The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant US Bank office property located at 615 East Michigan Street in Milwaukee, WI for $14,000,000.
The US Bank office is directly adjacent and connected by a sky-walk to the U.S. Bank regional headquarters building in the central business district of Milwaukee. The office houses USBancorp’s Fund Services unit, a subsidiary of U.S. Bank. The fund services unit is a highly profitable business unit, currently in the top three in mutual fund servicing business with roughly a 24% market share. The property is located along the Interstate 794 interchange.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented both parties in the transaction. The purchaser was a Midwest based partnership in a 1031 Tax Exchange. The seller was Oak Street Real Estate Capital, a Chicago based private equity firm. Seller was steadfast in successfully closing the transaction. The transaction had multiple issues to overcome and Seller’s persistence got the property back on track with astute structuring and superb execution.
The US Bank lease expires in December 2026 and features 2% annual rental escalations throughout the primary term. US Bank is a publicly traded company on the New York Stock Exchange (USB) with a market capitalization in excess of $73.5 Billion.
“The market for properties occupied by major banks remains active as investors are attracted to investment grade rated companies” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “There are limited single tenant office properties available in core downtown markets, creating cap rate compression for credit tenanted assets.”
About The Boulder Group
The Boulder Group is a boutique investment real estate service firm specializing in single tenant net lease properties. The firm provides a full range of brokerage, advisory, and financing services nationwide to a substantial and diversified client base, which includes high net worth individuals, developers, REITs, partnerships and institutional investment funds. Founded in 1997, the firm has arranged the acquisition and disposition of over $3 billion of single tenant net lease real estate transactions. From 2010-2015, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by CoStar and Real Capital Analytics. The Boulder Group is headquartered in suburban Chicago.
Company Name: The Boulder Group
Contact Person: Randy Blankstein
Address:666 Dundee Road, Suite 1801
Country: United States