Paul Proano Properties has been exclusively chosen to market the well-known Hunt Club Professional Building in Gurnee, IL. The subject property is a six-unit 15,088 rentable square foot office building that is currently 77% percent occupied by four tenants. The weighted average lease term of the four tenants is over 7 years. All tenants are operating on triple net leases providing for minimal landlord responsibilities and include annual rent increases as a hedge against inflationary pressures. The two additional vacant suites will give a new potential owner immediate upside through stabilization. Also offered is the additional 20,137 SF or .46 of an acre of vacant buildable commercial land that site behind the parking lot that can be developed into another office property or even rezoned to residential.
Area Description: The property is situated in a fantastic location off the southeast corner of S. Hunt club Rd. & Washington St. The current population within five miles is over 38,000 earning an average household income of nearly $106,706 per year. Within two miles of the subject property, local attractions include the famous Gurnee Mill Mall, Walmart Supercenter, Sam’s Club, Mariano’s Grocery Store and Six Flax Great America. This property provides investors the opportunity to acquire a net leased office building in a strong northwest Chicago market. The net lease structure is ideal for a “hands off” where the tenants are responsible for all aspects of management. Additionally, the vacant suite provides immediate ability to increase the value once occupied.
Gurnee is a balanced community with approximately 60% of its land zoned residential, 20% commercial, 10% industrial, and 10% parks/open space. The Village has a land area of 13.5 square miles and is located midway between Chicago and Milwaukee in northern Lake County. Interstate 94, as well as Routes 41, 21, 120, and 132, run through Gurnee, making it easily accessible from any direction. Gurnee’s unemployment rate has historically been lower than the National, State, and County rates as shown by Illinois Department of Employment Securities statistics. The Village of Gurnee has transformed itself from a sleepy, little town of 3,000 residents in 1970 to an economic powerhouse of approximately 31,000 residents today.
