Wednesday, May 6, 2015

Net Lease Property For Sale | The Boulder Group

The Boulder Group is pleased to exclusively market for sale a single tenant Culver’s property located in an affluent area of the Chicago MSA. The property is located just off of a heavily trafficked signalized intersection near several large corporate campuses. Culver’s has successfully operated at this location since 2006 and recently signed a new lease. Culver’s lease has over 15 years remaining and expires on December 23, 2030. The lease features annual rental escalations of 1.75% and two 10-year renewal option periods. Culver’s is a privately owned and operated fast food restaurant chain with over 500 locations in 22 states. The Culver’s franchise program is tremendously successful and has only had one failed franchisee in 30 years of operation.

The 49,919 square foot Culver’s property is positioned as an outparcel to an Aldi anchored shopping center. The property is benefited by its location within a strong regional retail trade area that features IKEA, Costco, and the Woodfield Mall. The Woodfield Mall is 2.1 million square feet and attracts over 27 million visitors annually. The mall is anchored by Apple, Nordstrom, Lord & Taylor, and Macy’s. Further contributing to the strength of the Culver’s property is its proximity to several large corporate campus’ including Motorola’s, which employees over 3,500 people. Zurich Insurance Group is relocating their North American Headquarters to a 40-acre site that is located approximately one-half mile south of the property. Additionally, the Culver’s property is located in the immediate proximity to several large hotels including the Renaissance Convention Center, Embassy Suites, Hyatt, Hyatt Place & Residence Inn.

The 4,500 square foot Culver’s building is located just off of the signalized intersection of East Algonquin Road and North Meacham Road. This heavily traffic signalized intersection experiences traffic volumes in excess of 65,000 vehicles per day. Further contributing the strength of the Culver’s is its proximity to Interstate 290 which is located approximately one mile east of the property. Interstate 290 experiences traffic counts in excess of 178,000 vehicles per day. The property will greatly benefit from a new Meacham Road and Interstate 90 interchange which is being constructed approximately one-half mile south of the Culver’s. Interstate 90 experiences traffic counts in excess of 157,000 vehicles per day. The surrounding area is affluent with over 81,000 people living within a three mile radius of the property earning average annual household incomes in excess of $95,000.