CRE Midwest

The Boulder Group arranges sale of net leased Bank of America property

clybourncov

The Boulder Group has completed the sale of a single-tenant Bank of America located at 2163 N. Clybourn Ave. in the Lincoln Park neighborhood of Chicago for $6.9 million.

The Boulder Group has completed the sale of a single-tenant Bank of America located at 2163 N. Clybourn Ave. in the Lincoln Park neighborhood of Chicago for $6.9 million.

Bank of America is the sole occupant of the 9,471-square-foot retail building that was developed in 2004. The property is located within the Clybourn Corridor, a densely populated and dominant retail area located in Chicago’s north side neighborhood of Lincoln Park. Bank of America is located near the intersection of Clybourn and Southport avenues less than one-half mile east of Interstate 90.

Retailers located nearby the property in the Clybourn Corridor include Costco, Dominick’s, Target, Home Depot, Menard’s, T.J. Maxx, Kohl’s, Best Buy, Marshalls and Sports Authority. The property features a 24-car parking lot. The lease had 12 years remaining at the time of sale and features multiple rental escalations in the primary term and in the option periods.

Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer and seller in the transaction. The seller was a high net-worth individual based in the Midwest. The buyer was a Miami based private individual in a 1031 exchange.

“The market for bank properties with investment grade tenants remains strong as investors are attracted to long term leases with rental escalations.” said Blankstein, president of The Boulder Group.