Baum Realty Completes Ground Lease Sale near Chicago
The property was sold for $2.9 million to a local, all-cash buyer.
By Robert Demeter
PNC Bank, Bensenville, Ill.
Chicago—Baum Realty Group LLC recently announced that its investment sales team has completed the sale of a PNC Bank ground lease at 1151 S. York Road, near Grand Avenue, in Bensenville, Ill.
The property was sold for $2.9 million to a local, all-cash buyer. The Baum investment sales team comprising Brad Teitelbaum, Patrick Forkin and Graham Gold represented the seller, a private local investor.
“Signalized hard corner grocery outlots with investment grade credit tenants on long term leases are rarely available in the Chicago MSA, which contributed to the strong sales price,” said Teitelbaum, vice president with Baum’s investment sales team, in prepared remarks. “PNC Bank’s excellent immediate location and dense sub-market along with long term and zero landlord maintenance responsibilities helped us procure multiple offers and ultimately select a strong cash buyer for the asset,” added Forkin, also vice president with the company’s investment sales team.
Baum’s investment sales division has more than $450 million in completed real estate transactions since 2014. Baum offers disposition and acquisition services for third-party property owners and investors, serving as advisor and business partner for real estate investors.
Photo courtesy of Baum Realty Group
