B of A Sells in Strong Net Lease Market

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.