Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Single-Tenant Ground Leased Restaurant Title is generated by Realmo AI

    151 E TOWNLINE RD, Vernon Hills, IL 60061

    View on Map
    Claim this Listing
    For Sale
    Contact for pricing

    Raising Cane’s is secured by a new 15-year triple-net ground lease through May 2041 with zero landlord responsibilities.

    Type:Retail
    Property size:
    3,454 SF
    Price / SF:
    $1,069/SF
    Added:
    May 28, 2026
    Days on Market:
    10
    Last Refresh:
    Jun 6 at 5:19 am

    Property Features for 151 E TOWNLINE RD

    General Information

    Standard status
    Active
    Size
    3,454 SF
    Property subtype
    Retail

    Building Details

    Year Built
    2026

    We can help!

    Listing Contact
    Randy Blankstein
    Randy Blankstein

    Listing agent Randy Blankstein License #IL 471005983

    Listing office The Boulder Group

    Listing date May 28, 2026

    Source Crexi

    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 The Boulder Group

    HighLights

    • Single‑tenant Raising Cane’s property with a new 15‑year triple‑net ground lease through May 2041.
    • Lease features zero landlord responsibilities, with 10% rental escalations throughout the primary term.
    • Signed May 2041 lease also includes five 5‑year renewal options.
    • Construction completed May 2026; rent commenced May 26, 2026.
    • New 3,454 SF building on Illinois Route 60/Townline Road with 35,000 vehicles per day reported.
    • Convenient access near I‑94 (145,000 VPD) along the Townline Road/Lakeview Parkway retail corridor.

    Overview

    A single-tenant Raising Cane’s ground leased property offered for sale. The arrangement is structured as a triple-net ground lease with zero landlord responsibilities, featuring 10% rental escalations throughout the primary term and five 5-year renewal options. Construction was completed in May 2026, with rent commencing May 26, 2026. The offering includes a 3,454-square-foot building.

    The site is positioned along Illinois Route 60/Townline Road in Vernon Hills within the Chicago MSA. The corridor is described as one of Lake County’s high-traffic retail routes, with access to minutes-from Interstate 94. The property is located in the Townline Road/Lakeview Parkway retail corridor, with nearby national co-tenants including Target, Whole Foods, Best Buy, DICK’S Sporting Goods, Sam’s Club, Kohl’s, HomeGoods, REI, Nordstrom Rack, Home Depot, Old Navy, T.J. Maxx, Ross, and Michaels. The location also draws traffic from Vernon Hills High School and Stevenson High School.

    For buyers seeking a professionally structured, brand-operated restaurant ground lease, the lease term runs through May 2041 and provides contractual rental escalations plus multiple renewal opportunities. Since the lease is triple-net with zero landlord responsibilities, the buyer’s role is limited to the ground lease ownership framework supporting the tenant’s ongoing operations under the executed terms.
    Location Intelligence

    Current Use by Public Records

    Conventional restaurants

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Vernon Hills
    County
    Lake
    State
    Illinois
    Longitude
    -87.9609686
    Latitude
    42.2398599

    Nearby Similar for Sale

    • $18
      86,122 SF

      Vernon Hills Single-Story Office Building

      86,122 SF office building suitable for general and medical use.
      565 Lakeview, Vernon Hills, IL 60061-1857
      View Details
    • $699,900
      8,326 SF

      Vernon Hills Multifamily Investment Opportunity

      Five-unit apartment building in a desirable Vernon Hills location.
      630 Westmoreland Drive, Vernon Hills, IL 60061
      View Details
    • Contact for pricing
      13,885 SF

      Retail Space in Vernon Hills

      Multi-tenant outlot building with high visibility and redevelopment potential.
      850 N Milwaukee Avenue | Vernon Hills, IL 60061
      View Details
    • Contact for pricing
      71,248 SF

      Vernon Hills Retail Opportunity

      High-volume retail location with long-term lease and investment-grade guarantee.
      1720 N Milwaukee Ave, Vernon Hills, IL 60061
      View Details
    • Contact for pricing
      71,248 SF

      Mariano's Fresh Market Investment Opportunity

      Single-tenant NNN leased grocery asset with long-term lease.
      1720 N Milwaukee Ave, Vernon Hills, IL 60061
      View Details
    • Contact for pricing
      97,134 SF

      Air-Conditioned Warehouse in Industrial Park

      Fully air-conditioned warehouse with high visibility access on Route 45 and a generator for uninterrupted operations.
      1011 WOODLANDS PKWY, VERNON HILLS, IL
      View Details
    • Contact for pricing
      151,925 SF

      Versatile Flex and Industrial Suites

      Office, flex, and industrial suites with expansion potential.
      Lakeview Pkwy and Fairway Drive, Vernon HIlls, IL 60061
      View Details

    FAQs

    What type of property is this?
    Conventional restaurant - Raising Cane’s is secured by a new 15-year triple-net ground lease through May 2041 with zero landlord responsibilities.
    Where is this conventional restaurant located?
    The property is located at 151 E TOWNLINE RD Vernon Hills, IL.
    What is the asking price?
    The asking price for this property is $3,695,652.
    What are key features of this property?
    This property features: Single‑tenant Raising Cane’s property with a new 15‑year triple‑net ground lease through May 2041.; Lease features zero landlord responsibilities, with 10% rental escalations throughout the primary term.; Signed May 2041 lease also includes five 5‑year renewal options.
    (847) 562-0003 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Randy Blankstein
    Randy Blankstein
    Real Estate License ID: IL 471005983
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    151 E TOWNLINE RD, VERNON HILLS, IL
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!