IRA Capital Acquires Bank Ground Lease in Chicago
IRA Realty Capital today announced that Net Lease Income Fund I, LLC has acquired a retail bank ground lease in urban-infill Chicago. The tenant is Banco Popular, which ranks among the 30 largest financial institutions in the United States. The company was founded in 1893 and has more than $47 Billion in assets and 140 locations. Banco Popular is publicly traded on the Nasdaq under the symbol BPOP.
Located in Chicago’s Little Village neighborhood, the property benefits from the area’s strong demographics and propensity towards local commerce. Little Village is a bustling corridor in Chicago’s Near Southwest Side. The area is known for its busy “mom-and-pop” retail, high density, and the tendency for residents to shop/bank within walking distance of their homes.
Banco Popular moved into the brand new facility in March of 2009 and has nearly eighteen years remaining on an original twenty-year ground lease term. According to Samir Patel, a principal at IRA Realty Capital, “this investment has annual rental escalations and is a perfect match for Net Lease Income Fund I’s investment objectives…. it is located in a dense urban setting with access to a population of more than 1 million people within a 5 mile radius.”
IRA Realty Capital is a privately‐held real estate investment and management firm that focuses on maximizing risk‐adjusted returns while protecting and growing investment capital. Net Lease Income Fund I, LLC is a private fund formed in July 2010 to invest in a diversified portfolio of freestanding, single-tenant, net-leased properties located throughout the United States. Net Lease Income Fund I is managed by IRA Realty Capital, LLC. The fund sponsors are Amer F. Kasm, Samir M. Patel, and Mohannad S. Malas. Additional information can be found at www.iraRealtyCapital.com