single tenant-net-lease-bank-of-america-for-sale
DESCRIPTION
Single Tenant Bank of America for sale in the Chicago MSATRANSCRIPT
NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
Bank of America4200 South Ashland Avenue
Chicago, IL 60609
NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
1) Confidentiality&Disclaimer
2) ExecutiveSummary
3) PropertyOverview
4) Aerials
5) SitePlan
6) Map
7) TenantProfile
8) DemographicComparisonReport
9) LocationOverview
10) ContactInformation
TABLE OF CONTENTS
TABLE OF CONTENTS
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
NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
TheBoulderGroupispleasedtoexclusivelymarketforsaleasingletenantnetleasedBankofAmericapropertylocatedinChicago,Illinois.The6,200squarefootbuildingwasdevelopedin2004andislocatedatasignalizedintersectioninadenselypopulatedarea.Theleasehas10yearsremainingandfeaturesrentalescalationseveryfiveyearsthroughouttheprimarytermandrenewaloptions.BankofAmericaisaninvestmentgradetenantwithaStandardandPoor’sratingofA-.
TheBankofAmericapropertyislocatedatthesignalizedintersectionofSouthAshlandAvenueandWest42ndStreet.SouthAshlandAvenueisaprimarynorth-souththoroughfarewithtrafficcountsinexcessof23,000vehiclesperday.ThepropertyislocatedapproximatelyoneandahalfmilessouthofInterstate55andtwomileswestofInterstate94/90.Interstate55experiencestrafficcountsofapproximately150,000vehiclesperdayandInterstate94/90experiencestrafficcountsof290,000vehiclesperday.U.S.CellularField,homeoftheChicagoWhiteSox,islocatedtwomilestotheeastoftheproperty.TheBankofAmericaislocatedinadenselypopulatedpartofChicagowithover30,000peoplelivingwithinaonemileradiusandover875,000peoplelivingwithinafivemileradius.ThebuildingfeaturesrarequalitiesforanurbanChicagobankpropertysuchasfivedrive-thrulanesand44designatedparkingspaces.
TheBankofAmericapropertyislocatedattheentrancetoSwap-O-Rama,a100,000squarefootfleamarketthatattractsover25,000visitorsperweek.Swap-O-Ramawasbeenoperatingatthislocationsince1992.AcrossthestreetfromtheBankofAmerica isaMcDonald’s that recentlyunderwenta fullscale renovation, furtherevidencing thearea’s retailstrength.
TherearetenyearsremainingonthisnetleasethatexpiresonOctober31,2024.Theleasefeatures10%rentalescalationseveryfiveyearsintheprimarytermandrenewaloptionperiods.Therearefive5-yearrenewaloptions.BankofAmericaisaninvestmentgradetenant(S&P:A-)andispubliclytraded(NYSE:BAC)withamarketcapitalizationinexcessof$158billion.Thecompanyoperatesover5,100bankingcenters,16,300ATMs,andemployeesover235,000people.
INVESTMENT HIGHLIGHTS
•LocatedinadenselypopulatedpartofChicago
•Longtermleasewith10yearsremaining
•Investmentgradetenant(S&P:A-)
•10%rentalescalationintheprimarytermandineachrenewaloption
•BenefittedbyasignalizedintersectionattheentrancetoSwap-O-Rama,a fleamarketthathasover25,000visitorsperweek
•Locatedalongaprimarythoroughfarewithtrafficcountsinexcessof23,000 VPD
•RareurbanChicagobankamenitiessuchas44designatedparkingspacesand5drive-thrulanes
EXECUTIVE SUMMARY
EXECUTIVE SUMMARY
NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
PROPERTY OVERVIEW
PROPERTY OVERVIEW
Price: $5,502,112
CapRate: 6.25%
RentSchedule: NOI EscalationDate
$343,882*$378,270 11/1/2019$416,097 11/1/2024(Option1)$457,706 11/1/2029(Option2)$503,477 11/1/2034(Option3)$553,825 11/1/2039(Option4)$609,207 11/1/2044(Option5)
RenewalOptions: Five5-Year
LeaseCommencementDate: October12,2004
LeaseExpirationDate: October31,2024
Tenant: BankofAmerica
Credit: A-(S&P)
YearBuilt: 2004
LeaseType: •NNNthrough10/31/2019•BeginningNovember2019,theleaseisNNfortheremainderofthetermincludingoptionsandthelandlordisonlyresponsiblefor80%ofcapitalexpenditures
BuildingSize: 6,200SF
LandSize: 39,276SF
*Seller will credit, at closing the difference between the current rent of $312,882, until the rent escalates in November 2014 to $343,882.
NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
AERIALS
AERIALS
N
NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
AERIALS
AERIALS
N
S. A
SHLA
ND
AVE
NUE
23,0
00 V
PD
150,000 VPD
STOCKYARDS INDUSTRIAL PARKSITE
290,
000
VPD
90
94
55
NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
SITE PLAN
SITE PLAN
ASHLAND AVENUE
42
nd S
TREE
T
MARSHFIELD AVENUE
N
NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
MAP
MAP
MIDWAYAIRPORT
MIDWAYAIRPORT
NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
Bank of America Corporation (NYSE:BAC), through its subsidiaries, provides variousbankingandfinancialproductsandservicesforindividualconsumers,smallandmiddlemarketbusinesses,institutionalinvestors,corporations,andgovernmentsintheUnitedStatesandinternationally.
Thecompany’sConsumer&BusinessBankingsegmentofferstraditionalandmoneymarketsavingsaccounts,CDsandIRAs,checkingaccounts,andinvestmentaccountsandproducts,aswellascreditanddebitcards;andlendingrelatedproductsandservices,workingcapitalmanagement,andtreasurysolutions.Thissegmentprovidesitsproductsandservicesthroughoperating5,100bankingcenters,16,300ATMs,callcenters,andonlineandmobilebankingplatforms.
BankofAmericaisaninvestmentgraderatedcompany(S&P:A-).BankofAmericaispubliclytradedontheNewYorkStockExchange,BAC,andhasamarketcapitalizationinexcessof$158billion.Thecompanywasfoundedin1874andisbasedinCharlotte,NorthCarolina.
Website: www.bankofamerica.comStockSymbol: NASDAQ:BACMarketCapitalization: $158billionNumberofLocations: 5,100StateLocations: 50
TENANT PROFILE
TENANT PROFILE
NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
Population 1-mi 3-mi 5-mi
TotalPopulation 30,211 361,261 879,505TotalHouseholds 8,587 111,735 301,168
Income
MedianHouseholdIncome $29,854 $32,138 $35,522AverageHouseholdIncome $40,155 $45,283 $53,416
DEMOGRAPHIC COMPARISON REPORT
DEMOGRAPHIC COMPARISON REPORT
NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
ChicagoisthemostpopulouscityintheMidwesternUnitedStatesandthethirdmostpopulouscityintheUnitedStateswith2,700,000residents.ChicagoisthecountyseatofCookCounty,thesecond largestcounty in theUnitedStates.TheChicagoMSA is thethirdmostpopulatedmetropolitanareaintheUnitedStateswith9,580,567residents.TheMSAcoversover1,300square miles and six counties. The Chicago metropolitan area is home to the corporateheadquartersof57Fortune1000companies,includingBoeing,McDonald’s,Motorola,Discover
FinancialServicesandUnitedAirlines.Chicagoisamajorhubforindustry,telecommunicationsandinfrastructureandO’HareInternationalAirportisthesecondbusiestairportintheworldintermsoftrafficmovement.
ThemetroisalsoamajorfinancialcenterinNorthAmerica,andishometothelargestfuturesexchangeintheUnitedStates,theCMEGroup.ChicagoisthirdintheworldontheGlobalFinancialCentersIndexwhichranksthecompetitivenessoffinancialcentersbasedonpeople,businessenvironment,marketaccess,infrastructureandgeneralcompetitiveness.
www.cityofchicago.org
LOCATION OVERVIEW
LOCATION OVERVIEW
NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
CONTACT INFORMATION
CONTACT INFORMATION
666DundeeRoad,Suite1801Northbrook,IL60062
Randy [email protected]
Jimmy [email protected]