Neehee's - Hanover Park, IL

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NNN leased, freestanding Neehee’s Restaurant investment property located in Hanover Park, Illinois (Chicago MSA). The tenant, RYS Foods, LLC, recently exercised its second 3-year option to extend, demonstrating their commitment to the site. The lease features a 4% rental increase at the beginning of the option in October 2025, growing NOI and hedging against inflation. The lease is NNN with limited landlord responsibilities making it an ideal, low-management investment opportunity for a passive investor.
The subject property receives significant consumer traffic from its position along W. Army Trail Road (20,200 VPD). The site is positioned within a retail center with a strong, diverse group of adjacent tenants including Walgreens, Taco Bell, Jiffy Lube, Firestone, and Midas auto repair. Neehee’s benefits from crossover retail exposure from the adjacent retailers in addition to County Farm Plaza and Heritage Plaza shopping centers, located directly across W. Army Trail Road. The shopping centers feature national/credit tenants including McDonald’s, Burger King, Subway, BP gas station, BMO Bank, Dollar General, Dunkin’, and a top performing Jewel-Osco. The grocery anchor ranks in the top 97th percentile among grocery stores nationwide with 1.3 million annual visits (per Placer.ai). The surrounding 2-mile trade area is comprised of 7 million+ square feet of industrial building and 4 million+ square feet of retail space occupied by tenants including Costco, Lowe’s, Target, Amazon Fresh, and Lifetime Fitness. The immediate area is supported by a dense, affluent Chicago suburb with over 225,600 residents and 101,800 employees with an average household income of $131,905 in a 5-mile radius, providing a direct consumer base from which to draw.