7-Eleven - Chicago, IL_Property for Sale

3798 S. Western Avenue, Chicago, IL, 60609, US

7-Eleven - Chicago, IL

Asset description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer for sale the fee-simple interest in a newly constructed 7-Eleven gas & convenience store in Chicago, IL. The Property represents 7-Eleven’s next-generation Evolution Stores that includes a Loredo Taco Company restaurant.

Purpose-built for the Tenant with expected completion date by June 2023, the Tenant is operating on a new 15-year absolute net lease with attractive 7.5% rent increases every five years and zero landlord responsibilities. The Property is adjacent to a newly constructed Starbucks and to McKinley Park (72-acre multi-sport recreational complex) located in a dense residential and commercial corridor home to leading national brands that are anticipated to drive long-term demand for the Property.

This opportunity allows investors the unique ability to acquire an essential retail asset located in an infill and fundamentally strong Chicago market, offering secure, long-term cash flow backed by an excellent credit tenant with brand name recognition.

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Attributes

Asking Price

$7,347,000

Building area Gross

4,978 sf

Occupancy

100.00%

Year built

2023

Land area Gross

0.99 acres (43,124 sf)

Cap Rate

5.25%

NOI

$386,000

Media

Investment highlights

Build-to-suit for 7-Eleven in June 2023.
Absolute NNN lease with zero landlord responsibilities.
100% corporate guaranteed by 7-Eleven Inc, which operates 13,000+ stores and boasts an outstanding investment grade credit rating (S&P: A).
Brand new 15-year lease terms with attractive 7.5% rent increases every five years and four, five-year renewal options offers a secure and growing income stream.
Ideally positioned along a high trafficked intersection of 46,000+ VPD with access to 916,000 residents in a 5-mile radius.
Strategically located along Archer Ave that funnels directly to Chicago’s Midway International Airport (20+ million passengers annually).