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|Last Updated Date||01 Jul 2020|
JLL is pleased to offer for sale the single-tenanted Giordano’s, located in Morton Grove, Illinois. It is an iconic Chicago-style pizza company which has seen significant growth under CEO Yorgo Koutsogiorgas. The property is positioned at a signalized intersection with access via both Dempster and Austin Avenue. It is very well-located in a dense retail corridor along Dempster Street, ideally situated on the evening commute side of the road just west of the Dempster Exit off Interstate 94 (over 170,000 VPD).
Morton Grove is an affluent and densely populated suburb situated 13 miles north of downtown Chicago, with average household incomes over $117,000 within a 3 mile radius of the property. This investment provides outstanding residual value, as the hard corner positioning in this market garners significant attention from consumers and retailers alike. This offering presents the unique opportunity for investors to acquire a proven Giordano’s location with a recently extended lease, offered at a discount to like-kind Giordano’s locations.
• Fee simple interest
• Recently extended modified gross lease for 5 years
• Another 5 years option remaining, and 10% rental escalation
• Landlord responsible for payment of taxes and structural portions of the building
• Over 147,000 residents boasting an AHHI of $117,500 within a 3 mile radius
• Property reassessed in 2019, mitigating tax risk associated with the deal structure