OFFERING MEMORANDUM Joseph Weston 305.510 · 2017. 1. 20. · 8930 E. 56th Street Indianapolis, IN...
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8930 E. 56th Street Indianapolis, IN 46216 OFFERING MEMORANDUM Joseph Weston 305.510.2298 [email protected]
Transcript of OFFERING MEMORANDUM Joseph Weston 305.510 · 2017. 1. 20. · 8930 E. 56th Street Indianapolis, IN...
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8930 E. 56th StreetIndianapolis, IN 46216
OFFERING MEMORANDUMJoseph Weston
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OLD NATIONAL BANK
TABLE OFCONTENTSINVESTMENT 4
TENANT OVERVIEW 6
PROPERTY PHOTO 7
RETAIL AERIAL 8
MARKET OVERVIEW 9
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FINANCIAL ANALYSISOLD NATIONAL BANK
FINANCIAL ANALYSISPROPERTY NAME OLD NATIONAL BANK
Lease with Old National Bank, the largest regional financial institution headquartered in Indiana
Strategically located on the corner of East 56th Street in close proximity to the I-465 interchange at 56th Street
Directly across the street from the Regional Social Security Administration office at 5515 N. Post Road
Four drive through lanes
13 years remaining of original 20 year net lease plus four 5 year option periods
ONB is responsible for every expense of property
2% Annual Increases*
Location:
Price:
CAP Rate:
GLA:
Lot Size:
Year Built:
8930 E. 56th StreetIndianapolis, IN 46216
$5,967,000
5%
3,172 SF
+/- 2 acres
2004
INVESTMENT OVERVIEWThe property consists of a 3,172 square foot single-story branch bank with four (4) drive through lanes situated on approximately 2 acres. The building is strategically located on the corner of East 56th Street in close proximity to the I-465 interchange at 56th Street, and directly across the street from the Regional Social Security Administration office at 5515 N. Post Road. The property is leased to Old National Bank (“ONB”) under a 20 year net lease agreement which commenced December 2009. Under the lease, ONB is responsible for every expense of the property, including but not limited to taxes, insurance, maintenance and repairs, and roof and structure. ONB was founded in Evansville, Indiana in 1834. With total assets in excess of $14 billion; 2, 200 employees; and a network of over 200 branch locations throughout Indiana, Wisconsin, Michigan, Kentucky and Illinois, ONB is the largest regional financial institution headquartered in Indiana. ONB is rated A by Moody’s. For the nine months ending 9/30/16, ONB had net income of $100 million; stockholder’s equity of $1.1 billion; and customer deposits exceeding $10.4 billion.
*Increased by 300% of CPI not to exceed 2%.
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OLD NATIONAL BANK
OFFERING SUMMARYPurchase PriceCAP RateGLALot SizeYear Built
$5,967,000
5%
3,172 SF
+/- 2 acres
2004
TENANTTenantNumber of LocationsMoody’s Rating
Old National Bank
200 +
A
VITAL DATANet Operating IncomeLease TypeOriginal Lease TermRent CommencementLease ExpirationIncreasesOptions
$298,350
Absolute Triple Net (NNN)
20 Years
1/1/2009
12/31/2029
Annual Rental Increases of 2%
Four 5 Year
FINANCIAL ANALYSIS
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TENANT OVERVIEW
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OLD NATIONAL BANK
PROPERTY NAME OLD NATIONAL BANKProperty Type
Total GLA
Tenant Trade Name
Ownership
Headquarters
Number of Locations
Website
Rent Commencement Date
Lease Expiration Date
Lease Type
Lease Term Remaining
Roof and Structure
Orignal Lease Term
Net Operating Income
Increases
Options
Net Leased Bank
3,172 SF
Old National Bank
Corporate
Evansville, IN
200+
www.oldnational.com
1/1/2009
12/31/2029
Absolute Triple Net (NNN)
13 Years
ONB Responsible
20 Years
$298,350
Annual Rental Increases of 2%
Four 5-Year
TENANT OVERVIEW
ONB was founded in Evansville, Indiana in 1834. With total assets in excess of $14 billion; 2, 200 employees; and a network of over 200 branch locations throughout Indiana, Wisconsin, Michigan, Kentucky and Illinois, ONB is the largest regional financial institution headquartered in Indiana. ONB is rated A by Moody’s. For the nine months ending 9/30/16, ONB had net income of $100 million; stockholder’s equity of $1.1 billion; and customer deposits exceeding $10.4 billion.
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OLD NATIONAL BANK
SUBJECT PROPERTY
N. Post Road
RETAIL AERIAL
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INDIANAPOLIS, INIndianapolis is the capital and largest city of the U.S. state of Indiana and the seat of Marion County. With an estimated population of 853,173 in 2015, Indianapolis is the second most populous city in the Midwest, after Chicago, and 14th largest in the U.S. The city is the economic and cultural center of the Indianapolis metropolitan area, home to 2 million people, the 34th most populous metropolitan statistical area in the U.S. The city's philanthropic community, led by the Lilly Endowment, has been instrumental in the development of its cultural institutions, including The Children's Museum of Indianapolis, Indianapolis Zoo, and Indiana Landmarks. Indianapolis is considered a "high sufficiency" global city.
Named #21 Best Places for Business and Careers (Forbes)
#1 City for Cost of Doing Business (CNBC)
Named #52 in Job Growth (Forbes)
Named #70 in Education (Forbes)
#9 among Cities Creating the Most Technology Jobs (Forbes)
6th for Top Cities for Tech Jobs (Fast Company)
3rd Best Downtown City (Livability)
MARKET OVERVIEWOLD NATIONAL BANK
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OLD NATIONAL BANK
17,789 VEHICLES PER DAY
MARKET OVERVIEW
Joseph Weston305.510.2298
