CHICAGO—The market for single-tenant net leased properties has been historically robust all year, but few of these properties attract more investor interest than banks. And the Northbrook-based Boulder Group, a net leased investment brokerage firm specializing in single-tenant assets, has just completed the sale of a single-tenant Bank of America located at 2163 N. Clybourn Ave. in the Lincoln Park neighborhood of Chicago for $6,940,000.

Bank of America occupies the entire 9,471-square-foot retail building. Developed in 2004, the property sits within the Clybourn Corridor, a densely populated retail area, and less than one-half mile east of Interstate 90.The lease had twelve years remaining at the time of sale and features multiple rental escalations in the primary term and in the option periods.

“The market for bank properties with investment grade tenants remains strong as investors are attracted to long-term leases with rental escalations,” says Randy Blankstein, president of Boulder. Jimmy Goodman, a partner, adds that “core market single-tenant assets with solid real estate fundamentals continue to be in the greatest demand.”