Net Leased PNC Bank Sale Arranged Date August 10, 2021
The Boulder Group, a net leased investment brokerage firm completed the sale of a net leased PNC Bank located at 3556 North Ashland Avenue in Chicago, Illinois for $6,200,000.
The 2,000 square foot net leased PNC Bank is positioned at the intersection of North Ashland Avenue and West Addison Street with a combined daily vehicle count of 65,260. The property is located on the west side of Wrigleyville in the middle of multiple shopping centers while being one mile from Wrigley Field which hosts over 3,000,000 visitors annually. Retailers in the surrounding shopping centers include Whole Foods, Jewel-Osco, Lululemon, CVS Pharmacy, Trader Joe’s, Walgreens, Starbucks, and many more. There are over 516,000 people living within three miles of the property earning an average household income of $119,201. The property is five blocks from the Brown CTA line which experiences more than 101,000 daily passengers. The lease has 14 years remaining.
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 in a 1031 exchange.
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 in core urban areas.”
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