Northbrook, IL – April 16, 2015 – (RealEstateRama) — The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant Citibank retail condominium located at 136 North York Road in Elmhurst, IL for $3,118,500.
The 4,300 square foot Citibank is strategically located at the signalized intersection of North York Road and Schiller Street. The Citibank is centrally located along the main north-south thoroughfare in downtown Elmhurst. The Citibank will benefit from a large municipal parking garage that is currently being constructed immediately behind the property. The surrounding area is affluent with approximately 17,000 people living within a one mile radius earning average annual household incomes in excess of $125,000. Approximately 120,000 people live within a three mile radius of the property.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a Midwest based real estate development and investment firm. The purchaser was a local real estate investor.
There are over eight years remaining on the Citibank lease that expires in June 2023. The lease features 10% rental escalations every five years. Citibank is an investment grade rated tenant (S&P: A-) and is a publicly traded company with a market capitalization in excess of $157 billion. Citigroup and its affiliates represent one of the world’s best diversified financial service company, providing product and services to consumers, corporations, governments and institutions. Citigroup has over 3,700 branches in 37 countries.
“Net lease properties in irreplaceable retail locations tenanted by investment grade rated companies are highly sought after amongst the investment community and command a substantial premium” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “While single tenant properties are selling in all types of locations; core markets, like Chicago, are at the forefront of investor demand.”
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 $2.1 billion of single tenant net lease real estate transactions. From 2011-2014, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by Real Capital Analytics. The Boulder Group is headquartered in suburban Chicago. www.bouldergroup.com
The Boulder Group