The Boulder Group, a net leased investment
brokerage firm, has completed the sale of a single
tenant US Bank office property located at 615 East Michigan Street in
Milwaukee, WI for $14,000,000.
The US
Bank office is directly adjacent and connected by a sky-walk to the U.S. Bank
regional headquarters building in the central business district of
Milwaukee. The office houses USBancorp’s
Fund Services unit, a subsidiary of U.S. Bank.
The fund services unit is a highly profitable business unit, currently
in the top three in mutual fund servicing business with roughly a 24% market
share. The property is located along the
Interstate 794 interchange.
Randy Blankstein and Jimmy Goodman of The
Boulder Group represented both parties in the transaction. The purchaser was a Midwest based partnership
in a 1031 Tax Exchange. The seller was Oak Street Real Estate Capital, a
Chicago based private equity firm.
Seller was steadfast in successfully closing the transaction. The transaction had multiple issues to
overcome and Seller’s persistence got the property back on track with astute
structuring and superb execution.
The US Bank lease
expires in December 2026 and features 2% annual rental escalations throughout
the primary term. US Bank is a publicly traded company on the New York Stock
Exchange (USB) with a market capitalization in excess of $73.5 Billion.
“The market for
properties occupied by major banks remains active as investors are attracted to
investment grade rated companies” said Randy Blankstein, President of The
Boulder Group. Jimmy Goodman, Partner of
The Boulder Group, added, “There are limited single tenant office properties
available in core downtown markets, creating cap rate compression for credit
tenanted assets.”
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 $3 billion of single tenant net lease real estate transactions. From 2010-2015, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by CoStar and 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 $3 billion of single tenant net lease real estate transactions. From 2010-2015, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by CoStar and Real Capital Analytics. The Boulder Group is headquartered in suburban Chicago. www.bouldergroup.com
