Boulder Completes Sale of Fifth Third Bank

CHICAGO—In April, GlobeSt.com reported that the cap rates for single-tenant net-leased properties were at historic lows. And that market now looks especially good for banks. The Boulder Group just completed the sale of a single-tenant Fifth Third Bank located at 240 Skokie Boulevard in suburban Northbrook for $3,925,000, and officials from the brokerage firm say they will probably sign a lot of similar deals throughout the year.

“Banks have become the hottest part of the net-lease sector,” says Randy Blankstein, president of The Boulder Group. Although the market for other retail outlets remains healthy, “the difference is that the credit ratings of banks are much stronger and banks are typically in better [than average] demographic areas like Northbrook,” an affluent suburb with above average household incomes.