The Boulder Group, a net leased investment brokerage firm specializing in single tenant assets, has completed the sale of a single tenant Chase Bank ground lease located at 4001 167th Street, Country Club Hills, Illinois for $2,290,000
Chase is the sole occupant of the 4,342 square foot retail building that was developed in 2006. The property is located on a 1.25 acre parcel at the southwest corner of South Pulaski Road and West 167th Street in Country Club Hills, Illinois. The intersection of Pulaski and 167th experiences traffic volumes in excess of 30,000 vehicles per day. The property is benefitted by its strategic location as an outparcel to a Wal-Mart Supercenter. The lease had 24 years remaining at the time of sale and features multiple rental escalations in the primary term.
Chase Bank is an investment grade rated company with a Standard & Poor’s rating of A+ and has over 5,500 stores nationwide. Chase has twenty-four years of lease term remaining on an original 30 year triple net ground lease. Chase is a publicly traded company on the New York Stock Exchange (JPM), with a market capitalization of $151 billion.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller; a Midwest based private partnership, in the transaction. The buyer was a Colorado based private individual in a 1031 exchange.
“The market for bank ground leases with investment grade tenants remains strong as investors are attracted to the typical long term leases with rental escalations.” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Core market single tenant assets with solid real estate fundamentals continue to be in the greatest demand.”
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 $1.4 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 www.bouldergroup.com