Overview

Description

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN, franchisee guaranteed, Meineke Car Care investment property located in Northlake, IL (Chicago MSA). The tenant recently signed a brand new 15-year lease with 5 (5-year) option periods, demonstrating their commitment to the site. The lease features 10% rental increases every 5 years throughout the initial term and option periods, growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities, making it an ideal, management-free investment opportunity for a passive investor. Founded in 1972, Meineke is among the leading automotive service centers in the world with over 800 locations.

Meineke is strategically located along W. North Avenue with clear visibility and access to 48,000 vehicles passing by daily. The asset benefits from direct on/off ramp access to several major commuter routes including State Highway 45 (41,900 VPD), Interstate 290 (123,000 VPD), and Interstate 294 (171,400 VPD), making this an ideal, centralized location with easy commutes for both employees and customers. In addition, the property is one mile north of the Bellwood Union Pacific-West Metra Station, a major commuter rail line operating out of Chicago with an average of over 27,000 weekly passengers. The asset is ideally situated within a dense retail corridor, and is within walking distance to Northlake Commons, a 293,523 SF Community Center anchored by The Home Depot. Other surrounding national/credit tenants include Walmart, Sam’s Club, Value City Furniture, Menards, Harbor Freight Tools, Planet Fitness, and others. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure for the site. Furthermore, the site is within proximity to several single-family communities and multi-family complexes including Wisdom Village of Northlake (71 units), Northlake Apartments (97 units), Casa San Carlon (184 units), and more, providing a direct residential consumer base from which the site can draw. The 5-mile trade area is supported by over 358,700 residents and 202,600 daytime employees, with an average annual household income of $99,687.

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