The Boulder Group, a net leased investment brokerage firm completed the sale of a ground leased PNC Bank located at 3879 East Main Street in Saint Charles, Illinois for $3,339,065.<\/p>\n
The 3,586 square foot ground leased\u00a0 PNC Bank is positioned along East Main Street (33,600 VPD). The property is an outparcel to a target-anchored center with tenants such as Starbucks, Portillos, Petco, Chipotle, and Noodles & Company. Other tenants in the immediate area include Von Maur, Walmart Supercenter, Walgreens, Chase Bank, and Cooper\u2019s Hawk. There are 112,372 people living within five miles of the property earning an average annual household income of $132,947. The branch deposits for this location were $99,585,000 in 2020. The property is 40 miles outside of downtown Chicago.<\/p>\n
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction who was a private Midwest based real estate investor. The buyer is also from the Midwest and in a 1031 exchange.<\/p>\n
The tenant recently extended their lease through 2033 and has been operating at this location since 2002, demonstrating their commitment to the site. 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.<\/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 single tenant properties near strong retail anchors like Target.\u201d<\/p>\n