Asking Price
NOI Net Operating Income
Cap Rate
Asking Price
NOI Net Operating Income
Cap Rate

Documents

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Attributes

Year Built 1986
Building Area
Land Area

Property Description

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.

Investment Highlights

• 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

Last Updated Date: 22 Jul 2020
Alex Geanakos
Alex Geanakos
Director, Capital Markets
License details
475.189621
Alex Sharrin
Alex Sharrin
Managing Director, Capital Markets
License details
IL - 475.170243

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Last Updated Date: 22 Jul 2020

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