Wintrust Bank + AT&T
Wheeling, IL
Key Details
| Price: | $2,673,231 |
|---|---|
| Cap Rate: | 6.50% |
| Annual Rent: | $173,760 |
| Address: | 335 West Dundee Road, Wheeling, Illinois 60090 |
| Property Type: | Retail |
| Lease Type: | Double Net (NN) |
Property Data
| Original Lease Term: | 10 Years |
|---|---|
| Lease Commencement: | 12/1/2024 |
| Lease Expiration: | 11/30/2034 |
| Lease Term Remaining: | 9.7 Years |
| Rental Increases: | 3.00% Annually |
| Lot Size: | 0.39 Acres |
| Building Size: | 4,375 SF |
| Year Built: | 2019 |
NNN Pro is pleased to present the exclusive listing for a Wintrust Bank and AT&T located at 335-337 W Dundee Road, Wheeling, IL 60090. The site consists of roughly 4,375 rentable square feet of building space on an estimated 0.39-acre parcel of land, with Wintrust Bank and AT&T using roughly 2,000 and 2,375 rentable square feet of building space, respectively. AT&T recently executed their first 5-year renewal term, which expires November 30, 2029. Wintrust Bank has just executed a 10-year lease, which expires November 30, 2034. The Wintrust Bank lease is subject to rare 3% annual rental increases throughout the base term and through each year of the 2, 5-year options. Both leases are Double-Net (NN) leases, with the landlord responsible for roof & structure. The current annual combined rent is $173,760, and both tenants are responsible for paying an additional amount based on their pro-rata share of common area expenses, taxes, and insurance.
About the Investment
- Recently Signed Leases | Wintrust Bank recently signed a new 10-year lease. Meanwhile, AT&T has exercised a 5-year lease extension, both showing their strong commitment to the site.
- Exceptional Rental Increases | Wintrust Bank benefits from rare 3% annual rental increases, driving the NOI up by over 30% over the course of the primary lease. Meanwhile, AT&T is set for a substantial 12% rental increase in its upcoming 5-year option, making this a highly favorable investment for any investor.
- Next-Door Starbucks Extremely High Performer | The Starbucks located within the same mixed use development of the subject property is a high-traffic location, outperforming many of its peers. According to Placer.ai, it ranks in the 81st percentile among all Starbucks within a 15-mile radius.
Key Details
| Price: | $2,673,231 |
|---|---|
| Cap Rate: | 6.50% |
| Annual Rent: | $173,760 |
| Address: | 335 West Dundee Road, Wheeling, Illinois 60090 |
| Property Type: | Retail |
| Lease Type: | Double Net (NN) |
Property Data
| Original Lease Term: | 10 Years |
|---|---|
| Lease Commencement: | 12/1/2024 |
| Lease Expiration: | 11/30/2034 |
| Lease Term Remaining: | 9.7 Years |
| Rental Increases: | 3.00% Annually |
| Lot Size: | 0.39 Acres |
| Building Size: | 4,375 SF |
| Year Built: | 2019 |
Talk to the Pros
Josh Kanter
jkanter@nnnpro.com
License: NY: 10401294056
Anthony D'Ambrosia
adambrosia@nnnpro.com
License: NY: 10401294012
Glen Kunofsky
gkunofsky@nnnpro.com
License: NY: 49KU1129178
Broker of Record
Brian Brockman
Bang Realty-Illinois, Inc
License: 471020548
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This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.