The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant First Midwest Bank ground lease located at 3220 West 26th Street in Chicago, IL for $4,047,000.
The First Midwest Bank property is positioned at the hard corner of the signalized intersection of West 26th Street and West Sawyer. There are approximately 350,000 people living within a three mile radius. The building was originally constructed in 1984 and was significantly renovated in 2007.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the purchaser in the transaction; a Chicago based investor in a 1031 Exchange. The seller was a West Coast based real estate fund.
There are over 13 years remaining on the First Midwest Bank ground lease that expires July 1, 2028. The ground lease features annual rental escalations throughout the primary term and renewal option periods. First Midwest Bancorp is a publicly traded company with a market capitalization in excess of $1.3 billion and is an investment grade rated company (S&P: BBB-).
“Properties featuring long term leases to investment grade rated tenants remain at the forefront of investor demand.” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Core market single tenant assets with solid real estate fundamentals continue to be in the greatest demand.”
