Northbrook, IL – May 19, 2016 – (RealEstateRama) — The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant Bank of America Ground Lease located at 1400 Waukegan Road in Glenview, IL for $6,900,000.
The Bank of America property is strategically positioned at the heavily trafficked signalized intersection of Lake Avenue and Waukegan Road which experiences traffic volumes of 60,000 vehicles per day. The surrounding area is affluent with average annual household incomes within a one mile radius in excess of $157,000. The Bank of America is strategically positioned in the area’s primary retail trade area. Surrounding retailers in the immediate area include Walgreens, Trader Joe’s, Jewel-Osco, Ace Hardware, Staples and Starbucks.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a Midwest based real estate development company. The purchaser was a local 1031 Exchange investor.
The Bank of America ground lease has over 13 years remaining and expires in December 2029. The ground lease features 10% rental escalations every five years throughout the primary term and renewal option periods. Bank of America is an investment grade rated tenant with a Standard & Poor’s rating of A-.
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