PNC Bank - Waukegan, IL

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer the opportunity to acquire the fee-simple interest in a freestanding single-tenant PNC regional bank branch located at 1802 Belvidere Road, Waukegan, IL (“Property” or “Asset”).

Initially constructed as a build-to-suit for the Tenant in 2007, the Asset features an investment grade corporate guaranty from PNC Bank (S&P: ‘A-’), 13.0 years of lease term remaining, 10% rent increases every 5 years, limited landlord responsibilities and four, five-year renewal options. Notably, the Property is the only PNC Bank branches in the city of Waukegan, IL and has seen 159% deposit growth since 2018. The Property is also ranked in the 98th percentile of PNC Bank locations in the nation for annual visits, per Placer.ai.

Located in the Waukegan submarket of the Chicago metropolitan statistical area, this community is home to retailers, restaurants, and commercial space, including the Belvidere Strip Center & Mall that is ranked in the 78th percentile of strip centers in Illinois (per Placer.ai) and a top performing Home Depot within a 15-mile radius. The Property is positioned on a hard corner in an affluent and dense commercial corridor with access to traffic counts of 36,200+ VPD and 156,000 residents that earn over $93,000 in average household income (five-mile radius). Waukegan is the largest city in Lake County and is 39 miles north of the Chicago central business district. The Property is also less than two miles from the $315 million downtown redevelopment program that will feature 700 residences, 70,000 square feet of commercial space, and a park to promote shopping, entertainment, and urban living.

This unique and rare opportunity allows investors the ability to acquire an infill regional bank branch with high value intrinsic real estate situated the affluent Waukegan submarket. The asset offers secure, long-term cash flow backed by an investment grade financial services firm that contains over $557 billion in total assets.