The Boulder Group, a net leased investment brokerage firm specializing in single tenant assets, has completed the sale of a single tenant Bank of America located at 2163 North Clybourn Avenue in the Lincoln Park neighborhood of Chicago, Illinois for $6,940,000.
Bank of America is the sole occupant of the 9,471 square foot retail building that was developed in 2004. The property is located within the Clybourn Corridor, a densely populated and dominant retail area located in Chicago’s north side neighborhood of Lincoln Park. Residents living with one mile of the property enjoy household incomes of approximately $120,000 annually. Bank of America is located near the intersection of Clybourn Avenue and Southport Avenue less than one-half mile east of Interstate 90. Retailers located nearby the subject property in the Clybourn Corridor include Costco, Dominick’s, Target, Home Depot, Menard’s, T.J. Maxx, Kohl’s, Best Buy, Marshalls, and Sports Authority. The property features a 24-car parking lot, a rare feature for an infill Chicago asset. The lease had twelve years remaining at the time of sale and features multiple rental escalations in the primary term and in the option periods.
Bank of America is an investment grade rated company with a Standard & Poor’s rating of A- and has over 2,600 stores nationwide. Bank of America has twelve years of lease term remaining on an original twenty year net lease. Bank of America is a publicly traded company on the New York Stock Exchange (BAC), with a market capitalization of $157 billion.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer and seller in the transaction. The seller was a high net-worth individual based in the Midwest. The buyer was a Miami based private individual in a 1031 exchange.
“The market for bank properties with investment grade tenants remains strong as investors are attracted to long term leases with rental escalations.” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Core market single tenant assets with solid real estate fundamentals continue to be in the greatest demand.”
About The Boulder Group
The Boulder Group is a boutique investment real estate service firm specializing in single tenant net lease properties. The firm provides a full range of brokerage, advisory, and financing services nationwide to a substantial and diversified client base, which includes high net worth individuals, developers, REITs, partnerships and institutional investment funds. Founded in 1997, the firm has arranged the acquisition and disposition of over $1.6 billion of single tenant net lease real estate transactions. In 2011 and 2012, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by Real Capital Analytics. The Boulder Group is headquartered in suburban Chicago. The company’s website address is www.bouldergroup.com