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3196 W Il Rte, Unit 60 Mundelein, IL

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

Property size:
4,976 SF
Lot size:
53.75 Acres

Property Features for 3196 W Il Rte

General Information

Size
4,976 SF
Lot size
53.75 Acres

Source: Transwestern | Chicago Agent Andrew Watson

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


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
-88.0039653
Latitude
42.263079

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, Unit 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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