The Boulder Group is pleased to exclusively market for sale a single tenant PNC Bank ground lease

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PNC Bank (Ground Lease)
1996 Freedom Parkway
Washington, IL 61571 (Peoria MSA)

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1) Confidentiality & Disclaimer
2) Executive Summary
3) Property Overview
4) Aerial
5) Site Plan
6) Maps
7) Tenant Profile
8) Demographic Comparison Report
9) Location Overview
10) Contact Information
TABLE OF CONTENTS
TABLE OF CONTENTS

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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

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The Boulder Group is pleased to exclusively market for sale a single tenant PNC Bank ground lease located in Washington,
Illinois. The PNC Bank is an outparcel to a Wal-Mart Supercenter and is adjacent to a Menards. The PNC Bank is located
on a 58,730 square foot parcel and was built in 2007. There are over 13 years remaining on the PNC Bank ground lease
which expires December 31, 2028. The ground lease features rare 14% rental escalations every five years throughout the
primary term and renewal option periods. Washington is 10 miles east of Peoria, the home of Caterpillar, which employs
approximately 17,000 people.
The property is located along US 24 and benefits from its position on the hard corner of a signalized intersection. The
intersection of Freedom Parkway and US 24 experiences traffic counts in excess of 21,000 vehicles per day. Over 9,000
cars travel in and out of the shopping center which features Wal-Mart, Menards and PNC Bank daily. The property is located
within the primary retail trade area that includes retailers such as Wal-Mart Supercenter, Menards, Kroger, Tractor Supply,
AutoZone, Advance Auto Parts and Dollar General.
The PNC Bank ground lease expires in December 2028 and features 14% rental escalations every five years throughout the
primary term and renewal options. There are three 10-year renewal option periods. PNC is a publicly traded company on the
New York Stock Exchange (PNC) with a market capitalization in excess of $45 Billion. PNC is an investment grade company
with a Standard & Poor’s rating of A.
INVESTMENT HIGHLIGHTS
• Investment grade rated company (Standard & Poor’s: A)
• Rare 14% rental escalations every five years throughout the primary
term and renewal options
• Long term ground lease with over 13 years remaining
• Three 10-year renewal options
• Positioned on the hard corner of a signalized intersection
• Average household income in excess of $83,000 within five miles of
the property
• No landlord responsibilities
• Outparcel to a Wal-Mart Supercenter and adjacent to a Menards
• Additional retailers in the immediate vicinity include Kroger, Aldi, Tractor Supply, AutoZone, Advance Auto Parts and Dollar
General
EXECUTIVE SUMMARY
EXECUTIVE SUMMARY

5. NET LEASED INVESTMENT OFFERING
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Price: $1,368,571
Cap Rate: 4.50%
Rent Schedule: NOI Escalation Date
$61,560
$70,178 1/1/2019
$80,003 1/1/2024
$91,203 1/1/2029 (Option 1)
$103,972 1/1/2034
$118,528 1/1/2039 (Option 2)
$135,122 1/1/2044
$154,039 1/1/2049 (Option 3)
$175,605 1/1/2054
Renewal Options: Three 10-Year
Renewal Escalations: 14% increases every 5 years
Lease Commencement Date: December 15, 2008
Lease Expiration Date: December 31, 2028
Tenant: PNC
Credit Rating: A (Standard and Poor’s)
Year Built 2008
Lease Type: Ground Lease - NNN
Rentable Square Feet: 3,501 SF
Land Size: 58,730 SF
Assignment & Subletting: Tenant has the right to assign or sublease the property to any
tenant with a financial net worth in excess of $25,000,000.
PROPERTY OVERVIEW
PROPERTY OVERVIEW

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AERIAL
AERIAL

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SITE PLAN
SITE PLAN

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MAPS
MAPS

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PNC Financial Services is a diversified financial services company in the United States. PNC is engaged in
retail banking, corporate and institutional banking, asset management, and residential mortgage banking.
PNC provides deposit, lending, cash management, and investment services to more than 6 million consumer
and small business customers across 19 states and the District of Columbia. PNC is the fifth largest bank in
the United States (total branches) with more than 2,700 branches and 8,000 ATM machines. PNC is publicly
traded on the New York Stock Exchange as PNC and has a market capitalization in excess of $45 billion.
Website: www.pnc.com
Credit: A (S&P)
Stock Symbol: PNC (NYSE)
Number of Locations: 2,700+
Market Capitalization: $45 billion
TENANT PROFILE
TENANT PROFILE

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Population 3-mi 5-mi 7-mi
Total Population 22,448 43,128 87,106
Total Households 8,872 16,962 35,137
Income
Median Household Income $59,682 $67,154 $55,487
Average Household Income $73,712 $83,028 $71,724
DEMOGRAPHIC COMPARISON REPORT
DEMOGRAPHIC COMPARISON REPORT

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Washington is a located in Tazewell County, Illinois. According to the 2010 census there
Washington and Tazewell County had a population of 15,134 and 135,394 respectively.
Washington is located 10 miles east of Peoria and is part of the Peoria Metropolitan Statisti-
cal Area.
Peoria is the largest city on the Illinois River and the county seat of Peoria County, Illinois. As
of the 2010 census, the city was the seventh-most populated in Illinois, with a population of
115,007. The Peoria MSA had a population of 373,590 in 2011, making it the third largest
metropolitan area in the state after the Chicago metropolitan area and the Metro-East portion
of the St. Louis metropolitan area.
Peoria is the world headquarters for Caterpillar Inc., one of the 30 companies composing
the Dow Jones Industrial Average. Caterpillar employs over 125,000 people world-wide, of which 15,000+ are
located in Peoria. Other significant employers in the area include the Methodist Medical Center, OSF Saint
Francis Medical Center, and the Peoria School District. Peoria is also home to Bradley University (6,000 students)
and Illinois Central College (12,000 students). The Embassy Suites and Riverfront Conference Center, which is
located across from the subject property, caters to the Caterpillar World Headquarters, Bradley University, and
Peoria Civic Center. The Embassy Suites and Riverfront Conference Center is ideal for East Peoria meetings and
events and boasts a 50,000 square foot conference center.
www.peoriagov.org
LOCATION OVERVIEW
LOCATION OVERVIEW

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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
CONTACT INFORMATION
CONTACT INFORMATION