The Boulder Group, a net leased investment
brokerage firm, has completed the sale of a single
tenant Citibank retail condominium located at 136 North York Road in Elmhurst,
IL for $3,118,500.
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 Elmhurst. 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.
Randy Blankstein
and Jimmy Goodman of The Boulder Group represented the seller in the
transaction; a Midwest based real estate development and investment firm. The
purchaser was a local real estate investor.
There are over
eight years remaining on the Citibank lease that expires in June 2023. The
lease features 10% rental escalations every five years. Citibank is an
investment grade rated tenant (S&P: A-) and is a publicly traded company
with a market capitalization in excess of $157 billion. Citigroup and its
affiliates represent one of the world’s best diversified financial service
company, providing product and services to consumers, corporations, governments
and institutions. Citigroup has over 3,700 branches in 37 countries.
“Net lease properties in irreplaceable retail locations
tenanted by investment grade rated companies are highly sought after amongst
the investment community and command a substantial premium” 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 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 $2.1 billion of single tenant net lease real estate transactions. From 2011-2014, 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. 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 $2.1 billion of single tenant net lease real estate transactions. From 2011-2014, 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. www.bouldergroup.com
