Description
We have been retained by Ownership to sell its interest in the Triple Net ground lease with Dunkin Donuts, Inc. Dunkin Donuts has 8.75 years remaining on its initial 10 year lease term and has four (5) year options after the base term. The lease has a corporate guarantee with Dunkin Brands, Inc. With about 7,000 stores in 30 countries (5,300 of which are in North America), Dunkin' Donuts is the world's leading chain of donut shops. Baskin-Robbins is a leading seller of ice cream and frozen snacks with its more than 5,600 outlets (about half are located in the US). Dunkin Brands parent company is Bain Capital LLC a privately owned investment firm that controls over $40 Billion in assets.
Value Added Opportunity:
Included in the sale of the Dunkin Donuts is the opportunity to build an additional 2,800 SF of retail immediately west of the Dunkin Building. This building has the potential to add $55,000-$70,000 of added income to the property.
Current Cap Rate for the entire property is 5.7% Cap Rate. When the 2,800 SF building is constructed, the NOI will increase, and the Cap Rate for this property becomes 8.6%.
Located on the west side of Chicago, this property is situated just west of Central Avenue on highly traveled North Avenue on. This stretch of North Avenue sees over 35,000 cars a day, and is a main tributary from affluent Oak Park to Chicago. In the immediate vicinity there are other Nationally recognized tenants including: Walgreens, White Castle, Family Dollar, AJ Wright, La Salle Bank, Old Navy, Marshalls, Harris Bank, Radio Shack, Rent-a-Center, Payless Shoes, GameStop, and many others.