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|Current / Passing Rent||
|Remaining Term||6 years, 2 months|
JLL is pleased to offer for sale the ground-floor retail condominium interest in a recently-constructed, mixed-use building (the “Property”, or “Asset”) in Chicago’s Wicker Park neighborhood. The Property is leased to a franchise of iLoveKickboxing, a rapidly expanding and award-winning fitness concept with 11 locations in the Chicagoland area and 264 locations internationally. The franchise is operating on a net lease structure that features over six years of remaining lease term, annual three percent rental escalators, and minimal landlord responsibilities. The building was constructed in 2015 and features 17 residential condominium units and a sole retail suite on the first floor, appealing to many residents and tenants with its transit-oriented positioning. Situated on North Avenue between Milwaukee and Interstate 90/94, the Property benefits from convenient access to the Damen CTA Blue Line Stop as well as from commuters utilizing the North Avenue exit ramp off Interstate 90/94. This offering presents the opportunity to acquire a property leased on a long-term basis to a successful and well-known fitness concept within a highly-coveted Chicago neighborhood possessing excellent real estate fundamentals.
- Leased to iLoveKickboxing, a rapidly growing fitness concept recently named one of Entrepreneur Magazine's Fastest Growing Fitness Franchises
- Net lease with strong 3.0% annual escalations and two, five-year options
- Tremendous growth market opportunity in Chicago's Wicker Park neighborhood
- Located on North Avenue, a primary east-west thoroughfare in Chicago's urban core
- Retail component within a modern construction, mixed-use asset with on-site parking and 17 condominium units