Quantum Completes Sale of Fifth Third Bank

CHICAGO—Single-tenant net-leased assets have been quite popular among investors this year. And few asset types have been as attractive as banks. Quantum Real Estate Advisors, Inc., for example, has just brokered the sale of a 3,800-square-foot Fifth Third Bank at 154 S. Western Ave. in suburban Carpentersville. The property sold to a cash buyer from Southern California. The price was not disclosed, but Quantum officials did say that it had about 13 years remaining on an initial 20-year ground lease.

According to a study released last year by The Boulder Group, a commercial real estate services firm located in suburban Chicago, cap rates for single-tenant bank ground leases had compressed by 85 bps over the previous year to 5.0%, the lowest level since 2004.