Bank For Sale
5,905 Sq Ft
• Corporately guaranteed lease by BMO Harris Bank with over 12 million customers and 600 branches nationwide.
• 8th largest bank in North America ranked by assets; $774 Billion in total assets at YE 2018.
• Leading investment grade credit profile among net lease assets (S&P:A+ | Moody’s Aa2).
• Pure NNN Lease with approximately six (6) years left on the lease with no options to renew. 10% rent increase on February 1st, 2021
• Tenant currently paying $36 / SF which is comparatively lower than other similar bank branches in the surrounding area. Others range in the neighborhood of $46/SF to $70/SF.
• Subject property has experienced exponential growth in deposits since 2008.
• Deposits have grown at a 47.76% CAGR over the past ten years as more and more residents in the vicinity adopt this branch.
• Deposits have grown 19% from 2017 to 2018, indicating sustained growth in the branch’s customer base. Current deposits are approximately $127,946,000 as of June 2019.
• This location ranks in the 76th percentile for BMO Harris locations in Cook County based on deposit numbers.
FIVE DRIVE-THRU LANES WITH OVER 50 PARKING SPACES
EXCELLENT HARD CORNER LOCATION
• The Property is located directly off of Dundee Road, a main commercial artery, which has traffic counts of approximately 33,400 vehicles per day.
AFFLUENT SURROUNDING AREA DEMOGRAPHIC
• Wheeling, Il is a family-oriented northern suburb of Chicago, 29 miles from downtown.
• 260,000 residents within a 5-mile radius with an Average Household Income of $126,148.
• Average Household size of 2.6 within a 5-mile radius indicates a strong family oriented-market in need of bank.
• Asset is in close proximity to the Dundee Point Shopping Center with retailers Garden Fresh Market, FedEx Office and Others.