The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased PNC Bank ground lease located at 12821 West Bluemound Road in Brookfield, Wisconsin for $2,500,000.
The property is located along Bluemound Road, a primary east-west thoroughfare that experiences traffic volumes in excess of 41,000 vehicles per day. Bluemound Road runs parallel to Interstate 94, creating constant traffic flow near the property. The property is positioned at the signalized entrance to the recently developed Underwood Crossing. Underwood Crossing features a recently developed Target, Trader Joe’s and Children’s Hospital of Wisconsin, which are major traffic generators for the area. Adjacent to the PNC is a newly constructed strip center featuring Starbucks and Great Clips. Directly west of the property along Bluemound Road, a new mixed-used development is being built with retailers including Life Time Fitness, Dick’s Sporting Goods, AT&T and Portillo’s. Brookfield is a well-populated area with over 240,000 people living within five miles of the property. Residents living within one mile of the subject property enjoy average household income in excess of $107,000 annually.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction. The seller is a real estate investor in the north east. The buyer was in a 1031 exchange based in the Midwest.
The original twenty year ground lease commenced November 3, 2012 and has approximately 13 years remaining in the primary term. The lease features 10% rental escalations in the primary term and in each of the five 10-year renewal options. PNC Bank has over 2,459 branches and 9,051 ATM machines and is publicly traded on the New York Stock Exchange (PNC). PNC is an investment grade rated company with a Standard & Poor’s rating of A.
“Bank properties with solid fundamentals continue to garner significant investor interest,” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Net Lease investors continue to be attracted to ground leased properties with no landlord responsibilities.”
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 $6 billion of single tenant net lease real estate transactions. From 2012-2019, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by both Real Capital Analytics and CoStar. The Boulder Group is headquartered in suburban Chicago.
For more information, visit: www.bouldergroup.com
Company Name: The Boulder Group
Contact Person: Randy Blankstein
Email: Send Email
Address:3520 Lake Avenue Suite 203
Country: United States