Net Lease Fifth Third Property Sold Date December 15, 2023
The Boulder Group, a net leased investment brokerage firm, completed the sale of a single tenant net lease Fifth Third Bank property located at 7200 West 87th Street in Bridgeview, Illinois for $3,300,000.
The 6,894 square-foot building benefits from its hard corner location along West 87th Street and Harlem Avenue, which experience a combined daily traffic count of 67,500+. Fifth Third Bank is also positioned as an outparcel to Tony’s Fresh Market, one of the area’s main grocers that drives continual through traffic. Additionally, the property is surrounded by many nationally recognized retailers including Menards, Hobby Lobby, Walgreens, O’Reilly Auto Parts, Planet Fitness, McDonald’s, Concentra Urgent Care, Octapharma Plasma, and several others. There are 324,617 people living within a 5-mile radius of the property. The average household income within the same radius is $95,636. Furthermore, the subject property is several minutes east of Interstate 294 (142,500 VPD).
Randy Blankstein and Jimmy Goodman of The Boulder Group represented both parties in the transaction. The Seller was a local real estate investor, and the Buyer was a national REIT.
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, and the indirect parent of Fifth Third Bank, NA, a federally chartered institution. As of 2023, the Company operates 1,100 full-service Banking Centers, and 2,153 ATMs.
“Single tenant bank properties, regardless of lease term, continue to garner significant interest amongst all investor types” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “The buyer’s confidence was inspired by the hard corner and grocery outparcel location.”
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 2012-2020, 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.com
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