Northbrook, IL – (RealEstateRama) — The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant PNC Bank Ground Lease located at 1996 Freedom Parkway in Washington, IL for $1,300,000.
The PNC Bank is an outparcel to a Wal-Mart Supercenter and is adjacent to a Menards. The property is located along US 24 and benefits from its position on the hard corner of a signalized intersection. The property is located within the primary retail trade area that includes retailers such as Wal-Mart Supercenter, Menards, Kroger, Tractor Supply, AutoZone, Advance Auto Parts and Dollar General.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a West Coast based private investor. The purchaser was a Midwest based 1031 Exchange investor.
The PNC Bank ground lease expires in December 2028 and features 14% rental escalations every five years throughout the primary term and renewal options. There are three 10-year renewal option periods. PNC is a publicly traded company on the New York Stock Exchange with a market capitalization in excess of $42 Billion.
“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, “While the majority of single tenant investment activity is focused on core markets, we are starting to see investors focus primarily on the quality of the tenant rather than the top tier locations.”
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
Media Contact: Randy Blankstein
The Boulder Group