Transwestern is pleased to offer for sale to qualified investors a long-term ground leased property in Mundelein, IL. The fee simple offering is 100 percent leased to American Chartered Bank.The lease commenced in November of 2004 and has a 30-year primary term, with three 10-year tenant options to extend. Rent increases 15 percent every five years during the primary term as well as the option periods.The subject property is located just north of IL Route 176 on the northeast quadrant of IL Route 60 and IL Route 83 within Mundelein Crossings shopping center. This regional power center was developed in 2005 and is anchored by Home Depot, Target, TJ Maxx and Staples. The subject property consists of 43,560 square feet of land improved with a 4,976 square foot American Chartered Bank branch. The duration of the corporate guaranteed lease, above average rent escalations, area co-tenants and above average branch deposits make this property a solid long-term investment.
- Property Type : Retail
- Property Size : 0