The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant US Bank property located at 1103 East 9th Street in Lockport, Illinois (Chicago MSA) for $2,100,000.
The US Bank property is strategically positioned at the signalized intersection of East 9th Street and Read Street. East 9th Street is the primary east-west thoroughfare in the trade area. The US Bank property is benefitted by its location within a retail trade area that is anchored by Walmart Supercenter and Jewel-Osco. Additional retailers located in the immediate retail corridor include Walgreens, Aldi, Ace Hardware, Sherwin-Williams, Advance Auto Parts, PNC Bank, Chase Bank, Fifth Third Bank, Taco Bell, Starbucks, Sonic and McDonalds. Lewis University which has a total enrollment of approximately 6,500 students is located three miles west of the property. US Bank is committed to this location as evidenced by their recent execution of a brand new ten year lease extension.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; an institutional investment firm. The purchaser was a high net worth individual.
The US Bank lease is absolute triple net and expires in July 2026. The lease features annual rental escalations of 2.5% and three 5-year renewal option periods. U.S. Bank National Association is the seventh largest bank in the United States based on $416 billion in assets and the fourth largest in the US in total branches. U.S Bank National Association is an investment grade rated company with a Standard & Poor’s rating of AA-.
“The market for properties occupied by major banks remains active as investors are attracted to investment grade rated companies” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “The market for long term leases remains active as these assets are highly sought after amongst private investors.”
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. www.bouldergroup.com
Company Name: The Boulder Group
Contact Person: Randy Blankstein
Address:666 Dundee Road, Suite 1801
Country: United States