The Boulder Group, a net leased investment
brokerage firm specializing in single tenant assets, has completed the sale of
a single tenant Bank of America located at 2163 North Clybourn Avenue in the
Lincoln Park neighborhood of Chicago, Illinois for $6,940,000.
Bank
of America is the sole occupant of the 9,471 square foot retail building that
was developed in 2004. The property is located within the Clybourn Corridor, a
densely populated and dominant retail area located in Chicago’s north side
neighborhood of Lincoln Park. Residents living with one mile of the property
enjoy household incomes of approximately $120,000 annually. Bank of America is
located near the intersection of Clybourn Avenue and Southport Avenue less than
one-half mile east of Interstate 90. Retailers located nearby the subject
property in the Clybourn Corridor include Costco, Dominick’s, Target, Home
Depot, Menard’s, T.J. Maxx, Kohl’s, Best Buy, Marshalls, and Sports Authority.
The property features a 24-car parking lot, a rare feature for an infill
Chicago asset. The lease had twelve years remaining at the time of sale and
features multiple rental escalations in the primary term and in the option
periods.
Bank
of America is an investment grade rated company with a Standard & Poor’s
rating of A- and has over 2,600 stores nationwide. Bank of America has twelve
years of lease term remaining on an original twenty year net lease. Bank of
America is a publicly traded company on the New York Stock Exchange (BAC), with
a market capitalization of $157 billion.
Randy
Blankstein and Jimmy Goodman of The Boulder Group represented the buyer and
seller in the transaction. The seller was a high net-worth individual based in
the Midwest. The buyer was a Miami based private individual in a 1031 exchange.
“The
market for bank properties with investment grade tenants remains strong as
investors are attracted to 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.”
About The Boulder Group
The Boulder Group is a boutique investment real estate service firm specializing in single tenant 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 over $1.6 billion of single tenant net lease real estate transactions. In 2011 and 2012, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by Real Capital Analytics. The Boulder Group is headquartered in suburban Chicago. The company’s website address is www.bouldergroup.com
The Boulder Group is a boutique investment real estate service firm specializing in single tenant 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 over $1.6 billion of single tenant net lease real estate transactions. In 2011 and 2012, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by Real Capital Analytics. The Boulder Group is headquartered in suburban Chicago. The company’s website address is www.bouldergroup.com