This Bank of America property inGlenview, IL, which recently sold with a cap rate of 4.5%, is thetype of bank location most sought after by investors.
CHICAGO—As recently reported inGlobeSt.com, the retail side of banking is undergoing a profoundchange as customers adopt the use of mobile apps. Banks don't need as manybranch locations and many have begun to also shrink the footprintof their remaining outlets. But investors, attracted by the superbcredit rating of many banks, still have an appetite for theseproperties, according to a new report from theBoulderGroup, a net lease firm insuburban Chicago.
“It's a bifurcated market,”RandyBlankstein,president of Boulder, tells GlobeSt.com. “We are seeing less newconstruction and the trend is certainly for banks to get smaller,”but investors still consider properties leased by big players suchas Chase and Bank of America to be safe bets, partlydue to their ability to fully utilize the new technology.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
