Mid-America Real Estate Corporation announces the recent
sale of a PNC Bank Ground Lease in Franklin Park (Chicago),
Illinois. The property was a former Blockbuster Video currently being
renovated to accommodate PNC with 3 drive thru lanes. The 15 year ground lease sold
at a 5.30% cap rate, which is the most aggressive 15 year bank ground lease
we have seen sell in the country (exclusive of California) over the past 3
years.
Tom Fritz, Mark Goldberg, and Bill Wright, of Mid-America
Real Estate exclusively represented the seller, a local private
developer, in the transaction. The buyer was a private individual from out of
state.
Mid-America Real Estate Corporation is a member of Mid-America Real Estate Group, a ChainLinks affiliate. Mid-America Real Estate Group is a full-service retail real estate organization that has become the Midwest’s leader in retail investment sales. For more information, call (630) 954-7300 or visit www.midamericagrp.com/netlease.html
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