3550 Grand Ave, Gurnee, IL 60031
20,574 SF | Retail Building | Gurnee, IL 60031 | $1,828,800 ($89/SF) | 6.75% Cap Rate
For Sale
Active
- Date Added:
- September 16, 2024
- Days on Market:
- 9 days
Asking Price $1,828,800
- Property Type
-
Retail
- Square Feet
- 20,574 SF
- Price / Square Foot
- $89
Listing Contacts
Randy Blankstein
Verified Profile
Jimmy Goodman
Verified Profile
- Property Info
Property Overview
The Boulder Group is pleased to exclusively market for sale a single-tenant Harbor Freight Tools property located within the Chicago
MSA in Gurnee, Illinois. Harbor Freight recently removed a sales threshold termination clause and extended the lease, demonstrating
their commitment to the location. The tenant recently executed a lease extension, extending the lease through June 2034 and added
an additional option term, again, demonstrating long-term plans for the location. There are more than 11 years remaining on the lease with 7.5% rental escalations every five years and three 5-year renewal options.
The 20,568 square-foot property is located along Grand Ave (28,500 VPD), a primary east-west thoroughfare, and is immediately east
of Highway 41 (37,900 VPD). Retailers in the trade corridor include Jewel-Osco, TCF Bank, Walgreens, Fifth Third Bank, Starbucks and
McDonald’s. Gurnee is best known for being the location of Six Flags Great America and Gurnee Mills. Gurnee Mills is a 1,936,000 square
foot shopping center with more than 200 specialty stores including but not limited: Dick’s Sporting Goods, Macy’s, Burlington, Floor
& Décor, Value City Furniture, Marshalls & HomeGoods, and many more. Six Flags and Gurnee Mills together draw over 26 million
visitors annually. There are 171,738 people living within five miles of the property earning an average household income of $94,544.
Harbor Freight Tools USA, Inc. is a private retailer of discounted tools based in the United States. It offers automotive tools; air and
power tools; shop equipment; tool storage solutions; generators; welders; lawn and garden tools; and hand tools. Harbor Freight
Tools USA, Inc. was founded in 1977 and currently has over 1,300 locations. Harbor Freight Tools is rated B1 by Moody’s.
MSA in Gurnee, Illinois. Harbor Freight recently removed a sales threshold termination clause and extended the lease, demonstrating
their commitment to the location. The tenant recently executed a lease extension, extending the lease through June 2034 and added
an additional option term, again, demonstrating long-term plans for the location. There are more than 11 years remaining on the lease with 7.5% rental escalations every five years and three 5-year renewal options.
The 20,568 square-foot property is located along Grand Ave (28,500 VPD), a primary east-west thoroughfare, and is immediately east
of Highway 41 (37,900 VPD). Retailers in the trade corridor include Jewel-Osco, TCF Bank, Walgreens, Fifth Third Bank, Starbucks and
McDonald’s. Gurnee is best known for being the location of Six Flags Great America and Gurnee Mills. Gurnee Mills is a 1,936,000 square
foot shopping center with more than 200 specialty stores including but not limited: Dick’s Sporting Goods, Macy’s, Burlington, Floor
& Décor, Value City Furniture, Marshalls & HomeGoods, and many more. Six Flags and Gurnee Mills together draw over 26 million
visitors annually. There are 171,738 people living within five miles of the property earning an average household income of $94,544.
Harbor Freight Tools USA, Inc. is a private retailer of discounted tools based in the United States. It offers automotive tools; air and
power tools; shop equipment; tool storage solutions; generators; welders; lawn and garden tools; and hand tools. Harbor Freight
Tools USA, Inc. was founded in 1977 and currently has over 1,300 locations. Harbor Freight Tools is rated B1 by Moody’s.
Property Details
- Class
- B
- Year Built/Renovated
- 1975/2018
- Stories
- 1
- Property Subtype
- Freestanding
- Lot Size (sq. ft)
- 65,340 SF
Highlights
- New lease extension through June 2034 demonstrating long-term plans for the location
- 7.5% rental escalations every five years and in each renewal option
- Located along Grand Ave (28,500 VPD), a primary east-west thoroughfare, and is immediately east of Highway 41 (37,900 VPD)
- The tenant recently reworked the lease to extend the primary term and added an additional option term
- Retailers in the trade corridor include Jewel-Osco, TCF Bank, Walgreens, Fifth Third Bank, Starbucks and McDonald’s
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