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.