Colliers International San Diego Region announced the sale of a 3,216-square-foot PNC Bank branch building for $4,000,000. The property is located at 8700 S. Cottage Grove, Chicago, IL, approximately four miles from the proposed site of the Obama Presidential Library.
Jon Busse of Colliers International San Diego Region represented the buyer, Burlingame Midland, LLC. The new owner purchased this property as part of a 1031 exchange for the recent sale of a Home Depot retail property in Midland, MI. Jimmy Goodman of the Boulder Group represented the seller, Goldberg 87th Street, LLC.
The building was constructed in 2009 and is located on an approximately half-acre parcel. The property is adjacent to prominent retailers including Target, Walgreens, Nike Factory Outlet and Advance Auto Parts, among others.
“The new ownership purchased this property as a long-term, NNN leased investment,” said Jon Busse, senior vice president at Colliers International. “PNC Bank currently holds a remaining 23-year, simple ground lease for the property.”