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Download Bank Ground Lease For Sale

Post on 05-Dec-2014



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bank ground lease for sale in IL


  • 1. NET LEASED INVESTMENT OFFERING PNC Bank (Ground Lease) 1996 Freedom Parkway Washington, IL 61571 (Peoria MSA)
  • 2. TABLE OF CONTENTS NET LEASED INVESTMENT OFFERING TABLE OF CONTENTS 1) Confidentiality & Disclaimer 2) Executive Summary 3) Property Overview 4) Aerial 5) Site Plan 6) Maps 7) Tenant Profile 8) Demographic Comparison Report 9) Location Overview 10) Contact Information
  • 3. CONFIDENTITALITY & DISCLAIMER NET LEASED INVESTMENT OFFERING CONFIDENTIALITY & DISCLAIMER The information contained in the following Offering Memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from The Boulder Group and should not be made available to any other person or entity without the written consent of The Boulder Group. This Offering Memorandum has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. The Boulder Group has not made any investigation, and makes no warranty or representation. The information contained in this Offering Memorandum has been obtained from sources we believe to be reliable; however, The Boulder Group has not verified, and will not verify, any of the information contained herein, nor has The Boulder Group conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.
  • 4. EXECUTIVE SUMMARY NET LEASED INVESTMENT OFFERING EXECUTIVE SUMMARY The Boulder Group is pleased to exclusively market for sale a single tenant PNC Bank ground lease located in Washington, Illinois. The PNC Bank is located on a 58,730 square foot parcel and was built in 2007. This ground lease is an outparcel to a Wal-Mart Supercenter and is adjacent to a Menards. The ground lease features rare 14% rental escalations every five years throughout the primary term and renewal option periods. Washington is 10 miles east of Peoria, the home of Caterpillar, which employs approximately 17,000 people. The property is located along US 24 and benefits from its position on the hard corner of a signalized intersection. The intersection of Freedom Parkway and US 24 experiences traffic counts in excess of 21,000 vehicles per day. Over 9,000 cars travel in and out of the shopping center which features Wal-Mart, Menards and PNC Bank daily. The property is located within the primary retail trade area that includes retailers such as Wal-Mart Supercenter, Menards, Kroger, Tractor Supply, AutoZone, Advance Auto Parts and Dollar General. The PNC Bank ground lease is for 20 years and expires in December 2028. The lease features 14% rental escalations every five years throughout the primary term and renewal options. There are three 10-year renewal option periods. PNC is a publicly traded company on the New York Stock Exchange (PNC), with a market capitalization in excess of $43 Billion. PNC is an investment grade company with a Standard & Poors rating of A-. INVESTMENT HIGHLIGHTS Investment grade rated company (Standard & Poors: A-) Rare 14% rental escalations every five years throughout the primary term and renewal options Superior bank branch deposits Long term ground lease with approximately 15 years remaining Three 10-year renewal options Positioned on the hard corner of a signalized intersection Average household income in excess of $79,000 within five miles of the property No landlord responsibilities Outparcel to a Wal-Mart Supercenter and adjacent to a Menards Other retailers in the immediate vicinity include Kroger, Tractor Supply, AutoZone Advance Auto Parts and Dollar General
  • 5. PROPERTY OVERVIEW NET LEASED INVESTMENT OFFERING PROPERTY OVERVIEW Price: $1,172,571 Cap Rate: 5.25% Rent Schedule: NOI Escalation Date $61,560 $70,178 1/1/2019 $80,003 1/1/2024 $91,203 1/1/2029 (Option 1) $103,972 1/1/2034 (Option 1) $118,528 1/1/2039 (Option 2) $135,122 1/1/2044 (Option 2) $154,039 1/1/2049 (Option 3) $175,605 1/1/2054 (Option 3) Renewal Options: Three 10-Year Renewal Escalations: 14% increases every 5 years Lease Commencement Date: December 15, 2008 Lease Expiration Date: December 31, 2028 Tenant: PNC Credit Rating: A- (Standard & Poors) Year Built: 2008 Lease Type: Ground Lease - NNN Rentable Square Feet: 3,501 Land Size: 58,730 SF Assignment & Subletting: Tenant has the right to assign or sublease the property to any tenant with a financial net worth in excess of $25,000,000
  • 9. TENANT PROFILE NET LEASED INVESTMENT OFFERING TENANT PROFILE PNC Financial Services is a diversified financial services company in the United States. PNC is engaged in retail banking, corporate and institutional banking, asset management, and residential mortgage banking. PNC provides deposit, lending, cash management, and investment services to more than 6 million consumer and small business customers across 19 states and the District of Columbia. PNC is the fifth largest bank in the United States (total branches) with more than 2,700 branches and 7,400 ATM machines. PNC is publicly traded on the New York Stock Exchange as PNC and has a market capitalization in excess of $43 billion. Website: Credit Rating: Stock Symbol: Number of Locations: Market Capitalization: A- (S&P) PNC (NYSE) 2,700+ $43 Billion
  • 10. DEMOGRAPHIC COMPARISON REPORT NET LEASED INVESTMENT OFFERING DEMOGRAPHIC COMPARISON REPORT Population Total Population Total Households 3-mi 5-mi 7-mi 22,680 8,929 43,150 16,949 87,064 35,085 $57,673 $72,299 $63,411 $79,574 $52,492 $69,285 Income Median Household Income Average Household Income
  • 11. LOCATION OVERVIEW NET LEASED INVESTMENT OFFERING LOCATION OVERVIEW Washington is a located in Tazewell County, Illinois. According to the 2010 census there Washington and Tazewell County had a population of 15,134 and 135,394 respectively. Washington is located 10 miles east of Peoria and is part of the Peoria Metropolitan Statistical Area. Peoria is the largest city on the Illinois River and the county seat of Peoria County, Illinois. As of the 2010 census, the city was the seventh-most populated in Illinois, with a population of 115,007. The Peoria MSA had a population of 373,590 in 2011, making it the third largest metropolitan area in the state after the Chicago metropolitan area and the Metro-East portion of the St. Louis metropolitan area. Peoria is the world headquarters for Caterpillar Inc., one of the 30 companies composing the Dow Jones Industrial Average. Caterpillar employs over 125,000 people world-wide, of which 15,000+ are located in Peoria. Other significant employers in the area include the Methodist Medical Center, OSF Saint Francis Medical Center, and the Peoria School District. Peoria is also home to Bradley University (6,000 students) and Illinois Central College (12,000 students). The Embassy Suites and Riverfront Conference Center, which is located across from the subject property, caters to the Caterpillar World Headquarters, Bradley University, and Peoria Civic Center. The Embassy Suites and Riverfront Conference Center is ideal for East Peoria meetings and events and boasts a 50,000 square foot conference center.
  • 12. CONTACT INFORMATION NET LEASED INVESTMENT OFFERING CONTACT INFORMATION 666 Dundee Road, Suite 1801 Northbrook, IL 60062 Randy Blankstein President 847.562.0003 Jimmy Goodman Partner 847.562.8500