Net Lease Properties: PNC Bank

Showing posts with label PNC Bank. Show all posts

Monday, January 21, 2013

Mid-America Real Estate Completes Sale of PNC Bank branch | Milwuakee Property - New York Buyer

Mid-America Real Estate Corporation’s Net Lease Investment Group announces the recent sale of a two story bank branch located in urban Milwaukee, WI. PNC occupies the main floor and basement of the building while Shore Trips travel agency occupies the second floor. The property is located right near the University of Wisconsin – Milwaukee campus and is premier A+ real estate.

Tom Fritz and Mark Goldberg of Mid-America Real Estate Corporation and Dan Cohen of Mid-America Real Estate-Wisconsin, L.L.C. exclusively represented the seller in the transaction. The buyer was a private investor from New York.

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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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Tuesday, September 4, 2012

Mid-America Real Estate Completes Sale of NNN Single Tenant PNC Bank

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.

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Monday, February 13, 2012

Mid-America Net Lease Group Completes Sale of Single Tenant Net Lease PNC Bank in Milwaukee, WI

MILWAUKEE (December 27, 2011) – Mid-America Real Estate Corporation’s Net Lease Investment Group recently completed the sale of a double net lease for a newly renovated 1,800 square-foot freestanding PNC Bank building in Milwaukee for $1.45 million to a private investor in Florida. The seller was a local Milwaukee developer.

According to Mid-America broker Tom Fritz, whose firm was the exclusive representative for the seller in the transaction, terms included four five-year renewal options, each with a rent increase of 10% every five years, with 10 years remaining on the initial term.

The bank building was completely renovated in 2011 to include a new heating, ventilation, and air conditioning (HVAC), roof, parking lot landscaping and a reconditioned structure, with PNC recently opening in December 2011. The bank is located at 275 E. Capitol Drive, which is the primary east-west commercial thoroughfare for northern Milwaukee. The bank is roughly 1.5 miles northeast from the University of Wisconsin – Milwaukee, and approx 3.5 miles north of downtown Milwaukee. Situated in the heart of the trade area, PNC is flanked by Aldi directly to the west and a 21,000 square foot strip center directly to the south, featuring DOTS, Subway, GameStop and Shoe Time.

Tom Fritz, Mark Goldberg, Bill Wright, and Dan Cohen comprised the Mid-America team representing the seller.