First Midwest cuts $150 million bank branch deal

 of Crain’s Business Chicago reports on Oak Street Real Estate Capital’s recent deal with First Midwest Bank to purchase and lease back 55 branch offices worth $150 million capitalizing on a strong investment market for single-tenant properties.

First Midwest Bank cut a $150 million deal to sell 55 branch offices and lease them back, capitalizing on a strong investment market for single-tenant properties.

The Itasca-based bank has agreed to sell the branches, in Illinois and Indiana, to Oak Street Real Estate Capital, a Chicago-based private-equity firm, according to a First Midwest filing with the Securities and Exchange Commission. The bank will lease the properties back for 14 years…

View the rest on the source version on Crain’s Business Chicagohttp://www.chicagobusiness.com/realestate/20160913/CRED03/160919964/first-midwest-cuts-150-million-bank-branch-deal

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