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1640 W Fullerton Avenue, Chicago, IL

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DetailMap
1640 W Fullerton Avenue

Chicago, IL 60614-1920 - Northwest City Submarket

(3.3 MB)

Property Type:Retail Sub Type:Bank Status:Existing Year Built:2004
Building Size:5,274 SF Land Area:.28 AC (12,258 SF)
For Sale Price:$6,030,000 Price/SF:$1,143.34
Cap Rate:5.01 %
Parking:Free Surface spaces are available; Ratio of 2.71/1,000 SF
Features:Signage, Signalized Intersection, Drive Thru



Sale Notes:

The Boulder Group is pleased to exclusively market for sale a single tenant PNC Bank ground lease located in Chicago’s Lincoln Park neighborhood. Lincoln Park is one of Chicago’s wealthiest and most expensive communities with average single-family home prices of approximately one million dollars. The PNC Bank is strategically positioned at a notable signalized intersection in one of the city’s primary retail destinations. The surrounding area is densely concentrated, providing significant barriers to entry. There are over nine years remaining on the PNC Bank ground lease which expires in December 2024. The ground lease features rare 2% annual rental escalations throughout the primary term and 10% escalations in each renewal option period.
The PNC Bank property is strategically positioned at the heavily trafficked signalized intersection of Fullerton Avenue and Clybourn Avenue which experiences traffic volumes in excess of 48,000 vehicles per day. Fullerton Avenue is the primary east-west thoroughfare in the trade area. The PNC Bank property is benefitted by its proximity to Interstate 90/94 which is located one-half mile to the west. Interstate 90/94 is one of the most traveled stretches of interstate in the United States with traffic volumes in excess of 316,000 vehicles per day. Further contributing to the strength of the PNC Bank property is its location within one of Chicago’s primary retail destinations. Retailers located in the immediate vicinity include Costco, Target, Home Depot, Menards, Kohl’s, Best Buy, TJ Maxx, Jewel-Osco, Mariano’s, Treasure Island Foods, Regal Cinemas, Sports Authority and Aldi. The nearby Costco is one of only two locations in the entire city of Chicago.
The surrounding urban infill area is densely concentrated with homes, apartments and commercial properties. The PNC Bank property is located within an affluent area with average annual household incomes of approximately $150,000 within a one-half mile radius. The immediate area is densely populated with over 51,000 people living within a one mile radius. The property is benefitted by its proximity to DePaul University which is located one-half mile east. DePaul University has a total enrollment of approximately 24,000 students.
The PNC Bank Ground lease has over nine years remaining and expires in December 2024. The ground lease features 2% annual rental escalations throughout the primary term. The ground lease has six 5-year renewal option periods with 10% rental escalations in each. PNC Bank is an investment grade rated company (S&P: A-) and is publicly traded (NYSE: PNC) with a market capitalization in excess of $44 billion.



Located in Chicago’s Lincoln Park neighborhood
Investment grade rated tenant (S&P: A-)
Rare 2% annual rental escalations in the primary term of the lease and 10% rental escalations in each renewal option period
No landlord responsibilities
Vibrant retail destination that features Costco (one of only two in Chicago), Target, Home Depot, Menards, Jewel-Osco and TJ Maxx
Trophy location at the strategic Chicago intersection of Fullerton Avenue and Clybourn Avenue which experiences traffic volumes in excess of 48,000 vehicles per day
Affluent area with average annual household incomes within a one-half mile radius of approximately $150,000
One-half mile east of Interstate 90/94 which experiences traffic counts in excess of 316,000 vehicles per day
Densely populated area with over 51,000 people living within a one mile radius of the property
One-half mile west of the University of DePaul which has total enrollment of approximately 24,000 students

The Boulder Group
Randy Blankstein
(847) 562-0003

Jimmy Goodman
(847) 562-8500




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