Bank
BMO Bank
2821 Central St, Evanston, IL 60201
Listing Price: $1,805,000
Investment Overview
Marcus & Millichap is pleased to offer for sale the fee simple interest in a 3,456-square-foot drive-through bank (the Property) in Evanston, Illinois, in which BMO has over five years remaining on its corporately guaranteed triple-net lease. The tenant recently executed an early lease extension, demonstrating commitment to the location. The lease features 1.5 percent annual rent increases in the firm term. During eight five-year renewal options, the rent will be adjusted based on current base rent or the prevailing market rental rate.
Situated on the corner of Central Street and Reese Avenue in Evanston’s Central Street neighborhood retail district, the Property lies within two miles of Lighthouse Beach on Lake Michigan, Northwestern University, Old Orchard Mall and the Indian Hill Club golf course.
Bordered by Lake Michigan to the east and Chicago to the south, Evanston is known for its Northwestern University, ranked the No. 6 university in the country by U.S. News & World Report. This suburb has a city-like population density of 10,041 people per square mile.
After acquiring Chicago-based Harris Bank in 1984, Toronto-based BMO established Chicago as its U.S. headquarters. Founded in 1817 as Canada’s first bank, BMO operates across Canada and in 32 U.S. states, with 1,861 branches and $1.5 trillion of assets under management.
In addition to prime retail real estate in an affluent Chicago suburb, this exclusive opportunity provides the security of a triple-net lease backed by a 208-year-old bank.
BMO Bank
Investment Highlights
- Over Five Years Remaining on Recently Renewed Corporately Guaranteed Triple-Net Lease with Eight Five-Year Renewal Options
- Annual Rent Increases of 1.5 Percent in Firm Term and Additional Rent Adjustments in the Renewal Options
- Corner Lot on Retail Corridor Neighboring Orangetheory Fitness, The UPS Store, Edward Jones and Fresenius Kidney Care
- Average Household Income of $198,492 Within a One-Mile Radius
- Within Two Miles of 22,000-Student Northwestern University and 1.5 Million-Square-Foot Old Orchard Shopping Center
- Founded in 1817, Toronto-Based BMO Doubled Its U.S. Footprint in 2023 with Purchase of Bank of the West
Exclusively Listed By
Listing Price: $1,805,000
Investment Highlights
- Over Five Years Remaining on Recently Renewed Corporately Guaranteed Triple-Net Lease with Eight Five-Year Renewal Options
- Annual Rent Increases of 1.5 Percent in Firm Term and Additional Rent Adjustments in the Renewal Options
- Corner Lot on Retail Corridor Neighboring Orangetheory Fitness, The UPS Store, Edward Jones and Fresenius Kidney Care
- Average Household Income of $198,492 Within a One-Mile Radius
- Within Two Miles of 22,000-Student Northwestern University and 1.5 Million-Square-Foot Old Orchard Shopping Center
- Founded in 1817, Toronto-Based BMO Doubled Its U.S. Footprint in 2023 with Purchase of Bank of the West
Investment Overview
Marcus & Millichap is pleased to offer for sale the fee simple interest in a 3,456-square-foot drive-through bank (the Property) in Evanston, Illinois, in which BMO has over five years remaining on its corporately guaranteed triple-net lease. The tenant recently executed an early lease extension, demonstrating commitment to the location. The lease features 1.5 percent annual rent increases in the firm term. During eight five-year renewal options, the rent will be adjusted based on current base rent or the prevailing market rental rate. Situated on the corner of Central Street and Reese Avenue in Evanston’s Central Street neighborhood retail district, the Property lies within two miles of Lighthouse Beach on Lake Michigan, Northwestern University, Old Orchard Mall and the Indian Hill Club golf course. Bordered by Lake Michigan to the east and Chicago to the south, Evanston is known for its Northwestern University, ranked the No. 6 university in the country by U.S. News & World Report. This suburb has a city-like population density of 10,041 people per square mile. After acquiring Chicago-based Harris Bank in 1984, Toronto-based BMO established Chicago as its U.S. headquarters. Founded in 1817 as Canada’s first bank, BMO operates across Canada and in 32 U.S. states, with 1,861 branches and $1.5 trillion of assets under management. In addition to prime retail real estate in an affluent Chicago suburb, this exclusive opportunity provides the security of a triple-net lease backed by a 208-year-old bank.
Exclusively Listed By
To view property details and documents, sign up for a free MyMMI account.
Explore exclusive listings, access research insights, and set up automated alerts for a personalized experience. Sign up now to elevate your property search.
