This document provides information about a net leased Culver's property located in Crystal Lake, Illinois. The property is being offered for $2,072,000 and has a 10.26% capitalization rate. Culver's has a 15-year triple net lease with two 5-year renewal options and 3% annual rent escalations. The property benefits from its location near retailers like Target and Home Depot with above average household incomes of over $109,000 within 5 miles.

1. NET LEASED INVESTMENT OFFERING
Culver’s
510 Pingree Road
60014
Crystal Lake, Chicago, IL 60014
www.bouldergroup.com

2. TABLE OF CONTENTS
NET LEASED INVESTMENT OFFERING
TABLE OF CONTENTS
1) Confidentiality & Disclaimer
2) Executive Summary
3) Property Overview
4) Aerial
5) Site Plan
6) Map
7) Tenant Profile
8) Demographic Comparison Report
9) Location Overview
10) Contact Information
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3. CONFIDENTIALITY & DISCLAIMER
NET LEASED INVESTMENT OFFERING
CONFIDENTIALITY
CONFIDENTIALITY & DISCLAIMER
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.
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4. EXECUTIVE SUMMARY
NET LEASED INVESTMENT OFFERING
EXECUTIVE SUMMARY
The Boulder Group is pleased to exclusively market for sale a single tenant net leased Culver’s property located in the
Chicago MSA. The triple net lease features 3% annual rental escalations. Store sales for this location increased
approximately 6% from 2010 to 2011. The Culver’s franchise program is tremendously successful and has only had one
failed franchisee in 28 years of operation. This is strong performing sales location for Culver’s and this location
outperforms an average Culver’s location by 11%. Culver’s is a privately owned and operated fast casual restaurant chain
that operates primarily in the Midwestern United States. Culver’s was founded in 1984 and has grown to over 450
restaurants in 19 states.
The property is located in the primary retail trade area of Crystal Lake. The retail trade area is anchored by Target, Home
Depot, Kohl’s, hhgregg, Dominick’s and Menards. Additionally, the property is located in close proximity to a sixteen screen
Regal Cinema, Comfort Inn and a County Inn & Suites. The property is located just north of the signalized intersection of
Pingree Road and Northwest Highway. Northwest Highway is the primary east-west thoroughfare in the area experiencing
traffic volumes in excess of 27,000 vehicles per day. There are approximately 137,000 people living within five miles of
the property with above average household incomes in excess of $109,000 annually.
Culver’s original lease term was for fifteen years with two-five year renewal options and the lease expires in February
2018. The net operating income increases by 3% annually and is leased on a triple net basis. Culver’s is a privately owned
fast food chain with over 450 locations in 19 states.
INVESTMENT HIGHLIGHTS
• Located within the Chicago MSA
• 3% annual rental escalations
• In 28 years only one Culver’s franchise has failed
• Sales outperform the average Culver’s location by 11%
• No landlord responsibilities
• Store sales increased approximately 6% from 2010-2011
• Average household income in excess of $109,000 within five miles
of the property
• Nearby retailers include Target, Home Depot, Kohl’s, hhgregg,
Dominick’s and Menards
• Traffic volumes along Northwest Highway in excess of 27,000
vehicles per day
www.bouldergroup.com

5. PROPERTY OVERVIEW
NET LEASED INVESTMENT OFFERING
PROPERTY OVERVIEW
Price: $2,072,000
Cap Rate: 10.26%
Net Operating Income: $212,603
Rental Escalations: 3% annually
Renewal Options: Two 5-Year with escalations
Rent Commencement Date: February 21, 2003
Rent Expiration Date: February 28, 2018
Year Built: 2003
Tenant: Culver’s
Guarantor: Dobre Lody LLC
Lease Type: NNN
Rentable Square Feet: 4,453 SF
Land Size: 1.15 acres
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6. AERIAL
NET LEASED INVESTMENT OFFERING
AERIAL
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7. SITE PLAN
NET LEASED INVESTMENT OFFERING
SITE PLAN
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8. MAP
NET LEASED INVESTMENT OFFERING
MAP
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9. TENANT PROFILE
NET LEASED INVESTMENT OFFERING
TENANT PROFILE
Culver’s is a privately owned and operated fast casual restaurant chain that operates primarily in the Midwestern
United States. Culver’s was founded in 1984 and has grown to over 450 restaurants in 19 states. Culver's serves
fresh food that is cooked to order. The restaurants' award-winning customer service is based on small-town,
Midwestern values, genuine friendliness and an unwavering commitment to quality and cleanliness. Signature items
include the ButterBurger and fresh Frozen Custard, including the famous Flavor of the Day program.
The operators of the franchise have approximately 10 years of restaurant owning business. This location has strong
sales performance and is a top performer in its region. The Culver’s franchise program is tremendously successful
and has only had one failed franchisee in 28 years of operation. This is strong performing sales location for Culver’s
and this location outperforms an average Culver’s by 11%. Additionally, this location has entered into a lease
agreement with the city of Crystal Lake to provide restaurant quality food to the Three Oaks Recreation Area through
its concession stand.
Website: www.culvers.com
Number of Locations: 454
Credit: Private
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10. DEMOGRAPHIC COMPARISON REPORT
NET LEASED INVESTMENT OFFERING
DEMOGRAPHIC COMPARISON REPORT
Population 3-mi. 5-mi 7-mi
Total Population 51,713 136,654 216,786
Total Households 18,184 45,799 71,803
Income
Median Household Income $84,757 $92,177 $90,579
Average Household Income $100,437 $109,150 $108,863
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11. LOCATION OVERVIEW
NET LEASED INVESTMENT OFFERING
LOCATION OVERVIEW
Crystal Lake is a city located in McHenry County, Illinois. Crystal Lake is about 45
miles northwest of Chicago. At the time of the 2010 U.S. Census the population of
Crystal Lake was 40,743. Crystal Lake is the largest city in McHenry County and part
of the Chicago metropolitan area. At the time of the 2010 U.S. Census McHenry
metropolitan
County had a population of 308,760.
http://www.crystallake.org/
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
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 Airlin
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.com
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12. CONTACT INFORMATION
NET LEASED INVESTMENT OFFERING
CONTACT INFORMATION
666 Dundee Road Suite 1801
Northbrook, IL 60062
Randy Blankstein Jimmy Goodman
President Partner
847.562.0003 847.562.8500
rblank@bouldergroup.com jimmy@bouldergroup.com
www.bouldergroup.com