Chicago, IL - United Rentals

Description:

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NN leased, United Rentals investment property located in Chicago, Illinois. The tenant, United Rentals Realty, LLC has 3 years remaining on the initial lease with 3 (5-year) options to extend, demonstrating their commitment to the site. The lease features 2.5% annual rental increases throughout the initial term and option periods, steadily growing NOI and hedging against inflation. United Rentals, Inc. is the largest equipment rental company in the world. The asset has a billboard lease that adds an additional $28,300 to the NOI that was just extended to 2029 (3% annual increases). The company has an integrated network of 1,465 rental locations in North America, 14 in Europe, 27 in Australia and 19 in New Zealand. In North America, the company operates in 49 states and every Canadian province.

The United Rentals is located along S. Wells St and S. Wentworth Ave. with a combined (7,500 VPD). The site benefits from nearby direct on/off ramp access to Interstate 90 & 94, a major thoroughfare averaging over 318,000 vehicles passing by daily. The asset is located in a dense retail corridor, with numerous national/credit tenants including Target, Walgreens, Starbucks, Davita, Fresenius, Wendy’s, Dunkin’, Home Depot, and many more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure to the site. The subject property is in close proximity to Guaranteed Rate Field, a 40,600 seat Major League Baseball stadium, which provides additional consumer traffic to the site. The 5-mile trade area is supported by more than 790,000 residents and 778,000 employees, providing a direct consumer base from which to draw. The 5-mile trade area has an average household income of $97,353.