Skip to main content

Bank

Bank of America Ground Lease | New 10-Year Extension

15862 South La Grange Road, Orland Park, IL 60462

Listing Price: $2,957,000

Cap Rate
5.75%
Tenant Name
Bank of America
Years Remaining On Lease
10.3
Gross SF
5,409
Guarantor
No Guarantee
Rentable SF
5,409
Price/Gross SF
$546.68
Lease Type
NNN Ground Lease
Rent Per Square Feet
$31.43

Investment Overview

Marcus & Millichap is pleased to exclusively present for sale, Bank of America Ground Lease located in Orland Park, Illinois. Bank of America Ground Lease currently has an absolute triple-net ground lease with 10.5 years remaining. Bank of America Ground Lease is being offered for $2,957,000.

Investment Highlights

  • Bank of America Absolute Triple-Net Ground Lease with 10.5 Years Remaining in Orland Park, Illinois (Suburban Chicago)
  • Tenant Since 1986 – Nearly 40 Years of Tenancy with History of Renewals
  • Tenant Just Renewed for 10 Years at Market Rent (57 Percent Increase to Prior Rent) Demonstrating Strong Commitment to the Site
  • Strong Deposits of $294 Million as of June 2022; Top 11 Percent of Bank of America Branches in the Chicago MSA (#14 of 127 Locations)
  • Deposits are Up 63 Percent in Trailing Five Years and up 32 Percent in Trailing Three Years; Double-Digit Annual Deposit Growth Rate
  • Absolute Triple-Net Ground Lease – Zero Landlord Responsibilities
  • 10 Percent Rent Increase in 2029 Adds 57 Bps to CAP Rate (6.32 Percent at List Price); Additional 10 Percent Rent Increases in Option
  • Located Within the Area's Primary Retail Corridor – Within Immediate Proximity to Major Traffic Drivers Costco, Walmart Supercenter, Target, and Lowe's, and Amongst Dozens of Daily Needs Retailers, Restaurants, and Service-Oriented Businesses

Exclusively Listed By

Broker of Record

  • Steven D. Weinstock

    Senior Vice President/Regional Manager

    (630) 570-2200

    License(s) IL: 471.011175

    Illinois

Financing By

Bank

Bank of America Ground Lease | New 10-Year Extension

Listing Price: $2,957,000

Cap Rate
5.75%
Tenant Name
Bank of America
Years Remaining On Lease
10.3
Gross SF
5,409
Guarantor
No Guarantee
Rentable SF
5,409
Price/Gross SF
$546.68
Lease Type
NNN Ground Lease
Rent Per Square Feet
$31.43

Investment Highlights

  • Bank of America Absolute Triple-Net Ground Lease with 10.5 Years Remaining in Orland Park, Illinois (Suburban Chicago)
  • Tenant Since 1986 – Nearly 40 Years of Tenancy with History of Renewals
  • Tenant Just Renewed for 10 Years at Market Rent (57 Percent Increase to Prior Rent) Demonstrating Strong Commitment to the Site
  • Strong Deposits of $294 Million as of June 2022; Top 11 Percent of Bank of America Branches in the Chicago MSA (#14 of 127 Locations)
  • Deposits are Up 63 Percent in Trailing Five Years and up 32 Percent in Trailing Three Years; Double-Digit Annual Deposit Growth Rate
  • Absolute Triple-Net Ground Lease – Zero Landlord Responsibilities
  • 10 Percent Rent Increase in 2029 Adds 57 Bps to CAP Rate (6.32 Percent at List Price); Additional 10 Percent Rent Increases in Option
  • Located Within the Area's Primary Retail Corridor – Within Immediate Proximity to Major Traffic Drivers Costco, Walmart Supercenter, Target, and Lowe's, and Amongst Dozens of Daily Needs Retailers, Restaurants, and Service-Oriented Businesses

Investment Overview

Marcus & Millichap is pleased to exclusively present for sale, Bank of America Ground Lease located in Orland Park, Illinois. Bank of America Ground Lease currently has an absolute triple-net ground lease with 10.5 years remaining. Bank of America Ground Lease is being offered for $2,957,000.

Exclusively Listed By

Broker of Record

  • Steven D. Weinstock

    Senior Vice President/Regional Manager

    (630) 570-2200

    License(s): IL: 471.011175

    Illinois

Financing By

MM Texture Background
MM Textured Background Lower