Rarely seen net leased property leased to a well known, Chicago based, established restaurant operator. The subject property underwent a complete renovation in 2014 and includes all new interior finishes, upgraded mechanical systems, brand new commercial restaurant kitchen and finished basement. The initial term of the lease is five (5) years with three (3) five year
renewal options. The lease is a modified gross mirroring a net lease in that the gross rent includes the base year real estate taxes with the tenant being responsible for increases in taxes over the base year amount. The base rent is scheduled to escalate at 3% per annum beginning in year three of the lease (2016). Subject property is a commercial condominium divided as a vertical subdivision therefore, no association fees are required and the condominium is not subject to the rules and regulations of the of the condominium association.