Asking Price
Sq. Footage 7,902
NOI Net Operating Income
Cap Rate 5.00%


Year Built 2003
Lease Type NNN
Current / Passing Rent
Lease Expiration 2033-07-31
Remaining Term 13 years, 6 months
Tenant TCF National BANK
Lot Size 0.43 ACRES

Property Description

TCF Bank, a single-tenant property, is up for sale in the affluent and highly-coveted Chicago neighborhood of Lincoln Park. The premier Midwest bank is currently in year 17 of its 30-year NNN ground lease that features ten percent rental increases every five years throughout the primary term and in each of the four, 5-year renewal options. The property sits on the hard corner and signalized intersection of Fullerton Avenue and Southport Avenue along an established retail thoroughfare, offering maximum exposure and visibility within a highly-trafficked area. With absolutely zero landlord responsibilities, this offering is a passive and long-term investment opportunity with contractual rental growth within one of Chicago’s most desirable neighborhoods. The property’s strong real estate fundamentals and favorable zoning allows for value-add and redevelopment opportunities. Current zoning of C3-2 permits a FAR of 2.2 and a variety of permitted uses.

Investment Highlights

  • Thirty-year NNN lease, currently in year 17 of the ground lease
  • Annual revenue of $1.46 billion and a long-term counter party risk rating of ‘Baa1’ from Moody’s
  • Average household income in Lincoln Park is $146,000 and the average home value is over $793,000
  • Features national tenants including Walgreens, Costco and Menards
  • DePaul University, with over 22,400 students, is just two blocks east of the property 
Alex Sharrin
Alex Sharrin
SVP, Capital Markets
Licensed in
IL - 475.170243
Nicholas Kanich
Nicholas Kanich
SVP, Capital Markets
Licensed in
IL - 475147401

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