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AT&T CORPORATE RETAIL CENTER

3701 West Touhy Avenue
(Chicago MSA) Lincolnwood, Illinois

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The Opportunity:

Investors will benefit from monthly cash on cash returns just shy of 6.25% with further increases as specified in the below lease summary. The double net lease is backed by a corporate guarantee and does not allow for any early lease termination or assignment. Minimal landlord responsibilities include roof replacement (15 year warranty in place) and parking lot replacement when needed. All maintenance expenses are otherwise the corporate tenant's responsibility, making this an ideal blue chip investment.

Dates Annual Rent Increase Cap Rate
8/1/2017 – 7/31/2022 $310,500 10% 6.21%
8/1/2022 – 7/31/2027 $341,550 10% 6.83%
8/1/2027 – 7/31/2032 $375,705 10% 7.51%
8/1/2032 – 7/31/2037 $413,280 10% 8.27%

Rentable Square Feet: 4,500 SF

2017 (Completion Scheduled for August)


Acquisition Date: Q3, 2017
Pro Forma Cap Rate: 6.21%

Proposed Capital Structure:
NOI: $310,500
Lease Expiration: 7/31/2027
Lease Guarantee: AT&T Corporate Guaranty
Rent Increases: 10% each 5 year anniversary
Debt: 65%
Equity: 35%

Market Overview:

Situated just ten miles north of downtown Chicago, Lincolnwood, IL is a rapidly growing suburb that provides residents with easy access to the city and also serves as a gateway to the affluent North Shore area. Annual household incomes average $95,000 within a one mile radius of the property with daily traffic counts in excess of 57,000 vehicles per day. Primary draws to this trade area include a new 190,000 SF lifestyle shopping center, along with a brand new Walmart Supercenter, which just signed a 20 year ground lease. Also within walking distance is a new Lowe's Home Improvement Center located directly across the street. Both super centers cater to a population of 770,000 within a 5mile radius of the subject property.

Property Description:

This brand new build-to-suit location represents a relocation for AT&T, which currently operates in a nearby regional mall. The buildout is reflective of AT&T’s newest design prototype and is located on a hard, signalized corner in a high growth corridor, giving us a great deal of security as land values will likely continue to grow as this infill area continues to thrive. The center will offer wireless and broadband services along with a wide variety of devices and accessories.

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McKee Properties

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1001 B Avenue, Suite 203
Coronado, CA 92118

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Coronado, CA 92178-0980

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