Thursday, July 10, 2014

Net Leased Citgo For Sale | The Boulder Group

The Boulder Group is pleased to exclusively market for sale a single tenant net leased CITGO property located in the Chicago MSA. The property was originally constructed in 1999 on a 1.39 acre parcel. The gas station property features 14 gas pumps and a convenience store. The property is benefitted from being located immediately south from a large Caterpillar manufacturing plant that employs approximately 2,500 people. The lease commenced February 2004 and includes annual rental escalations of 1.75%. There are approximately 10 years remaining in the primary term of the lease.    

The subject property is located along Light Road (Illinois Route 31). Illinois Route 31 has access to both Highway 30 (25,000 VPD) and Interstate 88 to the north. Interstate 88 experiences traffic counts in excess of 75,000 vehicles per day. There are approximately 60,000 people living within a three mile radius earning average household incomes in excess of $77,000 annually. The CITGO property is located just south from a Caterpillar plant that employs 2,500 people. Caterpillar is the largest employer within the area and has operated at this facility since 1958.

CITGO’s original lease term is for 20 years with four 5-year renewal options and the lease expires in February 2024.  The lease features annual rental escalations of 1.75% throughout the primary term. The guarantor is GasMart USA, a privately held corporation that operates 108 locations in seven states.