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FIRST MIDWEST BANK PROPERTY PORTFOLIO - River Grove, IL
Listing was updated at: 10/11/2018
Property Overview
Price/Rent PSF Inquire
Asset Type Office
Trade Type Sale
SQ. FT. Available 24,000
Date Available 10/11/2018
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Description

Location
• First Midwest Bank as tenant under new long-term lease (10-yr w/ Options)
• Prime hard-corner outparcel of grocery-anchored retail shopping center
• Exceptional visibility at the lighted intersection of Belmont and Cumberland (23,000 VPD)
• 5 miles from O' Hare Airport in densely populated area (Pop. 593,000 - 5 mi)
• Neighboring businesses include: Binny's Beverage Depot, Dunkin' Donuts, MB Financial Bank, Rich's Fresh Market, Ross Dress For Less, Walgreens


Sale
ON-SITE INSPECTION DATES: July 25 & August 1 at 9:00 a.m. - 11:00 a.m.

As part of First Midwest Bank’s strategic growth plan, the Company is seeking to optimize its current owned real estate in River Grove, IL. First Midwest Bank desires to sell the property and continue operating a retail bank at this location under a new long-term, triple-net lease. As a tenant, First Midwest Bank would require 3,500± SF on the first floor and 1,500± SF in the basement under a ten-year lease. First Midwest proposes to pay $35.00/RSF (NNN) for first floor space and $5.00/RSF (gross) in the basement for the initial ten-year term with 2% annual escalations and three (3) five-year options.

Purchaser shall take title subject to existing lease(s).

Preferred First Midwest Lease Terms:
• 10-year initial term
• 3 five-year options
• 2% annual escalations
• 3 Drive-Thrus & 1 ATM

All interested parties are invited to submit their highest and best offers to the offices of Hilco Real Estate, 5 Revere Drive, Suite 320, Northbrook, IL 60062, Attention: Steve Madura or via email to [email protected]

Location

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