Investment Opportunity – Park Ridge Office Property Leased to Chicago Title

 

Highlights:

– Office condo leased to long-standing (over 10 years in this location) anchor tenant Chicago Title Company – current lease runs through 3/31/2022 plus a 5-year option

– Current base lease rate of $22.25 / Sq Ft Modified Gross (plus Tenant pays any future increases in Taxes and CAM).  Base lease rate also increases $0.50 / Sq Ft per annum

– Current Cap Rate is 8.3%, Cap Rate increases over time (with rent increases) to 10.7% in 2022; 5-Year average Cap rate is 9.5%

– CT&T’s lease includes naming rights on the exterior of the building.  Only anchor tenants CT&T and Loyola Medicine have exterior building signage

– Perfect opportunity for an investor seeking cash flow and a blue chip tenant

– Newly renovated space features 9 offices, a conference room, a reception area, break room, and phone room

– Additional building amenities including shared conference room & over 200 exterior parking spaces

– Other building tenants include Loyola Medicine, Major Dental Clinics of Chicago, Great Lakes Home Mortgage, and Newcastle Properties

– Conveniently located minutes to O’Hare Airport, hotels, restaurants & Rosemont Entertainment District, and just 0.2 miles from Cumberland exit to I-90 / Kennedy expressway

– Easily accessible to public transportation, just 0.2 miles to CTA Blue line Cumberland station

 

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