Wednesday, May 23, 2012

The Boulder Group Arranges Sale of a Triple Net Leased Bank of America Property in Chicago, Illinois

The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant triple net leased Bank of America property located at 3010 South Kedzie Avenue in Chicago, IL for $3,875,000.

Bank of America is the sole occupant of the 6,500 square foot retail building that was developed in 2003. The property is located on a 35,000 square foot parcel at the southwest corner of Kedzie Avenue and West 30th Street in Chicago, IL. The property is located three-quarters of a mile north of Interstate 55 in a densely populated area.  The property is fully leased to Bank of America with eleven years of lease term remaining and has two rental escalations remaining in the primary term of the lease.

Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest developer, in the transaction. The buyer was a high net worth individual located in California in a 1031 exchange.

Bank of America has eleven years of lease term remaining on an original 20 year lease. Bank of America is a publicly traded company on the New York Stock Exchange (BAC), with a market capitalization of $79 Billion. Bank of America is an investment grade rated company with a Standard & Poor’s rating of A- and has over 2,600 locations nationwide.
“The market for properties occupied by major banks remains active as investors are attracted to investment grade rated companies with rental escalations in the leases” said Randy Blankstein, President of The Boulder Group.  Jimmy Goodman, Partner of The Boulder Group, added, “While single tenant properties are selling in all types of locations; core markets, like Chicago, are at the forefront of investor demand.” 

About The Boulder Group

The Boulder Group is a boutique investment real estate service firm specializing in net lease properties. The firm provides a full range of brokerage, advisory, and financing services nationwide to a substantial and diversified client base, which includes high net worth individuals, developers, REITs, partnerships and institutional investment funds. Founded in 1997, the firm has arranged the acquisition and disposition of more than $1.2 billion of net lease real estate transactions through several real estate cycles. The Boulder Group is headquartered in suburban Chicago. The company’s website address is