net lease pnc bank ground lease for sale | the boulder group
DESCRIPTION
The Boulder Group is pleased to exclusively market for sale a single tenant PNC Bank ground leaseTRANSCRIPT
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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.ThePNCBankisanoutparceltoaWal-MartSupercenterandisadjacenttoaMenards.ThePNCBankislocatedona58,730squarefootparcelandwasbuiltin2007.Thereareover13yearsremainingonthePNCBankgroundleasewhichexpiresDecember31,2028.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.
ThePNCBankgroundleaseexpiresinDecember2028andfeatures14%rentalescalationseveryfiveyearsthroughouttheprimarytermandrenewaloptions.Therearethree10-yearrenewaloptionperiods.PNCisapubliclytradedcompanyontheNewYorkStockExchange(PNC)withamarketcapitalizationinexcessof$45Billion.PNCisaninvestmentgradecompanywithaStandard&Poor’sratingofA.
INVESTMENT HIGHLIGHTS
•Investmentgraderatedcompany(Standard&Poor’s:A)
•Rare14%rentalescalationseveryfiveyearsthroughouttheprimary termandrenewaloptions
•Longtermgroundleasewithover13yearsremaining
•Three10-yearrenewaloptions
•Positionedonthehardcornerofasignalizedintersection
•Averagehouseholdincomeinexcessof$83,000withinfivemilesof theproperty
•Nolandlordresponsibilities
•OutparceltoaWal-MartSupercenterandadjacenttoaMenards
•AdditionalretailersintheimmediatevicinityincludeKroger,Aldi,TractorSupply,AutoZone,AdvanceAutoPartsandDollar General
EXECUTIVE SUMMARY
EXECUTIVE SUMMARY
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Price: $1,368,571
CapRate: 4.50%
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
$118,528 1/1/2039(Option2)
$135,122 1/1/2044
$154,039 1/1/2049(Option3)
$175,605 1/1/2054
RenewalOptions: Three10-Year
RenewalEscalations: 14%increasesevery5years
LeaseCommencementDate: December15,2008
LeaseExpirationDate: December31,2028
Tenant: PNC
CreditRating: A(StandardandPoor’s)
YearBuilt 2008
LeaseType: GroundLease-NNN
RentableSquareFeet: 3,501SF
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 is a diversified financial services company in the United States. PNC is engaged inretail 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 consumerand small business customers across 19 states and the District of Columbia. PNC is the fifth largest bank inthe United States (total branches) withmore than 2,700 branches and 8,000 ATMmachines. PNC is publiclytraded on the New York Stock Exchange as PNC and has a market capitalization in excess of $45 billion.
Website: www.pnc.comCredit: A(S&P)StockSymbol: PNC(NYSE)NumberofLocations: 2,700+MarketCapitalization: $45billion
TENANT PROFILE
TENANT PROFILE
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Population 3-mi 5-mi 7-mi
TotalPopulation 22,448 43,128 87,106TotalHouseholds 8,872 16,962 35,137
Income
MedianHouseholdIncome $59,682 $67,154 $55,487AverageHouseholdIncome $73,712 $83,028 $71,724
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