Northmarq, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a BMO Harris Bank located at 7535 Pershing Boulevard in Kenosha, Wisconsin. The 4,755-square-foot retail bank branch sold for approximately $2.2 million reflecting a 4.75 percent cap rate. Asher Wenig of Northmarq represented the seller, a private investor based in New York. The property was acquired by a California-based individual investor, and both parties executed 1031 exchanges.
“The lease features a 1.0 percent + CPI annual increase structure, making this asset a highly sought-after investment opportunity, and it’s why it traded at a good 100 basis points below the average BMO Harris net lease bank,” said Wenig, Senior Director and Partner in Northmarq’s New York office. “It’s a changing retail bank market, but strong locations with drive-thru windows along heavily trafficked thoroughfares continue to garner top dollar in the net lease space.”
The property was originally built in 1969 on a 1.0-acre corner lot. The property features outstanding ingress and egress, with three drive-thru lanes and a stand-alone ATM. At the time of sale, there were more than 12.5 years of lease term remaining.