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Jones Lang Lasalle (“JLL”) has been exclusively retained to offer the opportunity to acquire the fee-simple interest in the CVS & on-site billboard at 1035 W. Addison Street (the “Property” or the “Offering”) located across from the world-famous Wrigley Field in Chicago, IL. The Property delivered in November 2020 as a two-story build-to-suit for CVS (the “Tenant” or the “Company”) – the nation’s largest pharmacy company with an investment-grade ‘BBB’ credit-rating – subject to a brand new 15-year NN lease with attractive rent increases and option periods. The CVS lease provides a landlord with minimal responsibilities while the roof features a 20-year warranty. In addition to the long-term CVS lease, the Property will be conveyed with income from a primely positioned on-site billboard featuring a long-term lease through February 2032 to Clear Channel Outdoors, one of the world’s largest outdoor advertising brands.
The Property offers a generational real estate investment opportunity across the street from the marquee main entrance to Wrigley Field, home of the Chicago Cubs. Wrigley Field is home to bustling crowds totaling over 3.2 Million visitors between March - October each year, bolstering the lively surrounding neighborhood which attracts crowds year-round. The trophy infill real estate quality coupled with a core long-term income backed by CVS’ investment-grade credit provides a prospective investor with a once-in-a-generation net lease retail investment opportunity in the most sought-after location in Chicago.
- Trophy Infill Chicago Location Across from Wrigley Field
- Optimal Net Lease Structure with Minimal Landlord Responsibilities
- Newly Delivered Class A Retail Building
- Investment-Grade Tenancy from CVS (S&P ‘BBB’)
- On-Site Billboard Leased to Market-Leading Outdoor Advertising Tenant
- Achievable Yield Upside via Billboard Revenue Sharing Structure
- Booming Surrounding Real Estate Development & Live-Work-Play Environment
- Unprecedented Barriers to Entry on the Perimeter of Wrigley Field
- CVS Store Owns Unique Right to Sell Cubs Merchandise
- Premier Accessibility & High Visibility Location
- Affluent & Densely Populated Northside Chicago Submarket
- Less than 600 Feet from the Addison Transit Station