Sold May 2022 – Raising Cane’s – Waukegan, IL

800 South Waukegan Road

Waukegan, IL

Property Highlights

Long Term Lease With Rental Escalations: 15 year Ground Lease with 10% rental escalations every 5 years.​

Ideal Demographics: Located within the Chicago MSA with 167,000+ people within 5 miles of the location.​

Steps Away From Chicago’s Recently Approved Casino: Literally steps away from the approved American Place Casino (1,640 slot machines and 100+ table games, sports betting, a 1,500 seat entertainment venue, 20 room boutique hotel and a heliport.​) American Place will transform Waukegan’s Fountain Square into an unrivaled, upscale gaming and entertainment destination.​ Visitors will escape into a world of grandeur meant for the most discerning players.​ American Place will feature a world class casino, multi-tiered entertainment venue, and mouth-watering cuisine.​ A private Italianate villa will welcome its most elite players to stay overnight.​

**Casino project subject to change, delay or cancellation. Buyer shall conduct their own research on approved project.

Corporate Guaranty:  Lease carries a corporate guaranty.​

Ideal Passive Investment: Ground Lease presents zero landlord responsibilities, the ideal investment for a 1031 buyer.​

Tremendous Traffic: Easily accessible from Belvidere Road and Highway 41 (Combined 70K+ VPD.​)

Signalized Corner Outparcel to Walmart: A traffic signal at the corner of the parcel makes for easy ingress and egress.​

Excellent Retail Corridor: The property is surrounded by many national brand tenants including: Starbucks, Marshalls, Potbelly, Dollar Tree, Denny’s, McDonald’s, ALDI, Buffalo Wild Wings, Chili’s, LA Fitness, Chipotle, AT&T, Jersey Mikes, Holiday Inn Express, Marriott, Hampton Inn and Candlewood hotels

Download Brochure

Property Information

  • Property: Sold May 2022 – Raising Cane’s – Waukegan, IL
  • Price: $3,250,000
  • Cap Rate: 4.00%
  • Building Size: 3,200
  • NOI: $130,000
  • Lease Type: Absolute NNN Ground Lease
  • Tenant: Raising Cane's
  • Status: Available