The Boulder Group, a net leased investment brokerage firm completed the sale of a net leased BMO Harris Bank condominium located at 201 South Grove Street, in Barrington, Illinois for $5,406,000.<\/p>\n
The 30,531 square foot net leased BMO condominium benefits from its location in close proximity to Lake Cook Rd and South Northwest Highway (28,700 VPD). The building is also positioned directly across from the Barrington Metra Station (Union Pacific\/Northwest Line) which runs directly southeast to downtown Chicago and experiences over 1,750 daily boarding passengers. Retailers in the immediate area include CVS Pharmacy, Walgreens, Jewel-Osco, Starbucks, McDonald\u2019s, Heinen\u2019s Grocery Store, and Shell Gasoline. There are 91,399 people living within five miles of the property with an average annual household income in excess of $173,627. Deposits for this location exceed $550 million.<\/p>\n
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction. The seller is a Midwest based developer and the buyer was a private investor in a 1031-exchange.<\/p>\n
There are over eight years remaining on the BMO Harris lease. The lease also features three 5-year renewal options with 10% rental escalations. BMO Harris is an investment grade rated company with a Standard & Poor\u2019s rating of A+. BMO Harris Bank operates more than 600 Branches and employs over 14,500 people in the United States.<\/p>\n
\u201cBank properties with strong deposit histories 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 bank related properties in affluent areas.\u201d<\/p>\n