January 23, 2020

Greenstone closes sale of bank property in Palatine with 20-year ground lease

Greenstone Partners successfully sold 988 W. Dundee Road, a ground-up construction, single-tenant bank property in Palatine, Illinois. Greenstone was the exclusive investment advisor for the seller, a Chicago based developer and also procured the purchaser, a private, Chicago-based investor.

The investment features a new, 20-year ground lease by one of Chicago’s largest financial institutions, Wintrust Bank, with 10 percent rental increases every five years. Greenstone successfully procured offers from local investors and out-of-state buyers from California, Texas, New York and Florida.