425 Division Street, Lockport, IL, USA

CLOSED: Cell At Auction LLC is pleased to offer the opportunity to acquire three 99-year Site Lease easements In Lockport, Illinois.   

Police Station.  Crown Castle. CLOSED  This site lease was originally entered into in June 1996 at a monthly rent of $450.  The rent was to adjust every five years based on CPI and was not to exceed 20% each renewal term.   The initial term was 5 years with three (5) year renewal terms.  The First Amendment dated September 30, 2005, provided for a new start date of September 1,  2006 for five years with three additional (5) year terms.   The rent was at $540 per month with a 10% rent increase every five years.   A second amendment was signed on November 22, 2016, with the successor as Crown Castle with the current extension term expiring in August 2021.  This amendment provided for six additional five (5) year renewal terms and a 15% revenue share for any additional tenants and the annual rent increases was changed to 2.5% annually. The current monthly rent is $927.76 or $11,133.13 annually.  

Division Street:   American Tower sites.     Regarding site # 304447. A second amendment was executed in October 2015.   At that time the lease terms were extended to include three(3) additional five (5) year renewal terms.  The rent was fixed at $2200/month commencing on October 26^th, 2017, with 3% annual increases.  The current monthly rent is $2550.39 or $30,604.68 annually.  Also included is an annual revenue share of $2,472 from Northern Illinois Gas.   Regarding site # 303912, the current monthly rent is $2,050 or $24,600 annually.  Commencing March 2023, and for each of the additional five (5) five year additional terms, there will be a 10% increase in rent

There are ROFR’S for all three sites.     Offers should be submitted in the form of an executable Letter of Intent and be presented as the purchase of each site lease individually and/or collectively.  Lockport is a city in Will County, Illinois, located 30 miles southwest of Chicago

These are some particulars:

Sealed Bid Deadline:  December 16, 2022

Current Annual Rent:  $68,809.81 (combined)

Location:  1212 S. Farrell Road and 425 Division Street, Lockport, IL

Burton Blinick, Licensed Illinois Real Estate Managing Broker and Auctioneer