The Boulder Group Arranges the Sale of a PNC Bank Ground Lease in the Milwaukee MSA
Randy Blankstein and Jimmy Goodman of The Boulder Group represented both parties in the transaction
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April 11, 2014 (FPRC) -- The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant PNC Bank ground lease located at 12821 West Bluemound Road in Brookfield, Wisconsin for $2,400,000.
PNC Bank is the sole occupant of the recently constructed 4,020 square foot retail building that is located on a 1.18 acre Target outparcel. The property is located along Bluemound Road, a primary east-west thoroughfare that experiences traffic volumes in excess of 41,000 vehicles per day. The property is positioned at the signalized entrance to a new Target and Trader Joe’s development. There are nineteen years remaining on this ground lease that features rental escalations.
PNC Bank is an investment grade rated company with a Standard & Poor’s rating of A- and they have over 2,700 locations. PNC Bank has nineteen years of lease term remaining on an original twenty year ground lease. PNC Bank is a publicly traded company on the New York Stock Exchange (PNC) with a market capitalization of $45 billion.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented both parties in the transaction. The seller was a Midwest based developer and the buyer was a private investor from the West Coast.
“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 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.”
About The Boulder Group
The Boulder Group is a boutique investment real estate service firm specializing in single tenant net lease properties. The firm provides a full range of brokerage, advisory, and financing services nationwide to a substantial and diversified client base, which includes high net worth individuals, developers, REITs, partnerships and institutional investment funds. Founded in 1997, the firm has arranged the acquisition and disposition of over $1.7 billion of single tenant net lease real estate transactions. From 2011-2013, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by Real Capital Analytics. The Boulder Group is headquartered in suburban Chicago. http://www.bouldergroup.com
Send an email to Randy Blankstein of The Boulder Group
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