Bank
Bank of America Ground Lease | New 10-Year Extension
15862 South La Grange Road, Orland Park, IL 60462
Listing Price: $2,957,000
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.
Bank of America Ground Lease | New 10-Year Extension
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
Bank
Bank of America Ground Lease | New 10-Year Extension
Listing Price: $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
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.
