bank of america (ground lease) · bank of america is an investment grade rated company (s&p:...

BANK OF AMERICA (GROUND LEASE)1400 Waukegan Road, Glenview, IL 60025 (Chicago MSA)

NET LEASE INVESTMENT OFFERING

TABLE OF CONTENTS

I. Executive Profile Executive Summary Investment Highlights Property Overview

II. Location Overview Photographs Aerials Site Plan Maps

III. Market & Tenant Overview Demographic Report Market Overview Tenant Overview

TABLE OF CONTENTS


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.

DISCLAIMERSTATEMENT:

DISCLAIMER STATEMENT



EXECUTIVESUMMARY:

The Boulder Group is pleased to exclusively market for sale a single tenant Bank of America ground lease located within an affluent suburb of the Chicago MSA. The property is strategically positioned at a heavily trafficked signalized intersection. There are over 14 years remaining on the Bank of America ground lease which expires in December 2029. The ground lease features 10% rental escalations every five years throughout the primary term and renewal option periods. Bank of America is the second largest bank holding company in the United States by assets. Bank of America is an investment grade rated company (S&P: A-) and is publicly traded (NYSE: BAC) with a market capitalization in excess of $160 billion.

The Bank of America property is strategically positioned at the heavily trafficked signalized intersection of Lake Avenue and Waukegan Road which experiences traffic volumes of 60,000 vehicles per day. Lake Avenue is the primary east-west thoroughfare in the trade area and Waukegan Road is a primary north-south thoroughfare in Chicago’s North Shore. The surrounding area is affluent with average annual household incomes within a one mile radius in excess of $157,000.

The Bank of America is strategically positioned in the area’s primary retail trade area. Surrounding retailers in the immediate area include Walgreens, Trader Joe’s, Jewel-Osco, Ace Hardware, Staples and Starbucks. The property is located in the immediate proximity to “The Glen” which is a 1,121-acre master development that contains 2,000 homes, offices and shopping centers including The Glen Town Center. The Glen Town Center features Von Maur, Dick’s Sporting Goods, Ulta, Arclight Cinemas, Jos. A Bank and many others.

There are over 14 years remaining on the Bank of America ground lease which expires in December 2029. The lease features 10% rental escalations every five years throughout the primary term and renewal option periods. Bank of America is an investment grade rated tenant (S&P: A-) and is a publicly traded company with a market capitalization in excess of $160 billion.

EXECUTIVE SUMMARY


INVESTMENT HIGHLIGHTS:

• Located within an affluent suburb of the Chicago MSA

• Investment grade rated tenant (S&P: A-)

• Long term lease with over 14 years remaining

• 10% rental escalations every five years throughout the primary term and renewal option periods

• No landlord responsibilities

• Positioned at a strategic signalized intersection (60,000 vehicles per day)

• Average annual household incomes within a one mile radius are in excess of $157,000

• Over 295,000 people living within a five mile radius of the property earning average annual household of approximately $130,000

• Located within a strong retail trade area that features Walgreens, Trader Joe’s, Jewel-Osco, Ace Hardware, Staples and Starbucks

• Close proximity to “The Glen” which is a 1,121-acre master development that includes 2,000 homes, offices and shopping

INVESTMENT HIGHLIGHTS


PROPERTY OVERVIEW:

PROPERTY OVERVIEW

Price: $7,333,333

Current Cap Rate: 4.50%

Rent Schedule: NOI Escalation Date

$330,000$363,000 2/18/2018$399,300 2/18/2023$439,230 1/1/2030 (Option 1)$488,153 1/1/2035 (Option 2)$531,468 1/1/2040 (Option 3)$584,615 1/1/2045 (Option 4)

Renewal Options: Four 5-Year

Lease Commencement Date: February 18, 2008

Lease Expiration Date: December 31, 2029

Tenant: Bank of America

Credit Rating: Investment Grade: (S&P: A-)

Year Built: 2008

Lease Type: Ground Lease – No Landlord Responsibilities

Building Size: 4,500 SF

Land Size: 25,800 SF


PHOTOGRAPHS


AERIALS

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AERIALS

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SITE PLAN

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MAPS

Lake Michigan


MAPS

Lake Michigan

CHICAGO


Population 1-Mile 3-Mile 5-Mile

Total Population 11,621 90,028 295,719

Total Households 4,676 33,671 110,579

Income 1-Mile 3-Mile 5-Mile

Median Household Income $103,574 $88,514 $80,925

Average Household Income $157,436 $133,473 $129,355

DEMOGRAPHICREPORT:

DEMOGRAPHIC REPORT


Glenview is a suburban village located approximately fourteen miles north of downtown Chicago in Cook County. As of the 2010 US Census, the village had a population of over 44,000 people. A number of major U.S. corporations have major facilities or offices in Glenview, including Anixter, Aon, Avon, Combined Insurance, Illinois Tool Works, Scott Foresman, and Republic Tobacco. There are also several large non-profit organizations in Glenview, including the headquarters of the General Board of Pension and Health Benefits of The United Methodist Church, and Wespath Investment Management. Glenview is home to “The Glen” which is an 1,121-acre master development which features new homes, offices and shopping centers. It comprised approximately 15% of the area of Glenview.

Chicago is the most populous city in the Midwestern United States and the third most populous city in the United States with 2,700,000 residents. Chicago is the county seat of Cook County, the second largest county in the United States. The Chicago MSA is the third most populated metropolitan area in the United States with 9,580,567 residents. The MSA covers over 1,300 square miles and six counties. The Chicago metropolitan area is home to the corporate headquarters of 57 Fortune 1000 companies, including Boeing, McDonald’s, Motorola, Discover Financial Services and United Airlines. Chicago is a major hub for industry, telecommunications and infrastructure and O’Hare International Airport is the second busiest airport in the world in terms of traffic movement.

The metro is also a major financial center in North America, and is home to the largest futures exchange in the United States, the CME Group. Chicago is third in the world on the Global Financial Centers Index which ranks the competitiveness of financial centers based on people, business environment, market access, infrastructure and general competitiveness.

www.cityofchicago.org

MARKETOVERVIEW:

MARKET OVERVIEW


Bank of America Corporation (NYSE: BAC), through its subsidiaries, provides various banking and financial products and services for individual consumers, small and middle market businesses, institutional investors, corporations, and governments in the United States and internationally.

The company’s Consumer & Business Banking segment offers traditional and money market savings accounts, CDs and IRAs, checking accounts, and investment accounts and products, as well as credit and debit cards; and lending related products and services, working capital management, and treasury solutions. This segment provides its products and services through operating 5,100 banking centers, 16,300 ATMs, call centers, and online and mobile banking platforms.

Bank of America is an investment grade rated company (S&P: A-). Bank of America is publicly traded on the New York Stock Exchange, BAC, and has a market capitalization in excess of $160 billion. The company was founded in 1874 and is based in Charlotte, North Carolina.

Website: www.bankofamerica.comCredit Rating: Investment Grade (S&P: A-)Stock Symbol: NYSE: BACMarket Capitalization: $160 billionLocations: 5,100States Located In: 50 States

TENANT OVERVIEW

TENANT OVERVIEW:

666 Dundee Road, Suite 1801Northbrook, IL 60062

www.bouldergroup.com

Randy [email protected]

Jimmy [email protected]

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