Download - Bank Ground Lease For Sale
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PNC Bank (Ground Lease)1996 Freedom Parkway
Washington, IL 61571 (Peoria MSA)
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1) Confidentiality&Disclaimer
2) ExecutiveSummary
3) PropertyOverview
4) Aerial
5) SitePlan
6) Maps
7) TenantProfile
8) DemographicComparisonReport
9) LocationOverview
10) ContactInformation
TABLE OF CONTENTS
TABLE OF CONTENTS
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TheinformationcontainedinthefollowingOfferingMemorandumisproprietaryandstrictlyconfidential.ItisintendedtobereviewedonlybythepartyreceivingitfromTheBoulderGroupandshouldnotbemadeavailabletoanyotherpersonorentitywithoutthewrittenconsentofTheBoulderGroup.ThisOfferingMemorandumhasbeenpreparedtoprovidesummary,unverifiedinformationtoprospectivepurchasers,andtoestablishonlyapreliminarylevelofinterestinthesubjectproperty.Theinformationcontainedhereinisnotasubstituteforathoroughduediligenceinvestigation.TheBoulderGrouphasnotmadeanyinvestigation,andmakesnowarrantyorrepresentation.TheinformationcontainedinthisOfferingMemorandumhasbeenobtainedfromsourceswebelievetobereliable;however,TheBoulderGrouphasnotverified,andwillnotverify,anyoftheinformationcontainedherein,norhasTheBoulderGroupconductedanyinvestigationregardingthesemattersandmakesnowarrantyorrepresentationwhatsoeverregardingtheaccuracyorcompletenessoftheinformationprovided.Allpotentialbuyersmusttakeappropriatemeasurestoverifyalloftheinformationsetforthherein.
CONFIDENTIALITY & DISCLAIMER
CONFIDENTITALITY & DISCLAIMER
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TheBoulderGroupispleasedtoexclusivelymarketforsaleasingletenantPNCBankgroundleaselocatedinWashington,Illinois.ThePNCBankislocatedona58,730squarefootparcelandwasbuiltin2007.ThisgroundleaseisanoutparceltoaWal-MartSupercenterandisadjacenttoaMenards.Thegroundleasefeaturesrare14%rentalescalationseveryfiveyearsthroughouttheprimarytermandrenewaloptionperiods.Washingtonis10mileseastofPeoria,thehomeofCaterpillar,whichemploysapproximately17,000people.
Theproperty is locatedalongUS24andbenefits from itspositionon thehardcornerofasignalized intersection. TheintersectionofFreedomParkwayandUS24experiencestrafficcountsinexcessof21,000vehiclesperday.Over9,000carstravelinandoutoftheshoppingcenterwhichfeaturesWal-Mart,MenardsandPNCBankdaily.ThepropertyislocatedwithintheprimaryretailtradeareathatincludesretailerssuchasWal-MartSupercenter,Menards,Kroger,TractorSupply,AutoZone,AdvanceAutoPartsandDollarGeneral.
ThePNCBankground lease is for20yearsandexpires inDecember2028.The lease features14%rentalescalationseveryfiveyearsthroughouttheprimarytermandrenewaloptions.Therearethree10-yearrenewaloptionperiods.PNCisapubliclytradedcompanyontheNewYorkStockExchange(PNC),withamarketcapitalizationinexcessof$43Billion.PNCisaninvestmentgradecompanywithaStandard&Poor’sratingofA-.
