Ground Leased PNC Bank Sale Arranged Date October 11, 2021
The Boulder Group, a net leased investment brokerage firm completed the sale of a ground leased PNC Bank located at 3879 East Main Street in Saint Charles, Illinois for $3,339,065.
The 3,586 square foot ground leased PNC Bank is positioned along East Main Street (33,600 VPD). The property is an outparcel to a target-anchored center with tenants such as Starbucks, Portillos, Petco, Chipotle, and Noodles & Company. Other tenants in the immediate area include Von Maur, Walmart Supercenter, Walgreens, Chase Bank, and Cooper’s Hawk. There are 112,372 people living within five miles of the property earning an average annual household income of $132,947. The branch deposits for this location were $99,585,000 in 2020. The property is 40 miles outside of downtown Chicago.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction who was a private Midwest based real estate investor. The buyer is also from the Midwest and in a 1031 exchange.
The tenant recently extended their lease through 2033 and has been operating at this location since 2002, demonstrating their commitment to the site. PNC Financial Services Group, Inc. is an American bank holding company and financial services corporation based in Pittsburgh, Pennsylvania. Its banking subsidiary, PNC Bank, operates in 21 states and the District of Columbia with 2,459 branches and 9,051 ATMs.
“Bank properties 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 single tenant properties near strong retail anchors like Target.”
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 2012-2020, 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