The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased PNC Bank ground lease located at 12821 West Bluemound Road in Brookfield, Wisconsin for $2,500,000.<\/p>\n
The PNC bank ground lease property is located along Bluemound Road, a primary east-west thoroughfare that experiences traffic volumes in excess of 41,000 vehicles per day. Bluemound Road runs parallel to Interstate 94, creating constant traffic flow near the property. The property is positioned at the signalized entrance to the recently developed Underwood Crossing. Underwood Crossing features a recently developed Target, Trader Joe\u2019s and Children\u2019s Hospital of Wisconsin, which are major traffic generators for the area.\u00a0 Adjacent to the PNC is a newly constructed strip center featuring Starbucks and Great Clips. Directly west of the property along Bluemound Road, a new mixed-used development is being built with retailers including Life Time Fitness, Dick\u2019s Sporting Goods, AT&T and Portillo\u2019s. Brookfield is a well-populated area with over 240,000 people living within five miles of the property. Residents living within one mile of the subject property enjoy average household income in excess of $107,000 annually.<\/p>\n
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction. The seller is a real estate investor in the north east.\u00a0 The buyer was in a 1031 exchange based in the Midwest.<\/p>\n
The original twenty year ground lease commenced November 3, 2012 and has approximately 13 years remaining in the primary term. The lease features 10% rental escalations in the primary term and in each of the five 10-year renewal options. 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\u2019s rating of A.<\/p>\n
\u201cBank properties with solid fundamentals continue to garner significant investor interest\u201d said Randy Blankstein, President of The Boulder Group.\u00a0 Jimmy Goodman, Partner of The Boulder Group, added, \u201cNet Lease investors continue to be attracted to ground leased properties with no landlord responsibilities.\u201d<\/p>\n