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1525 N Wells St 6,578 SF of Retail Space Available in Chicago, IL 60610
SUBLEASE HIGHLIGHTS
- Impeccably appointed, modern Irish American sports bar in the heart of Chicago’s Old Town
- Occupancy: 239 persons inside with 42 persons seated on the sidewalk.
- Corporately held Incidental Liquor, PPA (public place of amusement) & Retail Food Licenses including a Sidewalk Café Permit.
SPACE AVAILABILITY (1)
Display Rental Rate as
- SPACE
- SIZE
- TERM
- RENTAL RATE
- RENT TYPE
| Space | Size | Term | Rental Rate | Rent Type | ||
| 1st Floor | 6,578 SF | Negotiable | Upon Request Upon Request Upon Request Upon Request | TBD |
1st Floor
LG’s Bar & Kitchen is an impeccably appointed, modern Irish American sports bar in the heart of Chicago’s Old Town. Corporately held Incidental Liquor, PPA (public place of amusement) & Retail Food Licenses including a Sidewalk Café Permit. High grossing revenue. With options, 16 years left on the NET lease. 50 feet of frontage with wide sidewalks on Wells Street. 6,578 internal square feet. Occupancy: 239 persons inside with 42 persons seated on the sidewalk. Main bar & dining room 80’ 6” deep X 49’ 8” wide. The rectangular bar is 72 linear feet. The ceiling is 11 feet high. Proof of funds is required prior to scheduling a showing. Do not disturb the business and its employees Lease Information: + Commencement Date: May 1, 2016 + Lease Expiration Date: April 30, 2026 + Lease Type: NET + Gross Leasable Area: 6,578 SF + Current Base Rent: $39,143.20/monthly + Additional Options Term: Three 5-year Renewal Option Periods + Escalations: 3% annual escalations, including all Renewal Option Periods + RE Taxes: Tenant is responsible for 52% of annual real estate tax bill (currently $6,200/monthly) + Utilities: Tenant is responsible for electric and gas. Tenant is responsible for 50% of the water bill (approximately $700/monthly) + Scavenger – Tenant is responsible for supplying refuse disposal for their Premises + Security Deposit: $78,286
- Sublease space available from current tenant
- Fully Built-Out as a Restaurant or Café Space
- Located in-line with other retail
- Space is in Excellent Condition
- Central Air and Heating
- Freezer Space
Rent Types
The rent amount and type that the tenant (lessee) will be responsible to pay to the landlord (lessor) throughout the lease term is negotiated prior to both parties signing a lease agreement. The rent type will vary depending upon the services provided. For example, triple net rents are typically lower than full service rents due to additional expenses the tenant is required to pay in addition to the base rent. Contact the listing broker for a full understanding of any associated costs or additional expenses for each rent type.
1. Full Service: A rental rate that includes normal building standard services as provided by the landlord within a base year rental.
2. Double Net (NN): Tenant pays for only two of the building expenses; the landlord and tenant determine the specific expenses prior to signing the lease agreement.
3. Triple Net (NNN): A lease in which the tenant is responsible for all expenses associated with their proportional share of occupancy of the building.
4. Modified Gross: Modified Gross is a general type of lease rate where typically the tenant will be responsible for their proportional share of one or more of the expenses. The landlord will pay the remaining expenses. See the below list of common Modified Gross rental rate structures: 4. Plus All Utilities: A type of Modified Gross Lease where the tenant is responsible for their proportional share of utilities in addition to the rent. 4. Plus Cleaning: A type of Modified Gross Lease where the tenant is responsible for their proportional share of cleaning in addition to the rent. 4. Plus Electric: A type of Modified Gross Lease where the tenant is responsible for their proportional share of the electrical cost in addition to the rent. 4. Plus Electric & Cleaning: A type of Modified Gross Lease where the tenant is responsible for their proportional share of the electrical and cleaning cost in addition to the rent. 4. Plus Utilities and Char: A type of Modified Gross Lease where the tenant is responsible for their proportional share of the utilities and cleaning cost in addition to the rent. 4. Industrial Gross: A type of Modified Gross lease where the tenant pays one or more of the expenses in addition to the rent. The landlord and tenant determine these prior to signing the lease agreement.
5. Tenant Electric: The landlord pays for all services and the tenant is responsible for their usage of lights and electrical outlets in the space they occupy.
6. Negotiable or Upon Request: Used when the leasing contact does not provide the rent or service type.
7. TBD: To be determined; used for buildings for which no rent or service type is known, commonly utilized when the buildings are not yet built.
SELECT TENANTS AT 1525 N WELLS ST, CHICAGO, IL 60610
- TENANT
- DESCRIPTION
- US LOCATIONS
- REACH
- Lg's Bar
- Restaurant
- 1
- -
- The Vig
- Retailer
- 1
- -
- Wells 1525 LLC
- Public Administration
- 1
- -
| TENANT | DESCRIPTION | US LOCATIONS | REACH |
| Lg's Bar | Restaurant | 1 | - |
| The Vig | Retailer | 1 | - |
| Wells 1525 LLC | Public Administration | 1 | - |
PROPERTY FACTS
| Total Space Available | 6,578 SF | Gross Leasable Area | 6,578 SF |
| Property Type | Retail | Year Built | 1930 |
| Property Subtype | Storefront | Parking Ratio | 0.76/1,000 SF |
| Total Space Available | 6,578 SF |
| Property Type | Retail |
| Property Subtype | Storefront |
| Gross Leasable Area | 6,578 SF |
| Year Built | 1930 |
| Parking Ratio | 0.76/1,000 SF |
NEARBY MAJOR RETAILERS
Contact the Leasing Agent
1525 N Wells St