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Illinois
Commercial Real Estate Properties Property #pnnns 17:21:55
Commercial Real Estate Properties Tenant:
Circuit City
Tenant Industry Type: Retail
State Located: Illinois
Size of Building: 1,078,450 Square Foot
Building. Ceiling height of 28 feet at the eaves and 35 feet in the middle of the building.
Office Component is 11,000 sw. ft.. Concrete tilt-up construction. 103 dock doors.
Land Area: 50.553 Acres
Lease Term: 20-Year Primary Lease term.
Options: There are 2 Options Renewal
Periods. Each option is for 10 years.
Lease Type: NNN - ABSOLUTE TRIPLE NET with
NO Landlord responsibilities to the buyer. Tenant is responsible for ALL expenses, including
property taxes, maintenance, repairs, all insurance, roof and structure, and all other costs.
Rent Commencement Date: October 15, 2001
Annual Rental Income (NOI): From years 1
through year 20 $2,827,500
Rental Increases: 10% each option period
Price: $31,416,667
Capitalization Rate (CAP): 9.00%
Lease Guarantor (Primary Signatory): Circuit City
Terms of Sale: Cash at Closing
Remarks: Circuit City, the #2 U.S. Electronics
retailer, has about 630 stores across the U.S. For the year ended 2000, the company had $12.6
billion in sales and 198 million in net income.
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