September 14, 2016
First Midwest Bank, headquartered in Itasca, IL, entered into an agreement with Oak Street Real Estate Capital LLC to sell 55 of its branches for $150 million. Under the agreement, the bank will enter into triple-net lease agreements with Oak Street for its branches, which are in Illinois and Indiana.
The lease agreements have initial terms of 14 years, and five consecutive renewal options of five years each. The deal is anticipated to close by the end of this month. Jones Lang LaSalle represented the bank in the transaction.
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