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JLL is pleased to offer for sale the Ground Lease interest in a new 2020 constructed casual dining restaurant (the “Property” or “Asset”) leased to Texas Roadhouse (the “Tenant”) located in Mount Prospect, Illinois. Texas Roadhouse is a best in class, full-service casual dining restaurant operator that experienced continued growth throughout the COVID-19 pandemic, opening 22 new corporate locations and four new franchised locations last year. The Asset is strategically located directly across the street from Walmart and two miles south of Randhurst Village, a one million square foot, recently redeveloped, open-air mixed-use center featuring national and regional retailers, a 12-screen state-of-the-art cinema and a 140-room Hampton Inn hotel. This property possesses strong real-estate fundamentals and presents the opportunity to acquire a long-term investment leased to an industry leading tenant in an affluent suburb of Chicago.
- NNN ground lease with rare 10% rental escalations every five years and over 13.5 years remaining
- Mt. Prospect ranks as one of the top Chicago suburbs with over 313,000 residents within a 5-miles radius with AHHI of $108,950
- Industry leading tenancy backed by a corporate guaranty
- Located directly across the street from national retailers including WalMart, Menards, Ross Dress for Less, Aldi, AutoZone, Burlington, Five Below and LA Fitness
- In 2019, corporate operated Texas Roadhouse restaurants experienced average store sales of $5.4 million, almost double that of their closet competitor