Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller; a high net-worth individual in the transaction.
Northbrook, IL -- (SBWIRE) -- 04/02/2013 -- 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 ground lease located at 28301 Diehl Road, Warrenville, Illinois for $3,400,000.
Bank of America is the sole occupant of the 4,500 square foot retail building that was developed in 2003. The property is located on a 1.62 acre parcel within a 650 acre mixed use development. The property is located along Diehl Road and benefits from its location near a Super Target, 30 screen Regal Cinema and Lifetime Fitness. The property is located within an affluent area where residents enjoy household income in excess of $116,000 annually. The lease had eleven years remaining at the time of sale and features multiple rental escalations in the primary term.
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 eleven years of lease term remaining on an original twenty year triple net ground lease. Bank of America is a publicly traded company on the New York Stock Exchange (BAC), with a market capitalization of $131 billion.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller; a high net-worth individual in the transaction. The buyer was a Chicago based private individual in a 1031 exchange.
“The market for bank ground leases with investment grade tenants remains strong as investors are attracted to the typical 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 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 more than $1.4 billion of net lease real estate transactions through several real estate cycles. The firm was ranked in the Top 10 companies in the nation for single tenant retail transactions in 2012 by Real Capital Analytics. The Boulder Group is headquartered in suburban Chicago. The company’s website address is www.bouldergroup.com