Net Lease PNC Bank Ground Lease For Sale | The Boulder Group
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Transcript of Net Lease PNC Bank Ground Lease For Sale | The Boulder Group
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NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
PNC Bank (Ground Lease)1996 Freedom Parkway
Washington, IL 61571 (Peoria MSA)
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NET LEASED INVESTMENT OFFERING
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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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NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
TheinformationcontainedinthefollowingOfferingMemorandumisproprietaryandstrictlyconfidential.ItisintendedtobereviewedonlybythepartyreceivingitfromTheBoulderGroupandshouldnotbemadeavailabletoanyotherpersonorentitywithoutthewrittenconsentofTheBoulderGroup.ThisOfferingMemorandumhasbeenpreparedtoprovidesummary,unverifiedinformationtoprospectivepurchasers,andtoestablishonlyapreliminarylevelofinterestinthesubjectproperty.Theinformationcontainedhereinisnotasubstituteforathoroughduediligenceinvestigation.TheBoulderGrouphasnotmadeanyinvestigation,andmakesnowarrantyorrepresentation.TheinformationcontainedinthisOfferingMemorandumhasbeenobtainedfromsourceswebelievetobereliable;however,TheBoulderGrouphasnotverified,andwillnotverify,anyoftheinformationcontainedherein,norhasTheBoulderGroupconductedanyinvestigationregardingthesemattersandmakesnowarrantyorrepresentationwhatsoeverregardingtheaccuracyorcompletenessoftheinformationprovided.Allpotentialbuyersmusttakeappropriatemeasurestoverifyalloftheinformationsetforthherein.
CONFIDENTIALITY & DISCLAIMER
CONFIDENTITALITY & DISCLAIMER
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NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
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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NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
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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NET LEASED INVESTMENT OFFERING
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AERIAL
AERIAL
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NET LEASED INVESTMENT OFFERING
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SITE PLAN
SITE PLAN
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NET LEASED INVESTMENT OFFERING
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MAPS
MAPS
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NET LEASED INVESTMENT OFFERING
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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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NET LEASED INVESTMENT OFFERING
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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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NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
666DundeeRoad,Suite1801Northbrook,IL60062
Randy [email protected]
Jimmy [email protected]
CONTACT INFORMATION
CONTACT INFORMATION