JLL closes $7M sale of TCF National Bank building in Chicago
The property is triple net leased to the bank in Lincoln Park
CHICAGO, January 14, 2020 – JLL Capital Markets announced today that is has closed the $7 million sale of a 7,902-square-foot, single-tenant building triple net ground leased to TCF National Bank in Chicago’s Lincoln Park neighborhood.
JLL marketed the property on behalf of the seller and procured the Chicago-based buyer, which purchased the asset in a 1031 exchange.
Situated on .43 acres at 1400 West Fullerton Avenue, the building is on the hard corner and signalized intersection of Fullerton and Southport Avenues, which have a combined traffic count of 24,000 vehicles per day. The building is along an established retail thoroughfare in Lincoln Park, one of Chicago’s most affluent neighborhoods, and two blocks from DePaul University, which has an enrollment of more than 22,400 students. TCF National Bank, a premier Midwest bank with a strong financial profile, has occupied the property since it was built in 2003.
The JLL Net Lease Capital Markets team representing the seller was led by Senior Vice Presidents Alex Sharrin and Nicholas Kanich along with Managing Director Marc Mandel and Director Steve Schrenk.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.