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.
http://bouldergroup.com/NNN-Properties-For-Sale.html