Chicago, IL - AutoZone

Description:

SRS Real Estate Partners is pleased to offer the opportunity to acquire the leased fee interest (land ownership) in an absolute NNN ground leased AutoZone investment property located in Chicago, Illinois. AutoZone recently executed a 15-year lease extension through August 31, 2041 with 8 (5-year) options to extend, demonstrating its long-term commitment to the site. The lease features scheduled rental increases throughout the primary term, steadily growing NOI and providing a hedge against inflation. The lease is structured as an absolute NNN ground lease with zero landlord responsibilities, making it an ideal, management-free investment opportunity for a passive investor.

The property is strategically positioned along North Harlem Avenue, a major retail and commuter corridor servicing the northwest side of Chicago. The site benefits from strong traffic counts including approximately 29,300 VPD on N. Harlem Avenue, 10,600 VPD on W. Higgins Avenue, and immediate access to Interstate 90, which sees approximately 190,200 VPD. The property is located just minutes from O’Hare International Airport and is surrounded by numerous national and regional retailers including Target, Whole Foods, Jewel-Osco, Walgreens, Marshalls, Burlington, Ross Dress for Less, Kohl’s, Dick’s Sporting Goods, LA Fitness, Petco, CVS, and more, further increasing consumer traffic to the corridor. The 5-mile trade area is supported by more than 598,400 residents and 258,098 employees with an average household income of approximately $124,135.

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Listing ID: a28TP0000035EobYAE