Chicago MSA Bank of America Ground Lease Sold Date January 31, 2020
The Boulder Group, a net leased investment brokerage firm, completed the sale of a single tenant net leased Bank of America ground lease located at 1200 Shermer Road in Northbrook, Illinois for $4,639,000.
The 4,200 square foot property is located in an affluent North Chicago suburb. There are over 66,000 people living within three miles of the property with an average household income of $182,734. The bank is located near corporate headquarters including Allstate, Crate & Barrel, Discover, Astellas Pharma, Walgreens, Barilla and Medline. The property is also located near Northbrook Court (1,012,000 SF mall anchored by Macy’s), Whole Foods, Target, Lowe’s, Home Depot and Lifetime Fitness. Additionally, the property is nearby New Trier Township High School (4,000+ students), Glenbrook North High School (2,000+ students) and numerous country clubs. Immediately across from the bank, there are 68 new luxury townhomes being built. These new developments will further draw customers and traffic to downtown Northbrook.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction. The Seller was a locally based developer and the buyer was a west coast based private investor.
The property is currently being constructed as a retail location adjacent to a Bank of America Financial Center and office building. The ground lease will commence in the second quarter of 2020 and has a fifteen year lease. The ground lease will also feature 10% rental escalations every five years and four 5-year renewal options. The new branch is a relocation of the adjacent Bank of America office building. The location exhibits exceptionally high deposits of approximately $937,000,000. This is the second highest deposits for any Bank of America in all of Illinois.
“Bank properties in major metros with strong deposit histories continue to garner significant investor interest” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Net Lease investors continue to be attracted to ground leased properties with no landlord responsibilities.”
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 $6 billion of single tenant net lease real estate transactions. From 2009-2019, 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