Chicago MSA PNC Bank Ground Lease Sale Arranged Date January 22, 2020
The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Chicago MSA PNC Bank ground lease located at 5727 W Touhy Ave in Niles, Illinois for $4,100,000.
The PNC Bank property is located at the corner of a signalized intersection along West Touhy Ave (39,000 VPD) where it has excellent visibility. Additionally, the property is also ideally positioned just off of Interstate 94 (169,500 VPD). The bank is outparcel to a new LA Fitness location which has submitted building permits to the city and is pending approval. The bank is located in a dominant retail corridor with Costco, Target, Walmart, Jewel-Osco, Menards, AMC and Dick’s Sporting Goods. The property is also located near Niles West High School (2,507 students). There are 677,168 people living within five miles of the property with an average household income of $96,011.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; an individual investor based in the Midwest. The buyer was a private investor based in California.
There are 11 years remaining in the primary term of the PNC Bank lease and features a 10% rental escalation on December 31, 2020. PNC Bank has over 2,459 branches and 9,051 ATM machines and is publicly traded on the New York Stock Exchange (PNC). PNC is an investment grade rated company with a Standard & Poor’s rating of A.
“Bank properties with solid fundamentals 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 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 $5 billion of single tenant net lease real estate transactions. From 2012-2018, 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