7-Eleven

Highlights

• Corporate NNN lease
• Tenant just exercised 2nd 5 year lease extension , leaving 6 years left on term
• Rent bumps of 10% in each 3- 5-year options to renew
• Great downtown Chicago West Loop location in 101-unit constructed condo building built in 2005
• Located at the lighted corner of Monroe and Morgan
• Investment Grade Tenant rated A, and Baa2
• No Gas Station Component involved
• Tenant Leases 2 indoor heated parking spaces
• Tenant pays Condo Association dues, Real Estate taxes, and any Special Assessments

Description

SVN is pleased to present the exclusively listed Single Tenant NNN Corporate leased 7-Eleven property- a street-level, 2,518 square feet condo unit. Located at the lighted intersection of Monroe and Morgan. The property is located in Chicago’s West Loop and is adjacent to the hot Fulton Market area. The storefront is located at the base of the 101-unit 950 Monroe condo building. Two (2) interior parking spaces (P-19 & P-20) come with the property. 7-Eleven pays rent for these two parking spaces.

7-Eleven signed a 15-year NNN lease starting in 2005 with 3 five-year options to renew. In 2020 7-Eleven entered into negotiation with the present owner to exercise its first 5-year option. The Tenant just exercised it's 2nd 5 year extension which brings the lease term to May 31, 2030. 7-Eleven has 3 -5 year options to renew with 10% rent bumps in each 5-year option.

954 W Monroe sits at the lighted intersection of Monroe and Morgan Streets in the heart of the trendy West Loop of downtown Chicago. The Residence at 950 W. Moroe is a 101-unit upscale condo building built in 2005.

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