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Single tenant-net-lease-bank-of-america-for-sale

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Single Tenant Bank of America for sale in the Chicago MSA

Single Tenant Bank of America for sale in the Chicago MSA

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  • 1. NET LEASED INVESTMENT OFFERING www.bouldergroup.com Bank of America 4200 South Ashland Avenue Chicago, IL 60609
  • 2. NET LEASED INVESTMENT OFFERING www.bouldergroup.com 1) Confidentiality & Disclaimer 2) Executive Summary 3) Property Overview 4) Aerials 5) Site Plan 6) Map 7) Tenant Profile 8) Demographic Comparison Report 9) Location Overview 10) Contact Information TABLE OF CONTENTS TABLE OF CONTENTS
  • 3. NET LEASED INVESTMENT OFFERING www.bouldergroup.com 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. CONFIDENTIALITY & DISCLAIMER CONFIDENTITALITY & DISCLAIMER
  • 4. NET LEASED INVESTMENT OFFERING www.bouldergroup.com The Boulder Group is pleased to exclusively market for sale a single tenant net leased Bank of America property located in Chicago, Illinois. The 6,200 square foot building was developed in 2004 and is located at a signalized intersection in a densely populated area. The lease has 10 years remaining and features rental escalations every five years throughout the primary term and renewal options. Bank of America is an investment grade tenant with a Standard and Poor’s rating of A-. The Bank of America property is located at the signalized intersection of South Ashland Avenue and West 42nd Street. South Ashland Avenue is a primary north-south thoroughfare with traffic counts in excess of 23,000 vehicles per day. The property is located approximately one and a half miles south of Interstate 55 and two miles west of Interstate 94/90. Interstate 55 experiences traffic counts of approximately 150,000 vehicles per day and Interstate 94/90 experiences traffic counts of 290,000 vehicles per day. U.S. Cellular Field, home of the Chicago White Sox, is located two miles to the east of the property. The Bank of America is located in a densely populated part of Chicago with over 30,000 people living within a one mile radius and over 875,000 people living within a five mile radius. The building features rare qualities for an urban Chicago bank property such as five drive-thru lanes and 44 designated parking spaces. The Bank of America property is located at the entrance to Swap-O-Rama, a 100,000 square foot flea market that attracts over 25,000 visitors per week. Swap-O-Rama was been operating at this location since 1992. Across the street from the Bank of America is a McDonald’s that recently underwent a full scale renovation, further evidencing the area’s retail strength. There are ten years remaining on this net lease that expires on October 31, 2024. The lease features 10% rental escalations every five years in the primary term and renewal option periods. There are five 5-year renewal options. Bank of America is an investment grade tenant (S&P: A-) and is publicly traded (NYSE: BAC) with a market capitalization in excess of $158 billion. The company operates over 5,100 banking centers, 16,300 ATMs, and employees over 235,000 people. INVESTMENT HIGHLIGHTS • Located in a densely populated part of Chicago • Long term lease with 10 years remaining • Investment grade tenant (S&P: A-) • 10% rental escalation in the primary term and in each renewal option • Benefitted by a signalized intersection at the entrance to Swap-O-Rama, a flea market that has over 25,000 visitors per week • Located along a primary thoroughfare with traffic counts in excess of 23,000 VPD • Rare urban Chicago bank amenities such as 44 designated parking spaces and 5 drive-thru lanes EXECUTIVE SUMMARY EXECUTIVE SUMMARY
  • 5. NET LEASED INVESTMENT OFFERING www.bouldergroup.com PROPERTY OVERVIEW PROPERTY OVERVIEW Price: $5,502,112 Cap Rate: 6.25% Rent Schedule: NOI Escalation Date $343,882* $378,270 11/1/2019 $416,097 11/1/2024 (Option 1) $457,706 11/1/2029 (Option 2) $503,477 11/1/2034 (Option 3) $553,825 11/1/2039 (Option 4) $609,207 11/1/2044 (Option 5) Renewal Options: Five 5-Year Lease Commencement Date: October 12, 2004 Lease Expiration Date: October 31, 2024 Tenant: Bank of America Credit: A- (S&P) Year Built: 2004 Lease Type: • NNN through 10/31/2019 • Beginning November 2019, the lease is NN for the remainder of the term including options and the landlord is only responsible for 80% of capital expenditures Building Size: 6,200 SF Land Size: 39,276 SF *Seller will credit, at closing the difference between the current rent of $312,882, until the rent escalates in November 2014 to $343,882.
  • 6. NET LEASED INVESTMENT OFFERING www.bouldergroup.com AERIALS AERIALS N
  • 7. NET LEASED INVESTMENT OFFERING www.bouldergroup.com AERIALS AERIALS N S.ASHLANDAVENUE 23,000VPD 150,000 VPD STOCKYARDS INDUSTRIAL PARKSITE 290,000VPD 90 94 55
  • 8. NET LEASED INVESTMENT OFFERING www.bouldergroup.com SITE PLAN SITE PLAN ASHLAND AVENUE 42ndSTREET MARSHFIELD AVENUE N
  • 9. NET LEASED INVESTMENT OFFERING www.bouldergroup.com MAP MAP MIDWAY AIRPORT MIDWAY AIRPORT
  • 10. NET LEASED INVESTMENT OFFERING www.bouldergroup.com 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 $158 billion. The company was founded in 1874 and is based in Charlotte, North Carolina. Website: www.bankofamerica.com Stock Symbol: NASDAQ: BAC Market Capitalization: $158 billion Number of Locations: 5,100 State Locations: 50 TENANT PROFILE TENANT PROFILE
  • 11. NET LEASED INVESTMENT OFFERING www.bouldergroup.com Population 1-mi 3-mi 5-mi Total Population 30,211 361,261 879,505 Total Households 8,587 111,735 301,168 Income Median Household Income $29,854 $32,138 $35,522 Average Household Income $40,155 $45,283 $53,416 DEMOGRAPHIC COMPARISON REPORT DEMOGRAPHIC COMPARISON REPORT
  • 12. NET LEASED INVESTMENT OFFERING www.bouldergroup.com 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 LOCATION OVERVIEW LOCATION OVERVIEW
  • 13. NET LEASED INVESTMENT OFFERING www.bouldergroup.com CONTACT INFORMATION CONTACT INFORMATION 666 Dundee Road, Suite 1801 Northbrook, IL 60062 Randy Blankstein President 847.562.0003 rblank@bouldergroup.com Jimmy Goodman Partner 847.562.8500 jimmy@bouldergroup.com