JOLIET — Over the past few years, you’ve watched the transformation of Joliet’s West Jefferson Street. Empty storefronts and vacant businesses, one at a time, are being brought back to life. Joliet Patch recently covered the opening of the new Basinger’s Pharmacy that includes a beer cave and a cigar humidor. And NAPA just moved into its new property, two storefronts away from Basinger’s.
Meanwhile, there’s another investment opportunity awaiting someone and that someone might be you. According to LoopNet, there will be an online property auction starting July 29 and lasting through July 31. The property available is 1805 West Jefferson Street, the primary outlot in front of the Tony’s Fresh Market grocery store that opened here two summers ago.
The starting bid will be $700,000, according to the LoopNet posting.
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“Northmarq is pleased to offer for sale to qualified investors the opportunity to purchase the fee simple interest in the single-tenant absolute NNN asset leased to a franchise operator of a Circle K and Checkers quick-service retail with a drive-thru in Joliet, Illinois. The property comprises a 2,979-square-foot convenience store and restaurant on a 0.53-acre parcel of land,” the listing for the auction reads.
According to the announcement, the property at 1805 West Jefferson is occupied by a Circle K and Checkers franchisee on one site under one lease. The tenant operates under a brand-new, 15-year, absolute NNN lease, which features 10 percent rent escalations every five years, providing investors with a significant hedge against inflation through 2038.
Find out what's happening in Jolietwith free, real-time updates from Patch.
Two years ago, Joliet Patch produced a feature story about the Checkers restaurant. If you missed reading it, it’s posted below:
Checkers: Here’s Why It’s Sure To Get More Business
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