The Boulder Group has completed the sale of a single tenant Fifth Third Bank ground lease located at 240 Skokie Boulevard in Northbrook for $3.9 million.
Fifth Third Bank is the sole occupant of the 4,100-square-foot retail building that was developed in 2004. The property is located on a 1.17 acre parcel along Skokie Boulevard, which experiences traffic volumes in excess of 21,000 vehicles per day. Additionally, the property is located one-quarter mile from the Lake Cook Road and Interstate 94 interchange.
Fifth Third also benefits from having multiple drive-thru lanes and a drive-thru ATM. The property is located in the primary retail trade area in close proximity to multiple national tenants. The Village Square of Northbrook Shopping Center is located directly across from the property and features retailers Trader Joe’s, Nordstrom Rack, Saks Fifth Avenue (Off 5th), Loehmann’s, Marshalls and PetSmart. The lease had 15 years remaining at the time of sale and features multiple rental escalations in the primary term. Furthermore, the regional mall, Northbrook Court, is less than a mile west of the property and is anchored by Neiman Marcus, Macy’s and AMC Theaters.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented both the buyer and seller in the transaction. The seller was a Midwest based private partnership and the buyer was an East Coast-based 1031 Exchange investor.
“The market for bank ground leases with investment grade tenants remains strong as investors are attracted to the typical long-term leases with rental escalations.” said Blankstein, president of The Boulder Group.