INVESTMENT HIGHLIGHTS
•Investmentgraderatedcompany(Standard&Poor’s:A-)
•Rare14%rentalescalationseveryfiveyearsthroughouttheprimarytermandrenewaloptions
•Superiorbankbranchdeposits
•Longtermgroundleasewithapproximately15yearsremaining
•Three10-yearrenewaloptions
•Positionedonthehardcornerofasignalizedintersection
•Averagehouseholdincomeinexcessof$79,000withinfivemilesof theproperty
•Nolandlordresponsibilities
•OutparceltoaWal-MartSupercenterandadjacenttoaMenards
•OtherretailersintheimmediatevicinityincludeKroger,TractorSupply,AutoZoneAdvanceAutoPartsandDollarGeneral
EXECUTIVE SUMMARY
EXECUTIVE SUMMARY
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Price: $1,172,571
CapRate: 5.25%
RentSchedule: NOI EscalationDate
$61,560
$70,178 1/1/2019
$80,003 1/1/2024
$91,203 1/1/2029(Option1)
$103,972 1/1/2034(Option1)
$118,528 1/1/2039(Option2)
$135,122 1/1/2044(Option2)
$154,039 1/1/2049(Option3)
$175,605 1/1/2054(Option3)
RenewalOptions: Three10-Year
RenewalEscalations: 14%increasesevery5years
LeaseCommencementDate: December15,2008
LeaseExpirationDate: December31,2028
Tenant: PNC
CreditRating: A-(Standard&Poor’s)
YearBuilt: 2008
LeaseType: GroundLease-NNN
RentableSquareFeet: 3,501
LandSize: 58,730SF
Assignment&Subletting: Tenanthastherighttoassignorsubleasethepropertytoanytenantwithafinancialnetworthinexcessof$25,000,000
PROPERTY OVERVIEW
PROPERTY OVERVIEW
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AERIAL
AERIAL
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SITE PLAN
SITE PLAN
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MAPS
MAPS
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PNC Financial Services isadiversifiedfinancialservicescompany in theUnitedStates.PNC isengaged inretailbanking,corporateandinstitutionalbanking,assetmanagement,andresidentialmortgagebanking.PNCprovidesdeposit,lending,cashmanagement,andinvestmentservicestomorethan6millionconsumerandsmallbusinesscustomersacross19statesandtheDistrictofColumbia.PNCisthefifthlargestbankintheUnitedStates(totalbranches)withmorethan2,700branchesand7,400ATMmachines.PNCispubliclytradedontheNewYorkStockExchangeasPNCandhasamarketcapitalizationinexcessof$43billion.
Website: www.pnc.comCreditRating: A-(S&P)StockSymbol: PNC(NYSE)NumberofLocations: 2,700+MarketCapitalization: $43Billion
TENANT PROFILE
TENANT PROFILE
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Population 3-mi 5-mi 7-mi
TotalPopulation 22,680 43,150 87,064TotalHouseholds 8,929 16,949 35,085
Income
MedianHouseholdIncome $57,673 $63,411 $52,492AverageHouseholdIncome $72,299 $79,574 $69,285
DEMOGRAPHIC COMPARISON REPORT
DEMOGRAPHIC COMPARISON REPORT
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Washington is a located in Tazewell County, Illinois. According to the 2010 census thereWashington and Tazewell County had a population of 15,134 and 135,394 respectively.Washingtonislocated10mileseastofPeoriaandispartofthePeoriaMetropolitanStatisti-calArea.
PeoriaisthelargestcityontheIllinoisRiverandthecountyseatofPeoriaCounty,Illinois.Asofthe2010census,thecitywastheseventh-mostpopulatedinIllinois,withapopulationof115,007.ThePeoriaMSAhadapopulationof373,590in2011,makingitthethirdlargestmetropolitanareainthestateaftertheChicagometropolitanareaandtheMetro-EastportionoftheSt.Louismetropolitanarea.
Peoria is theworldheadquartersforCaterpillar Inc.,oneofthe30companiescomposingtheDowJonesIndustrialAverage.Caterpillaremploysover125,000peopleworld-wide,ofwhich15,000+arelocated in Peoria. Other significant employers in the area include theMethodistMedical Center, OSF SaintFrancisMedicalCenter,andthePeoriaSchoolDistrict.PeoriaisalsohometoBradleyUniversity(6,000students)andIllinoisCentralCollege(12,000students).TheEmbassySuitesandRiverfrontConferenceCenter,whichislocatedacrossfromthesubjectproperty,caterstotheCaterpillarWorldHeadquarters,BradleyUniversity,andPeoriaCivicCenter.TheEmbassySuitesandRiverfrontConferenceCenterisidealforEastPeoriameetingsandeventsandboastsa50,000squarefootconferencecenter.
www.peoriagov.org
LOCATION OVERVIEW
LOCATION OVERVIEW
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666DundeeRoad,Suite1801Northbrook,IL60062
Randy [email protected]
Jimmy [email protected]
CONTACT INFORMATION
CONTACT INFORMATION