Thorntons
Net Lease
823 W Lake St, Hanover Park, Illinois
Ownership Type:
Fee Simple
Renewal Options:
6, 5-year options
Building Sq. Ft.:
8,875 SF
Rent Increases:
10% every 5 years including options
Investment Highlights
- Corporate-Backed Tenant: Thorntons operates more than 200 locations across the Midwest and was acquired by BP in 2021, providing exceptional corporate stability and global brand backing.
- Highly Affluent Immediate Radius: The site serves an affluent local consumer base, boasting an average household income of $133,862 within a 1-mile radius.
- Long Term Absolute NNN Ground Lease: Thorntons has approximately 15 years of lease term remaining on their absolute NNN ground lease, providing no landlord maintenance responsibilities and completely passive ownership.
- Attractive Basis: Typical costs to build comparable c-store / gas stations can be atleast $8mm, providing an opportunity to acquire the asset well below replacement cost.
- Dedicated High Speed Diesel Lanes: The property has 20 MPDs and 10 high speed diesel MPDs, serving both the daily needs customer and the trucks working at the surrounding businesses.
- Industrial Space: Hanover Park has over 5mm SF of Class A industrial space, including about 2.5-3mm SF in the immediate surrounding area., creating a diverse customer base for the c-store.
- Highly Trafficked Corridor: Thorntons is positioned along Lake St. (43,000 VPD), a dense traffic thoroughfare connecting to the Elgin O’Hare Tollway (48,900 VPD) which is less than 1 mile down the street, providing convenient access to the site.
- Multi-Functional Building on Large Lot: The building is comprised of a +/- 6,875 SF c-store and has a +/- 2,000 SF end-cap with drive thru on a 6 acre lot, allowing Thornton’s to sublease a portion of the space to lower operating costs and create additional draw from a co-tenant.
Ownership Type:
Fee Simple
Renewal Options:
6, 5-year options
Building Sq. Ft.:
8,875 SF
Rent Increases:
10% every 5 years including options
