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