The Boulder Group is pleased to exclusively market for sale a rare single tenant corporately guaranteed British Petroleum (BP) ground lease located within an affluent suburb of Chicago. The property is strategically located at a signalized intersection along Illinois Route 59, a primary north-south thoroughfare. The corporately guaranteed BP ground lease has approximately eight years remaining. BP is publicly traded (NYSE: BP) with a market capitalization in excess of $113 billion and is an investment grade rated company (S&P: A).
The 79,280 square foot BP property is located at the signalized intersection of Illinois Route 59 and Brookdale Road. Illinois Route 59 is the primary north-south thoroughfare in the trade area that experiences traffic counts in excess of 45,000 vehicles per day. Additionally, Illinois Route 59 has a direct interchange with Interstate 88. Interstate 88 is located approximately three-quarters of a mile north of the property and experiences traffic counts in excess of 126,000 vehicles per day. The densely populated affluent area has approximately 190,000 people living within a five mile radius earning average annual household incomes in excess of $102,000.
The BP property benefits from its close proximity to many large office buildings including the headquarters of several major corporations. Both Nicor, an energy and shipping company, and Nalco, a supplier of water, energy, and air improvement solutions, are headquartered in the immediate vicinity employing 3,700 and 1,000 people, respectively, at their Naperville offices. Additionally, the surrounding area features many national retailers including Target, Meijer, Walgreens, CVS, and Chase Bank.
There are approximately eight years remaining on the BP ground lease that expires January 15, 2023. The corporately guaranteed lease features a 10% rental escalation in each of the four 5-year renewal option periods. BP is publicly traded on the New York Stock Exchange (BP) with a market capitalization in excess of $113 billion. BP is an investment grade rated company with a Standard and Poor’s rating of A.