700 W Irving Park Rd - Freestanding FOR SALE


Bensenville, IL 60106
$3,889,000 USD
917-741-1525
700 W Irving Park Rd, Bensenville, IL for Sale
$3,889,000 USD
Freestanding - FOR SALE
1/8
null | 5% Cap Rate

700 W Irving Park Rd
Bensenville, IL 60106


HIGHLIGHTS

  • De-risked Retail Investment by AutoZone Occupancy
  • Investment-Grade Tenant Backing
  • Prime Retail Location with Strong Tenancy
  • New 15-Year AutoZone Lease with 8% Escalations
  • Exceptional Demographics
  • Low Rent

OVERVIEW

HMX Realty Advisors exclusively presents for sale a rare opportunity to acquire a property featuring a restructured absolute triple net lease with CVS, an investment-grade tenant (NYSE: CVS), further enhanced by a sublease with AutoZone, a leading auto parts retailer. This structure offers an exceptionally secure and predictable income stream for the next 17 years, mitigating typical retail investment risks. CVS entered a new 20-year lease in 2022 in exchange for a significant rent reduction. Key Advantages: Investment-Grade Security: While the property is currently occupied by AutoZone, the primary lease obligation rests with CVS, a Fortune 500 company. This provides a substantial layer of financial security, as CVS remains contractually bound to the lease, regardless of AutoZone's occupancy. This eliminates the risk of vacancy or tenant turnover typically associated with single-tenant properties. Think of it as having the stability of CVS as your tenant, even with the benefit of AutoZone's daily operations. De-risked Retail Investment: Unlike traditional retail investments, where tenant closures are a concern, this property has already navigated that potential challenge. CVS strategically subleased the location to AutoZone after getting a significant rent reduction and more lease term. This proactive approach by CVS effectively de-risks the investment for you. Strong Location & Market: The property is situated in a high-traffic area in Bensenville, near O'Hare International Airport, and benefits from the strong retail presence of nearby Walgreens. This prime location contributes to the success of AutoZone and reinforces the long-term value of the real estate. Attractive Entry Point: The current rental rate of $194,450 per year reflects a strategic rent reduction negotiated by CVS in conjunction with their 20-year lease extension. This creates an attractive entry point for investors seeking a stable, long-term return with no management responsibilities whatsoever. Unique Investment Narrative: This property offers a compelling narrative – a secure, long-term lease with an investment-grade tenant, enhanced by a successful sublease to a well-established retailer. This unique structure allows for a lower cap rate justification, reflecting the reduced risk profile compared to typical retail investments. The property is very close to O’Hare International Airport in Chicago, one of the busiest airports in the United States. There are many shipping and warehousing uses nearby which service the airport and give this area a significant daytime population. Retailers in the immediate area include PB, Popeye’s, Dunkin Donuts, Speedway, UPS, Burger King, Shell, Walgreens and McDonald’s.

FOR SALE DETAILS

PRICE

$3,889,000 USD

PRICE/SF

$355 USD /SF

CAP RATE

5%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Freestanding

ADD'L SUBTYPES

Drug Store, Storefront

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2003

SPRINKLERS

-

PARKING SPACES

51

LAND DETAILS

LAND ACRES

1.65 AC

LAND SF

71,874 SF

ZONING

C

APN/PARCEL ID

03-14-119-014

ASK ABOUT THIS PROPERTY

Robert JamesHMX Realty AdvisorsMore Info
917-741-1525

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Robert JamesHMX Realty AdvisorsMore Info
917-741-1525

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.