The Boulder Group is pleased to
exclusively market for sale a single tenant Citibank located in an affluent
suburb of the Chicago MSA. The property is centrally located in downtown
Elmhurst at a prominent signalized intersection. The average annual household income in a one
mile radius of the Citibank is in excess of $125,000. There are over eight
years remaining on the Citibank lease that expires June 30, 2023. The lease
features a 10% rental escalation in the primary term and in each renewal option
period. Citibank is an investment grade rated tenant (S&P: A-) and is
publicly traded (NYSE: C) with a market capitalization in excess of $158
billion.
The 4,300 square foot Citibank is
strategically located at the signalized intersection of North York Road and
Schiller Street. The Citibank is centrally located along the main north-south
thoroughfare in downtown. The property is located in the immediate proximity to
the Elmhurst Metra train station. Metra is the commuter rail division that
serves the Chicago metropolitan area with over 80 million passengers per year. The
Citibank will benefit from a large municipal parking garage that is currently
being constructed immediately behind the property. The surrounding area is
affluent with approximately 17,000 people living within a one mile radius
earning average annual household incomes in excess of $125,000. Approximately
120,000 people live within a three mile radius of the property. Interstate 290,
which experiences traffic counts in excess of 145,000 vehicles per day, is
located approximately three-fourths of a mile north of the Citibank.
Downtown Elmhurst has an eclectic
mix of both national and local retailers, restaurants, boutique shops and
businesses. Across the street from the property is a Chipotle, Buffalo Wild
Wings, and Walgreens. Jewel-Osco is located just to the east of property
providing an additional draw to the immediate area. The downtown corridor is
surrounded by numerous multi-family housing developments providing for constant
foot traffic.
Citibank has over eight years
remaining on the primary term of their lease that expires June 30, 2023. The
lease features a 10% rental escalation in the primary term and in each of the
four five-year renewal option periods. Citibank is an investment grade rated
company (S&P: A-) and is publicly traded with a market capitalization in
excess of $158 billion.
http://www.bouldergroup.com/NNN-Properties-For-Sale.html
