This property is secured by a corporate lease with Herc Rentals (NYSE: HRI), the third largest equipment rental company in the United States. The lease commenced in 2022 and offers six years of remaining term on an absolute NNN structure, featuring 3% annual rent increases and one five-year renewal option. The tenant’s strong national presence and recent acquisition of the former business, which has a 47-year operating history serving Chicago and the Midwest, underscores the stability of this investment.
Significant capital improvements have been completed, including a full roof replacement in 2023 and exterior upgrades totaling over $100,000, such as fresh paint and tuckpointing. The property also includes a cell tower, providing an additional income opportunity—details available upon request. Strategically located within the Chicago MSA, just 28 miles from downtown, the site benefits from proximity to major transportation corridors, including Interstate 90 and Interstate 355, enabling efficient dispatch and logistics. O’Hare International Airport, the third busiest in the U.S. with over 54 million annual passengers, is only 11 miles away. The surrounding area boasts exceptional population density, with more than 255,000 residents within a five-mile radius, supporting long-term operational viability and tenant success. This offering presents a rare opportunity to acquire a well-positioned, income-generating asset with a strong corporate tenant, recent capital improvements, and enduring market fundamentals.