The Boulder Group, a net leased investment
brokerage firm, has completed the sale of a single
tenant PNC Bank Ground Lease located at 6616 Crossings Drive SE in Walker,
Michigan (Grand Rapids MSA) for $1,490,000.
The
42,055 square foot PNC Bank property is strategically positioned at a
signalized intersection along Kalamazoo Avenue. Kalamazoo Avenue is a primary
north-south thoroughfare in the trade area. The property is benefitted by its
immediate proximity to Michigan Highway 6 (the Paul B. Henry Freeway) which
experiences traffic volumes of approximately 55,000 vehicles per day. The PNC
Bank is centrally located within a vibrant retail corridor which features
Target, Meijer, Walgreens, Rite Aid, Staples and Family Fare Supermarket.
Randy Blankstein
and Jimmy Goodman of The Boulder Group represented the seller in the
transaction; a Midwest based real estate investment company. The buyer was a Midwest based private
investment group.
There are 22 years
remaining on the original 30 year PNC Bank ground lease. The ground lease
expires in February 2039 and features 10% rental escalations in the primary
term and in each renewal option period. There are absolutely no landlord
responsibilities. PNC is the fifth largest bank in the United States (total
branches) with more than 2,700 branches and 7,400 ATM machines. PNC Bank is an
investment grade rated company (S&P: A-) and is a publicly traded company
on the New York Stock Exchange (Symbol: PNC).
“The
market for long term ground leases remains active as these assets are highly
sought after amongst private investors” said Randy Blankstein, President of The
Boulder Group. Jimmy Goodman, Partner of
The Boulder Group, added, “While the majority of
single tenant investment activity is focused on core markets, we are starting
to see investors focus primarily on the quality of the tenant.”
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 $4 billion of single tenant net lease real estate transactions. From 2011-2016, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by both Real Capital Analytics and CoStar. 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 $4 billion of single tenant net lease real estate transactions. From 2011-2016, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by both Real Capital Analytics and CoStar. The Boulder Group is headquartered in suburban Chicago. www.bouldergroup.com
