The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Canadian Imperial Bank of Commerce (CIBC) property located at 1255 Green Bay Road in Wilmette, Illinois for $3,275,000.<\/p>\n
The net lease CIBC property is located in the prestigious North Shore community of Wilmette, one of Chicago\u2019s most affluent suburban neighborhoods. The 4,986 square foot building is strategically located on the three-way intersection of Green Bay Road, Ashland Lane and 16th Street. Retailers in the area include Walgreens, Jewel-Osco (Albertons), Jiffy Lube, 7-Eleven and Starbucks. The Union Pacific\/North Metra train line runs from downtown Chicago to Waukegan, Illinois along Green Bay Road.\u00a0 The CIBC is located across from the Kenilworth station and one-half mile from the Wilmette station. There are roughly 99,000 people living within a three-mile radius of the property.\u00a0 The average household income within a one mile radius of the property exceeds $248,000 per year.<\/p>\n
Randy Blankstein and Jimmy Goodman of The Boulder Group represented both parties in the transaction.\u00a0 The seller was a Midwest based commercial real estate investment and development company. The purchaser was a Northeast based real estate investment group.<\/p>\n
The absolute net lease has 14 years remaining and features 2.50% annual rental escalations in the primary term and in the three 5-year renewal option periods.\u00a0 The property features a drive-thru and has easy access and excellent visibility.\u00a0 In June 2017, CIBC completed its acquisition of PrivateBancorp, Inc., the parent company of The PrivateBank.\u00a0 This location, previously The PrivateBank, was rebranded as CIBC in September 2017. CIBC is a leading Canadian-based financial institution which has been named the strongest bank in North America and the 3rd strongest bank in the world, by Bloomberg Markets magazine.\u00a0 CIBC is an investment grade rated company with a Standard & Poor\u2019s rating of A+.<\/p>\n
\u201cThe market for properties occupied by major banks remains active as investors are attracted to investment grade rated companies\u201d said Randy Blankstein, President of The Boulder Group.\u00a0 Jimmy Goodman, Partner of The Boulder Group, added, \u201cInvestors continue to aggressively target properties located in top MSA\u2019s with long term leases and rental escalations.\u201d<\/p>\n