Bank of America - Chicago, IL_Property for Sale
Bank of America - Chicago, IL_Property for Sale
250 West 83rd Street, Chicago, IL, 60620, US

Bank of America - Chicago, IL

Asset description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer the opportunity to acquire the ground lease interest in a freestanding single-tenant Bank of America located at 250 W 83rd Street in Chicago, Illinois (“Property” or “Asset”).


The Asset, which was constructed in 2010, features an investment grade corporate guaranty from Bank of America (S&P: ‘A-’), 6.5 years of lease term remaining, 10.0% rent increases every five years, limited landlord responsibilities, and six, five-year renewal options. Notably, the Tenant reported $78.5 million deposits in 2023, which represents an outstanding 162% deposit growth since 2018.


Located 10 miles south of downtown Chicago, the Property is positioned on a hard corner within a dense commercial and residential corridor less than 0.5 mile west of Interstate 94, Chicago’s primary thoroughfare. The Property accesses over 257,000 residents within a three-mile radius and benefits from high traffic counts of 20,600+ VPD.


The retail submarket, South Chicago, is among the metropolitan’s largest retail submarkets with 51.3+ million square feet of inventory. Notably, the submarket contains minimal vacancy at 4.2%, which has averaged sub-5.0% vacancy over the trailing ten-year period. The submarket has growing real estate fundamentals and performs well with 11.1% rent growth since 2019.


The Property’s retail corridor has attracted national brands that anchor the area, including Lowe’s, ALDI, Home Depot, Food4Less, Jewel Osco, and Floor & Décor, among many others. Additionally, the Property is only blocks from two of Chicago’s top high school institutions, including Simeon Career Academy and Perspectives Academy.


This unique opportunity allows investors the ability to acquire a high performing bank branch located in a fundamentally strong Chicago suburb. The asset offers secure, long-term cash flow backed by one of the world’s largest financial institutions with global brand name recognition.

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Attributes

Asking price
¥533,252,000
Building area gross
372 sm
WAULT
6.5 years
Occupancy
100%
Year built
2010
Tenant credit rating
A

Media

Investment highlights

  • #2 Largest Bank in the U.S.
  • Attractive Near Term 10% Rent Increase
  • 162% Deposit Growth Since 2018
  • High Traffic Roadway with 20,600 VPD
  • 257,000+ Population in a 3-mi radius
  • Limited Landlord responsibilities
  • 6.5 Years of Lease Term Remaining
Bank of America - Chicago, IL 4_Property for Sale

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Bank of America - Chicago, IL (0 Properties)

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Last updated
May 16, 2024