The Boulder Group is pleased to exclusively market for sale a rare single tenant net leased trophy property located in the River North neighborhood of downtown Chicago. The irreplaceable property is located at the northwest corner of the signalized intersection of North LaSalle Street and West Illinois Street. This Gino’s East location is centrally located amongst many high rise hotel and residential buildings in a well-known tourist destination. Gino’s East recently elected to relocate from their previous famous flagship location and execute a ten year absolute triple net lease at the subject property. The lease features 10% rental escalations every five years. Gino’s East is a Chicago institution and one of the original deep dish pizza restaurants which first opened in 1966. Today, there are eleven Gino’s East restaurants located throughout the Chicago MSA.
The Gino’s East property is ideally situated in the heart of Chicago’s River North neighborhood. River North is a vibrant submarket in Chicago which has experienced tremendous development and redevelopment in the past several years. River North is home to many restaurants, retail shops, hotels and high rise residential buildings. The property is located at the signalized intersection of North LaSalle Street and West Illinois Street. LaSalle Street experiences traffic counts of approximately 25,000 vehicles per day and is a main north-south thoroughfare in Chicago. Additionally, the property is benefitted from being located close to Ohio Street and Ontario Street, which are the main entry and exit point for vehicles traveling in and out of the city via Interstate 90/94. Approximately 300,000 vehicles per day travel on Interstate 90/94. There are approximately 90,000 people living within a one mile range of the property earning average household incomes of approximately $110,000.
The three-story, 17,400 square foot building is constructed of brick, wood and masonry. Gino’s East recently invested $1,000,000 in tenant improvements to the building bringing it to elite twenty-first century standards and evidencing their commitment to this location.
Gino’s East recently signed a ten year lease that is scheduled to expire in July 2023. The lease features 10% rental escalations and no landlord responsibilities. Gino’s East is a privately held company that is one of the original Chicago-style pizza restaurants. In addition to the eleven locations located throughout the Chicago MSA, Gino’s East operates a mail-order business where patrons from around the country can order frozen pizzas and have them shipped overnight.