2 permits a FAR of 2.2 and a variety of permitted uses.


General
Property type Retail
Tenure type Sale/Purchase
Property address 1400 W Fullerton Ave, Chicago, IL 60614-2012
Land in acres 0.43
Building size 7,902  ft2
Year built 2003
Financial
Price $7,320,500
Cap rate 5.00%
Current NOI $366,025.00
Lease
Tenant's name TCF National BANK
Lease type NNN
Annual rent $366,025.00
Lease expiration date 07/31/2033
Remaining term 13.9Yrs

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