Net Lease CIBC Bank Sale Arranged Date February 5, 2018
The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Canadian Imperial Bank of Commerce (CIBC) property located at 1255 Green Bay Road in Wilmette, Illinois for $3,275,000.
The net lease CIBC property is located in the prestigious North Shore community of Wilmette, one of Chicago’s most affluent suburban neighborhoods. The 4,986 square foot building is strategically located on the three-way intersection of Green Bay Road, Ashland Lane and 16th Street. Retailers in the area include Walgreens, Jewel-Osco (Albertons), Jiffy Lube, 7-Eleven and Starbucks. The Union Pacific/North Metra train line runs from downtown Chicago to Waukegan, Illinois along Green Bay Road. The CIBC is located across from the Kenilworth station and one-half mile from the Wilmette station. There are roughly 99,000 people living within a three-mile radius of the property. The average household income within a one mile radius of the property exceeds $248,000 per year.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented both parties in the transaction. The seller was a Midwest based commercial real estate investment and development company. The purchaser was a Northeast based real estate investment group.
The absolute net lease has 14 years remaining and features 2.50% annual rental escalations in the primary term and in the three 5-year renewal option periods. The property features a drive-thru and has easy access and excellent visibility. In June 2017, CIBC completed its acquisition of PrivateBancorp, Inc., the parent company of The PrivateBank. This location, previously The PrivateBank, was rebranded as CIBC in September 2017. CIBC is a leading Canadian-based financial institution which has been named the strongest bank in North America and the 3rd strongest bank in the world, by Bloomberg Markets magazine. CIBC is an investment grade rated company with a Standard & Poor’s rating of A+.
“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, “Investors continue to aggressively target properties located in top MSA’s with long term leases and rental escalations.”
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 2012-2017, 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.comBack