STREAM Capital Partners recently executed the sale of a First Midwest Bank branch located at 1700 W Lake Street in Chicago’s Melrose Park suburb.
The bank was purchased for $4,468,217. The lease is structured as an absolute triple net lease with annual rent increases and options for renewal. Ryan Smeele, Jonathan Wolfe, and Jordan Shtulman of STREAM Capital Partners represented the seller on the transaction.
Smeele comments, “The transaction was successful for buyer and seller. The buyer acquired a long-term net leased property with annual increases backed by a strong credit tenant in First Midwest Bank.”
Smeele continued, “The Seller was able to use proceeds from the sale to invest in other opportunities on the East Coast, where they are located.”
Wolfe adds, “The deal worked out well for all parties involved and demonstrates the continued strength of the Chicagoland retail market.”