ALBY GALLUN 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 Chicago: http://www.chicagobusiness.com/realestate/20160913/CRED03/160919964/first-midwest-cuts-150-million-bank-branch-deal