Bank Ground Lease
3196 W Il Rte 60, Mundelein, IL
Long-term ground lease with rent escalations in Mundelein, Illinois.
Type:RETAIL
Property size:
4,976 SFLot size:
53.75 Acres- Added:
- Jun 11, 2024
- Days on Market:
- 705
- Last Refresh:
- Apr 5 at 11:19 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
Listing agent Andrew Watson (312) 881-7065
Listing office Transwestern | Chicago (312) 881-7065
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
HighLights
- 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.
- Tenant has three 10‑year options to extend the lease.
- Property consists of 43,560 square feet of land improved with a 4,976 square foot American Chartered Bank branch.
- Above‑average branch deposits.
Overview
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
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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.
