The Boulder Group, a net leased investment brokerage firm completed the sale of a net leased BMO Harris Bank condominium located at 201 South Grove Street, in Barrington, Illinois for $5,406,000.
The 30,531 square foot condominium benefits from its location in close proximity to Lake Cook Rd and South Northwest Highway (28,700 VPD). The building is also positioned directly across from the Barrington Metra Station (Union Pacific/Northwest Line) which runs directly southeast to downtown Chicago and experiences over 1,750 daily boarding passengers. Retailers in the immediate area include CVS Pharmacy, Walgreens, Jewel-Osco, Starbucks, McDonald’s, Heinen’s Grocery Store, and Shell Gasoline. There are 91,399 people living within five miles of the property with an average annual household income in excess of $173,627. Deposits for this location exceed $550 million.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction. The seller is a Midwest based developer and the buyer was a private investor in a 1031-exchange.
There are over eight years remaining on the BMO Harris lease. The lease also features three 5-year renewal options with 10% rental escalations. BMO Harris is an investment grade rated company with a Standard & Poor’s rating of A+. BMO Harris Bank operates more than 600 Branches and employs over 14,500 people in the United States.
“Bank properties with strong deposit histories continue to garner significant investor interest” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Net Lease investors continue to be attracted to bank related properties in affluent areas.”
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 $6 billion of single tenant net lease real estate transactions. From 2012-2020, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by both Real Capital Analytics and CoStar. The Boulder Group is headquartered in suburban Chicago. www.bouldergroup.com
Company Name: The Boulder Group
Contact Person: Randy Blankstein
Email: Send Email
Address:3520 Lake Avenue Suite 203
Country: United States