2780 Belvidere Rd, Waukegan, IL 60085
2,600 SF | Retail Building | Waukegan, IL 60085 | $2,353,249 ($905/SF) | 5.50% Cap Rate
For Sale
Active
9 pictures
- Date Added:
- September 16, 2024
- Days on Market:
- 9 days
Asking Price $2,353,249
- Property Type
-
Retail, Restaurant
- Square Feet
- 2,600 SF
- Price / Square Foot
- $905
Listing Contacts
Ara Rostamian
Verified Profile
Orbell Ovaness
Verified Profile
Steven Weinstock
Verified Profile
- Property Info
Property Overview
The Ovaness-Rostamian Group of Marcus & Millichap is pleased to present the opportunity to acquire a well-located single tenant drive-thru Taco Bell with a long term absolute NNN fee simple lease in the ever-improving city of Waukegan, Illinois. The tenant has over 11.9 years remaining on their initial 20 year lease with annual increases and options to extend. The operator is Bell Great Lakes LLC which operates over 60+ locations under the umbrella of the 2nd largest Taco Bell operator Bell America (200+ Units) Bella America is a subsidiary of Flynn Restaurant Group ranked the # 1 restaurant company in the nation with over 2,700 restaurants comprised of Pizza Hut, Applebee’s, Arby’s, Wendy’s, Panera Bread and Taco Bell.
Illinois Broker of Record: Steven Weinstock
One Mid America Plaza, Ste. 200
Oakbrook Terrace, IL 60181
P: (630) 570-2200
[email protected]
Lic #: 471.011175
The subject property is comprised of a 2,600 square foot drive-thru building situated upon 30,492 square feet of land as part of a larger shopping center along Belvidere Road. Access to the center is excellent with several curb cuts and a solid reciprocal easement agreement between all the properties. The subject property dominates the frontage of Belvidere Road a main corridor in the city. Belvidere Road is a major thoroughfare that converges with HWY 120 with over 25,000 Cars Per Day and also connects with HWY 41 to the suburbs of North Chicago. The city of Waukegan can be described as a growing industrial suburb with excellent distribution capabilities which is why it has attracted major technology, distribution and medical industry companies such as Amazon, FedEx, Abbott Labs, Medline, AbbVie Pharmaceutical, Thermoflex to name a few.
Major essential retailers surrounding the site are Home Depot, Dollar Tree, Walgreens, Extra Space Storage, IHOP, Pizza Hut, Dunkin’, Little Caesars, PNC Bank, AutoZone, Family Dollar, Checkers, Burger King, McDonald’s and Wendy’s. The subject property is also located 1.5 Miles east of Massive Tourist Destination Fountain Square which recently became home to the new American Place Casino (1640 slots machines & 100+ table games, sports betting, a 1,500 seat entertainment venue, 20 room boutique hotel and heliport). All this activity is due to the excellent demographics surrounding the site with a 5-mile demographics of over 164,579 people with average household income of $89,922.
Illinois Broker of Record: Steven Weinstock
One Mid America Plaza, Ste. 200
Oakbrook Terrace, IL 60181
P: (630) 570-2200
[email protected]
Lic #: 471.011175
The subject property is comprised of a 2,600 square foot drive-thru building situated upon 30,492 square feet of land as part of a larger shopping center along Belvidere Road. Access to the center is excellent with several curb cuts and a solid reciprocal easement agreement between all the properties. The subject property dominates the frontage of Belvidere Road a main corridor in the city. Belvidere Road is a major thoroughfare that converges with HWY 120 with over 25,000 Cars Per Day and also connects with HWY 41 to the suburbs of North Chicago. The city of Waukegan can be described as a growing industrial suburb with excellent distribution capabilities which is why it has attracted major technology, distribution and medical industry companies such as Amazon, FedEx, Abbott Labs, Medline, AbbVie Pharmaceutical, Thermoflex to name a few.
Major essential retailers surrounding the site are Home Depot, Dollar Tree, Walgreens, Extra Space Storage, IHOP, Pizza Hut, Dunkin’, Little Caesars, PNC Bank, AutoZone, Family Dollar, Checkers, Burger King, McDonald’s and Wendy’s. The subject property is also located 1.5 Miles east of Massive Tourist Destination Fountain Square which recently became home to the new American Place Casino (1640 slots machines & 100+ table games, sports betting, a 1,500 seat entertainment venue, 20 room boutique hotel and heliport). All this activity is due to the excellent demographics surrounding the site with a 5-mile demographics of over 164,579 people with average household income of $89,922.
Property Details
- Class
- C
- Year Built
- 2000
- Stories
- 1
- Lot Size (sq. ft)
- 30,492 SF
Highlights
- 11.9 Years Remaining on a Long-Term, 20-Year Absolute NNN Fee Simple Lease
- Attractive Rent Growth | Annual Rental Increases of 1.25x the Increase in CPI Capped at 1.50%
- Four (4), Five (5)-Year Options to Renew | Increases Apply Through Term and Options
- Excellent Sales with Year Over Year Growth | 6.4% Rent-to-Sales | Store Upgraded
- Subsidiary of Flynn Restaurant Group | Parent Company: Under Management with 2nd Largest Taco Bell Operator Bell America (281 Units)
- Strong Supporting Demographics Surrounding the Site with a 5-Mile Demographics of Over 164,579 People with Average Household Income of $89,922
Nearby Properties
Similar Properties
FAQ
- How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
- Please email our support team at [email protected] and they will add the team member.
- How do I access a private listing?
- Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
- How can I contact the broker
- We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
- What is the difference between Tier 1 & Tier 2 in the Due Diligence Vault?
- Documents that are placed in a Tier-1 Due Diligence vault require the execution of a Confidentiality Agreement (“CA”) for access. Documents and folders placed in the Tier-2 vault are intended to have an added layer of security and require the execution of a CA in addition to required Broker approval for access.
- How do I unsubscribe from emails?
- At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].