Northbrook, IL -- (SBWIRE) -- 05/31/2013 -- The Boulder Group, a net leased investment brokerage firm specializing in single tenant assets, has completed the sale of a single tenant Fifth Third Bank ground lease located at 240 Skokie Boulevard in Northbrook, Illinois for $3,925,000.
Fifth Third Bank is the sole occupant of the 4,100 square foot retail building that was developed in 2004. The property is located on a 1.17 acre parcel along Skokie Boulevard, which experiences traffic volumes in excess of 21,000 vehicles per day. Additionally, the property is located one-quarter mile from the Lake Cook Road and Interstate 94 interchange. Interstate 94 experiences traffic volumes in excess of 126,000 vehicles per day. Northbrook is an affluent northern Chicago suburb with above average household incomes. Fifth Third also benefits from having multiple drive-thru lanes and a drive-thru ATM. The property is located in the primary retail trade area in close proximity to multiple national tenants. The Village Square of Northbrook Shopping Center is located directly across from the property and features retailers Trader Joe’s, Nordstrom Rack, Saks Fifth Avenue (Off 5th), Loehmann’s, Marshalls and PetSmart. The lease had fifteen years remaining at the time of sale and features multiple rental escalations in the primary term. Furthermore, the regional mall, Northbrook Court, is less than a mile west of the property and is anchored by Neiman Marcus, Macy’s and AMC Theaters.
Fifth Third Bank is a publicly traded company on the NASDAQ (FITB), with a market capitalization of $14 billion. Fifth Third Bank is an investment grade company with a Standard & Poor’s rating of BBB.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented both the buyer and seller in the transaction; The seller was a Midwest based private partnership and the buyer was an east coast based 1031 Exchange investor.
“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 $1.6 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