Millennium Properties R/E, a boutique brokerage and property management company, recently sold a ground lease for a PNC Bank location in East Chicago, Indiana.
The bank built the branch location in 2005 as an outlot for a Strack and Van-Til-anchored retail center near Indianapolis Boulevard and Chicago Avenue. The ground lease’s initial term expires in June of 2025, and includes four five-year renewal options with rent escalations. A passive-ownership investment, the property has an initial cap rate of 6.6 percent.
