MPI Sells Ground Lease for PNC Bank Branch in East Chicago
Millennium Properties R/E, a premier boutique brokerage and property management company, announced that it recently sold a ground lease for a PNC Bank location in East Chicago, IN.
The bank built the branch location in 2005 as an outlot for a Strack and Van-Til anchored retail center near Indianapolis Blvd. and Chicago Ave. The ground lease’s initial term expires in June 2025 and includes four 5-year renewal options with rent escalations. A passive-ownership investment, the property has an initial cap rate of 6.6%.
“Sold to a West Coast investment fund, this is a great arm-chair investment in a single-tenant retail property that is leased to the sixth largest bank in the country,” said Daniel J. Hyman, president of Millennium Properties. “Although ground leases are not very common, they offer great returns for investors seeking returns with no management responsibilities.”
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