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| AutoZone |
3 Crystal Lake Road, Lake in the Hills, Illinois
Purchase Price: $2,500,000
• Twenty (20) year primary lease
• Fixed 10% rental increases every five years in option
• ABSOLUTE NET LEASE (No Landlord Responsabilities)
• Four (4) 5-year options
Land Area: ± 1.14, Building Area: ± 7,381 SF
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Willis Ventures has just closed escrow on another single tenant net leased retail property, AutoZone in Lake in the Hills, Illinois. The property sold for $2,500,000 at a 6.72 capitalization rate. This is a corporate NNN lease for twenty years plus option periods. National tenants near this property include: Bank of America, Harris Bank, Sears, Chase Bank, Costco, Lowe’s, Subway, Chipotle, Wendy’s, McDonald’s and Burger King. This lease is an Absolute Net Lease, meaning that the landlord/investor has absolutely no landlord responsibilities. The tenant is responsible for property taxes, maintenance, roof and structure and the parking area. This type of investment is ideal for an investor who wants a high-credit corporate backed lease which is free of any management responsibilities.
AutoZone is the nation’s leading retailer of automotive parts and accessories with over 3,700 stores in the United State, Puerto Rico, and Mexico. Each store carries an extensive line of products for cars, trucks, SUV’s, and vans including new and remanufactured parts, maintenance items and accessories. The company stock is traded on the New York Stock Exchange (NYSE: AZO) and is listed on the Fortune 500.
Lake in the Hills, Illinois is an hour northwest of Chicago and is known for its rampant residential and commercial retail growth which occurred most heavily in the late 90’s and continues even today, making it one of the most rapidly growing suburbs of the Chicago area.
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