IllinoisNet Lease The Boulder Group arranges sale of Andigo Credit Union ground lease in Chicago MSA April 16, 2020 Share on Facebook Share on Twitter Share on LinkedIn Share via email The Boulder Group, a net leased investment brokerage firm based in Wilmette, Illinois, has completed the sale of a single-tenant, net-leased Andigo Credit Union ground lease located at 990 S. Barrington Road in Streamwood, Illinois for $2,250,000. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based real estate group, in the transaction. The buyer was a private real estate company based in the Southwest. The new, fifteen-year Andigo Credit Union lease features 12 percent rental escalation every five years and three five-year renewal options. The property was constructed in 2019 and the ground lease has zero landlord responsibilities. “Bank properties with sound fundamentals continue to garner significant investor interest,” said Randy Blankstein, president of The Boulder Group. Jimmy Goodman, partner of The Boulder Group, added, “Net lease investors continue to be attracted to ground-leased properties with no landlord responsibilities.” The property is well-positioned in a retail corridor with Walmart Supercenter, Target, Menards, Home Depot, Jewel-Osco, Kohl’s and Walgreens. The Andigo is also outparcel to an LA Fitness-anchored shopping center, where LA Fitness recently signed a new 15-year lease. There are over 260,000 people living within five miles of the property with an average household income of approximately $100,000. Andigo, formerly known as Motorola Employee’s Credit Union, is a not-for-profit, member-owned credit union with $880 million in assets. Andigo currently serves the needs of members from these organizations: Google, Jim Beam, Kinder Care, Motorola Mobility, Motorola Solutions and Nokia among others. Andigo currently has seven branches across Chicago. Consumers Credit Union and Andigo Credit Union have announced the intent to merge later this year, subject to regulatory and member approvals. The combined credit union would operate under Consumers Credit Union’s name and would serve more than 156,000 members and have over $2.1 billion in assets, making the new credit union the fifth largest in Illinois and one of the 130 largest credit unions in the U.S.