The Boulder Group has completed the sale of a single tenant Associated Bank ground lease located at 622 Machesney Road, Machesney Park, for $1.2 million.
Associated Bank is the sole occupant of the 3,358-square-foot retail building that is located on a 1.08 acre parcel. The property is located within Machesney Park Town Center, a JCPenney, Big Lots, Burlington Coat Factory and Bergner’s anchored shopping center. Associated Bank had a long standing operating history as this location as Associated Bank had exercised all of its prior lease renewal options. The ground lease was extended an additional 20 years and features multiple rental escalations in the primary term.
Associated Bank is an investment grade rated company with a Standard & Poor’s rating of BBB+ and has more than 240 locations. Associated Bank has 20 years of lease term remaining on an original 21 year triple net ground lease. Associated Bank is a publicly traded company on the NASDAQ, with a market capitalization of $2 billion.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented both parties in the transaction. The seller was a Midwest based private developer and the buyer was an individual based in the Midwest.
