The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant Bank of America Ground Lease located at 1400 Waukegan Road in Glenview, IL for $6,900,000.
The Bank of America property is strategically positioned at the heavily trafficked signalized intersection of Lake Avenue and Waukegan Road which experiences traffic volumes of 60,000 vehicles per day. The surrounding area is affluent with average annual household incomes within a one mile radius in excess of $157,000. The Bank of America is strategically positioned in the area’s primary retail trade area. Surrounding retailers in the immediate area include Walgreens, Trader Joe’s, Jewel-Osco, Ace Hardware, Staples and Starbucks.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a Midwest based real estate development company. The purchaser was a local 1031 Exchange investor.
The Bank of America ground lease has over 13 years remaining and expires in December 2029. The ground lease features 10% rental escalations every five years throughout the primary term and renewal option periods. Bank of America is an investment grade rated tenant with a Standard & Poor’s rating of A-.
“The market for long term ground leases remains active as these assets are highly sought after amongst private investors,” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Investors continue to aggressively target properties located in top MSA’s with long term leases and rental escalations.”
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 $3 billion of single tenant net lease real estate transactions. From 2010-2015, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by CoStar and Real Capital Analytics. The Boulder Group is headquartered in suburban Chicago.
For more information, visit: www.bouldergroup.com
Company Name: The Boulder Group
Contact Person: Randy Blankstein
Address:666 Dundee Road, Suite 1801
Country: United States