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Views: 128 DOM: 154 Updated: 07.26.24 Posted: 06.19.24 Status: Active

Summary

Price $6,143,077
Built/Renov 2008
Tenant Bank of America (GL)
Cap Rate 6.50%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 4,500
Lease Start 02-18-2008
#Units 3,845
Price/SF $1,365.13
Expiration 12-31-2028
Tenant Type Bank/Financial
NOI $399,300
R. Term 4.1
Ownership Ground Lease
Rent/SF $88.73
Increases 10.0%/4/yrs
Pop 5Mi 306,185
Lot/AC 1.00
Options 4/5yrs
AHHI 5Mi $168,267

Lease Highlights

  • Bank of America has 4+ years remaining on the current ground lease term with 4 (5-year) options to extend
  • The lease features 10% rental escalations throughout the initial term with fluctuating escalations at the start of each option period
  • Absolute NNN | Zero landlord responsibilities
  • Corporate guarantee | Investment grade tenant

Location Description

Bank of America is strategically located at the signalized, hard corner intersection of Waukegan Road and East Lake Avenue, with access to a combined daily traffic count of 64,334 vehicles. The property is in a dominant commercial corridor surrounded by well-known national retailers such as Trader Joe’s, Starbucks, Orange Theory, PetSmart, Staples, Walgreens, and more. Additionally, it is...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Bank of America
  • Guarantor:Corp T and Rated
  • Company:The Bank of America Corporation
  • # Units:3,845
  • Tenant S&P: A-
  • Moody’s: A1
  • Stock: NYSE: BAC

About Tenant

The Bank of America Corporation (commonly referred to as Bank of America; often abbreviated as BofA or BoA) is an American multinational investment bank and financial services holding company...


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Demographics

  1 Miles 3 Miles 5 Miles
2029 Total Population : 12,257 90,942 292,472
2024 Total Population : 12,422 93,098 300,329
2024 Employed Civilian Pop : 6,223 45,213 148,322
2024 Total Businesses : 692 4,816 13,296
2024 Average Household Income : $ 204,881 $ 177,035 $ 173,268
2024 Total Consumer Spending : $ 886 M $ 5291 M $ 16666 M
2024 Median Age : 47 46 45
2024 Total Households : 5,133 35,284 113,053
2024 Pop Age 25+: Bachelor's Degree : 3,187 22,590 70,562
2024 Average Home Value : $ 715,707 $ 611,480 $ 611,495
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
East Lake Avenue Lehigh Ave 2022 22,400 0.03 mi
E Lake Ave Cty Hwy 43 2014 31,700 0.06 mi
Cty Hwy 43 E Lake Ave 2013 6,700 0.07 mi
Cty Hwy 43 Pebblecreek Dr 2013 23,900 0.11 mi
E Lake Ave Huntington Dr 2014 31,700 0.14 mi
Grove Street Hutchings Ave 2018 1,950 0.37 mi
Grove Street Hutchings Ave 2022 1,450 0.37 mi
Church Street Church St 2018 1,950 0.39 mi
E Lake Ave Sunset Ridge Rd 2010 32,000 0.39 mi
Sunset Ridge Road Pendleton Ln 2022 3,500 0.42 mi

Listing Broker

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