Overview

Description

SRS Real Estate Partners-Midwest, LLC is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, freestanding, newly constructed Pizza Hut investment property located in Crete, Illinois. The tenant, EYM Pizza of Illinois, LLC (47-unit operator) recently signed a brand new 15 year lease with 3 (5-year) options to extend, demonstrating their commitment to the site. The lease features 10% rental increases every 5 years throughout the initial term and at the beginning of each option period, 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.

The asset is located near the signalized, hard corner intersection of Main Street and West Exchange Street with a combined 21,000 vehicles passing daily. Main Street (12,900 VPD) is the major retail thoroughfare serving the city of Crete, Illinois, featuring a mixture of local/small businesses. The property benefits tremendously serving as the main QSR/fast food option for the town. The local area is an affluent suburb just south of Chicago, consisting of dense residential sectors. Pizza Hut has excellent visibility and access via significant street frontage and multiple points of ingress/egress. The asset is conveniently located near the Crete-Monee High School, Illinois Lutheran High School, Crete Elementary School, and the Crete-Monee Early Learning Center, providing a direct consumer base. The 5-mile trade area is supported by a population of over 83,300 residents and 25,300 employees and those within 1-mile of the property boast an average household income of $104,781.

---