TCF Bank - Chicago
1400 W Fullerton Ave Chicago , IL 60614

TCF Bank - Chicago - retail for sale

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Overview



TCF Bank, a single-tenant property, is up for sale in the affluent and highly-coveted Chicago neighborhood of Lincoln Park. The premier Midwest 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, 5-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, this offering is a passive and long-term investment opportunity with contractual rental growth within one of Chicago’s most desirable neighborhoods. 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.

Investment highlights


  • Thirty-year NNN lease, currently in year 17 of the ground lease
  • Annual revenue of $1.46 billion and a long-term counter party risk rating of ‘Baa1’ from Moody’s
  • Average household income in Lincoln Park is $146,000 and the average home value is over $793,000
  • Features national tenants including Walgreens, Costco and Menards
  • DePaul University, with over 22,400 students, is just two blocks east of the property 
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 13.7Yrs

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