Imperial Realty Company closed on a NNN leased BMO Harris Bank condo property in Barrington, IL for $5.4 million on June 25. The property is 30,561 square feet, and consists of a ground floor bank, and two lower levels consisting of safety deposit boxes and office space.
The in-place cap rate is 8.32%, with over 8 years remaining on the NNN lease. Deposits at this location total $558,834,000 according to the FDIC. BMO spent over $1,000,000 on tenant improvements in 2019-2020, and the landlord spent another $1,000,000 in general building improvements over the last year. The seller is a Midwest based developer and the buyer is a private-investor in a 1031 exchange. Drew Neems and Theron May with Imperial Realty represented the buyer.
“Like many private investors the last 18 months, our client (the Buyer) shifted their focus from value-add deals towards mitigating risk moving forward; they were attracted to the relative certainty of net leased assets and this property specifically, given the longer lease term and strong tenant credit in BMO Harris,” Drew Neems said of the deal. “I’m confident we’ll continue to see an influx of activity from new faces in the net lease sector for the foreseeable future.”
Randy Blankstein and Jimmy Goodman with the Boulder Group represented the seller.
