CHICAGO—The Boulder Group, a net leased investmentfirm, has completed the sale of a single tenant, triple net leased Bank of America property located at 3010 South Kedzie Avenue in Chicago for $3.875 million.
Bank of America is the sole occupant of the 6,500-sq.-ft. retail building, which is located on a 35,000-sq.-ft. parcel of land.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest developer, in the transaction. The buyer was a high-net-worth individual located inin a 1031 exchange.
Developed in 2003, 3010 South Kedzie Avenue is located in close proximity to Interstate 55 and is fully leased to Bank of America with 11 years of lease-term remaining in its original 20-year lease. In addition, the tenant has two rental escalations remaining in the primary term of the lease.
Bank of America is a publicly traded company on the New York Stock Exchange, with a market capitalization of $79 billion. Bank of America is an investment grade rated company with a Standard & Poor’s rating of A- and has more than 2,600 locations nationwide.