A four-story retail property located at 1115 W. Addison St., near Wrigley Field, has hit the market. This site previously housed a Taco Bell that was a favorite among late-night visitors in Chicago’s North Side. The property owners have enlisted the help of Dash Commercial Real Estate Advisors to facilitate the sale.
Details of the Property
The asking price for the property is set at just over $33 million. This valuation corresponds to a capitalization rate of 6%, reflecting the annual return potential for investors. The building spans 58,819 square feet and is strategically placed in a bustling area close to the Chicago Cubs’ home ground.
History and Development
This property has a rich history, with plans emerging nearly a decade ago when local investors Benjamin Cohen and Elliot Berman acquired the original Taco Bell site for approximately $8.9 million in 2017. The decision to replace the fast-food restaurant with a larger retail establishment sparked significant local outcry. Fans expressed their discontent through online petitions and even a tribute song, highlighting the Taco Bell’s role in the community.
Despite the initial backlash, Cohen and Berman negotiated to include a Taco Bell Cantina in the new building. In March 2020, they secured a $22 million construction loan from Old Second Bank. Construction commenced amid the challenges posed by the COVID-19 pandemic, with the new facility completed by 2021.
Current Status and Tenants
The retail property is currently more than 99% leased, boasting an average weighted lease term of nearly 11 years. Key tenants include:
- Movement Climbing Gym
- JPMorgan Chase Bank branch
- Taco Bell Cantina
- Culver’s
- Crumbl Cookies
The current owners previously attempted to sell the property in 2022, but were unable to find a buyer. This time, the marketing team is focusing on the long-term, triple-net leases, which require minimal responsibility from the property owner. The location’s close proximity to one of the world’s most famous sports venues enhances its attractiveness for potential investors.
Market Representation
The property is being marketed by brokers John Dudash, Alex Lott, and Joe Lombardo from Dash Commercial Real Estate Advisors. Their expertise is expected to bolster the property’s visibility and draw interest from prospective buyers.
