Naperville, IL - Outback Steakhouse

Description:

SRS Real Estate Partners-Midwest, LLC is pleased to present the opportunity to acquire the fee simple ownership of an Absolute
NNN leased, corporate guaranteed Outback Steakhouse investment property located in Naperville, Illinois. The tenant has more than 5 years remaining on its current 15-year lease, which commenced in March 2017, and has 4 (5-year) options to extend. The lease features 1.0% annual increases throughout the base term and the first two option periods, steadily growing NOI and hedging against inflation. In the third option, the rent adjusts to fair market value with 1.0% annual increases thereafter, giving the landlord an opportunity to capture future rent growth in this established trade area. The lease is Absolute NNN, so the tenant is responsible for taxes, insurance, and property maintenance and the landlord has zero responsibilities. That makes this an ideal, passive, management-free investment for an out-of-state or 1031 exchange buyer.

The 6,220 SF Outback Steakhouse is strategically positioned as an outparcel to International Fresh Market-anchored Fox River Commons. It benefits from the cross-shopping traffic the center generates. The site is next to the signalized hard corner of W Ogden Avenue and S Route 59, two of the area’s primary thoroughfares, which carry a combined 88,600 vehicles per day. The property has excellent visibility from both corridors and multiple points of ingress and egress shared with the shopping center, providing convenient access for customers. The site is directly across from Fox Valley Mall, a major regional shopping destination anchored by Macy’s, JCPenney, and Round 1.

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Listing ID: a28TP000003g5xdYAA