Net Leased Investment with Redevelopment Upside
Offering & Tenant Overview
Coldwell Banker Commercial Devonshire Realty (CBCDR) is proud to exclusively offer for sale this single-tenant net-leased investment property. The subject property is located on the corner of N. Neil (21,600 AADT) and the north frontage road for I-74 (63,100 AADT). The site (2.25 acres) provides a great opportunity for future redevelopment while providing income in the near term with zero Landlord obligations. The property is surrounded by numerous hotels and retailers such as Costco, Red Robin, McDonald’s, Bob Evans, Taco Bell, Olive Garden, Panera Bread, T.J. Maxx, Bed, Bath & Beyond and Barnes & Noble.
The tenant, Alexander’s Steakhouse, is a chophouse with cook-your-own and kitchen-cooked entree options. The location in Champaign is one of four in the state of Illinois. Additionally, the parent company, Mercedes Restaurants, Inc., owns and operates two Famous Dave’s restaurants. They have operated in this property since 1985.