•  
  • Join Us
  •  

LOWE'S GROUND LEASE - CHICAGO MSA 990 W. ALGONQUIN RD, ARLINGTON HEIGHTS, Illinois, 60005

 
← Back to list
Verified : 9/30/2013 In Contract

LOWE'S GROUND LEASE - CHICAGO MSA 990 W. ALGONQUIN RD, ARLINGTON HEIGHTS, Illinois, 60005

$16,895,000.00   / ForSale

  • Photos
  • Street View
  • Map
Photo

Property Highlights

show additional details
$16,895,000.00
Sale Price:
$16,895,000.00
Price/SF:
Unlisted
CAP Rate (%):
5.86
NOI:
$990,000.00
Net Lease:
Yes
Gross Leasable Area (SF):
133,841
Total Lot Size (SF):
520,546
Occupancy (%):
100
Population Range:
10,000-277,000
Household Income:
$90,000.00
Traffic Counts:
32,000
County:
Unlisted
Zoning:
Unlisted
Market:
Unlisted
Submarket:
Unlisted
Lot:
Unlisted
Block:
Unlisted
Bldg. Size:
Unlisted
Net Rental Area:
Unlisted
Number Of Floors:
Unlisted
Number Of Units:
Unlisted
Year Of Build:
Unlisted
Year Of Renovation:
Unlisted
Vacant SF:
Unlisted
Price/SF:
Unlisted
Parcel Number:
Unlisted
Tenancy Type:
Unlisted
Construction Status:
Unlisted
Construction Type:
Unlisted
Sprinkler:
Unlisted
Owner Occupied:
Unlisted
Parking Ratio:
Unlisted
Parking Cost:
Unlisted
Mass Transit:
Unlisted
CAM:
Unlisted

Property Description

The subject property is a single-tenant ground lease occupied by Lowe's Home Improvement Warehouse located in Arlington Heights (Chicago MSA), Illinois. The property is the anchor of Surrey Ridge Shopping Center. Lowe's occupies an approximate 133,841-square foot building that was constructed in 2004. The improvements are set on an approximate 12 acre parcel. The original 20 year ground lease was executed in January of 2005 with rent commencing in July of 2005. There are no landlord responsibilities associated with the lease.

In addition to the 20 year primary term, there are six five-year renewal options. The base rent increases approximately 10% every five years through the primary term of the lease and the option periods. The tenant's current rent is $900,000 which is due to increase in January of 2015. The Net Operating Income is underwritten at $990,000 which is the July 2015 base rent. The Seller will credit the Buyer the prorated cash difference between the current base rent and the July 2015 increase at closing.

Location Description

Arlington Heights is a mature, infill northwestern suburb of Chicago. There are approximately 100,000 people within a three mile radius of the property with an average household income of approximately $91,000. Surrey Ridge Shopping Center is located at the intersection of Golf Road and Algonquin Road. Over 30,000 cars travel both Golf and Algonquin roads daily. In addition to the retailers at Surrey Ridge, other notable retailers in the trade area include Walmart, Meijer grocery store, Staples, and several national restaurant chains.

Listing Links