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3196 W Il Rte 60 Mundelein, IL

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Long-term ground lease with rent escalations in Mundelein, Illinois.

Type:RETAIL
Property size:
4,976 SF
Lot size:
53.75 Acres
Added:
Jun 11, 2024
Days on Market:
660
Last Refresh:
Mar 29 at 8:49 pm

Property Features for 3196 W Il Rte 60

General Information

Standard status
Active
Size
4,976 SF
Lot size
53.75 Acres
Property subtype
RETAIL

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Listing Contact
Andrew Watson
Andrew Watson

Listing agent Andrew Watson

Listing office Transwestern | Chicago

Listing date Jun 11, 2024

Source Moodyscre

Displayed information is deemed reliable but is not guaranteed and should be independently verified.

All listing content including descriptions, pricing, images are the copyrighted material of Transwestern | Chicago


Overview

Bank Ground Lease Opportunity

This property features a long-term ground lease opportunity in Mundelein, Illinois. The fee simple offering is 100 percent leased to American Chartered Bank. The lease commenced in November 2004 and has a 30-year primary term, with three 10-year tenant options to extend. Rent increases 15 percent every five years during the primary term as well as the option periods. The property is located just north of IL Route 176 on the northeast quadrant of IL Route 60 and IL Route 83 within Mundelein Crossings Shopping Center. This regional power center was developed in 2005 and is anchored by Home Depot, Target, TJ Maxx and Staples. The property consists of 43,560 square feet of land improved with a 4,976 square foot American Chartered Bank branch. The duration of the corporate guaranteed lease, above average rent escalations, area co-tenants and above average branch deposits make this property a solid long-term investment.
Location Intelligence

Current Use by Public Records

Banks

Map

City
Mundelein
County
Lake
State
Illinois
Longitude
-88.004
Latitude
42.2631

FAQs

What type of property is this?
Bank - Long-term ground lease with rent escalations in Mundelein, Illinois.
Where is this bank located?
The property is located at 3196 W Il Rte 60 Mundelein, IL.
What are key features of this property?
This property features: Long‑term ground lease with American Chartered Bank commenced in 2004.; Corporate guaranteed lease with above‑average rent escalations of 15% every five years.; Located in Mundelein Crossings shopping center, a regional power center anchored by Home Depot, Target, TJ Maxx, and Staples.
More about this property
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