Sale of Net Leased Fifth Third Bank in Chicago MSA

The Fifth Third Bank property at 2660 US Highway 34 in Oswego, Illinois is positioned along a dense retail corridor in Kendall County. US Highway 34 carries approximately 29,500 vehicles per day past the property. The corridor features three major shopping centers including Prairie Market, Gerry Centennial Plaza, and Oswego Commons. Prairie Market is anchored by Walmart, DICK'S Sporting Goods, Kohl's, Hobby Lobby, Burlington, Best Buy, and Five Below. Gerry Centennial Plaza is anchored by Meijer, Ross Dress for Less, Old Navy, Michaels, Carter's, Shoe Carnival, and Chick-fil-A. Oswego Commons is anchored by The Home Depot, Target, TJ Maxx, VASA Fitness, Office Depot, and Red Robin. Additional nationally recognized retailers near the Fifth Third Bank in Oswego include McDonald's, Portillo's, Raising Cane's, Chipotle, Starbucks, IHOP, ALDI, Culver's, PetSmart, LongHorn Steakhouse, and Firestone. The property is located minutes from both Oswego High School and Oswego East High School, which have a combined enrollment of more than 5,600 students. The Oswego Community Unit School District 308 serves over 18,000 students across multiple campuses and is one of the largest employers in the area. Over 197,000 people live within five miles of the property. The average household income within five miles exceeds $129,000. The median household income within one mile is approximately $102,000. Oswego, Illinois is part of the Chicago-Naperville-Elgin Metropolitan Statistical Area, the third-largest MSA in the United States with a population of approximately 9.26 million residents. The village of Oswego grew from 13,326 residents in 2000 to 34,485 by the 2020 Census, reflecting significant suburban expansion within the Chicago MSA. Oswego is also part of the Illinois Technology and Research Corridor, which supports ongoing economic development in the region.

Randy Blankstein, Jimmy Goodman and John Feeney of The Boulder Group represented the seller in the transaction. The seller was a west coast based real estate firm. The buyer was a Chicago based investment firm in a 1031 tax exchange.

The lease is structured as a ground lease with triple-net (NNN) terms, requiring zero landlord responsibilities. The lease has approximately nine years of remaining term. Fifth Third Bank has continuously operated from this location since 2008 and signed a new 10-year lease extension in October 2025, demonstrating long-term commitment to the site. The lease includes 10% rental escalations every five years. The tenant has four 5-year renewal options remaining, providing the potential for up to 20 additional years of lease term beyond the primary expiration date.

Fifth Third Bank is a diversified financial services company headquartered in Cincinnati, Ohio. The institution traces its origins to 1858 and adopted its current name following the merger of two predecessor banks in 1908. Fifth Third Bank operates more than 1,100 full-service banking centers and over 2,000 ATMs across 11 states. The company employs more than 20,000 people and holds approximately $213 billion in assets. Fifth Third Bank offers consumer and business banking, wealth management, commercial lending, and payment processing services. Fifth Third Bank carries an investment-grade credit rating.

“Net leased bank ground leases with investment-grade tenants and recent lease extensions continue to attract strong investor demand as buyers seek passive income with built-in rent growth,” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “The Fifth Third Bank property benefited from its positioning along US Highway 34, a corridor carrying nearly 30,000 vehicles per day and surrounded by national retailers including Target, Walmart, Meijer, The Home Depot, and Best Buy, which generated significant buyer interest throughout the marketing process.” John Feeney, Senior Vice President of The Boulder Group, noted, “The buyer was attracted to the ground lease structure, which eliminates all landlord responsibilities, combined with the investment-grade credit of Fifth Third Bank and the 10% rental escalations that provide meaningful income growth over the hold period.”

About The Boulder Group

The Boulder Group is a boutique investment real estate service firm specializing in single tenant net lease properties. The firm provides a full range of brokerage, advisory, and financing services nationwide to a substantial and diversified client base, which includes high net worth individuals, developers, REITs, partnerships and institutional investment funds. Founded in 1997, the firm has arranged the acquisition and disposition of over $11 billion of single tenant net lease real estate transactions. From 2013–2025, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by both CoStar and MSCI Real Capital Analytics. The Boulder Group is headquartered in suburban Chicago and has an office in Denver.

More info: www.bouldergroup.com

Media Contact
Company Name: The Boulder Group
Contact Person: Randy Blankstein
Email: Send Email
Phone: 8478816388
Address:3520 Lake Avenue Suite 203
City: Wilmette
State: Illinois
Country: United States
Website: https://www.bouldergroup.com/NNN-Properties-For-Sale.html

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