Net Lease Property For Sale

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single tenant net lease property for sale in the Chicago MSA

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Net Lease Property For Sale

  1. 1. NET LEASED INVESTMENT OFFERING Northwestern Memorial Hospital 350 South Waukegan RoadDeerfield, IL 60062 (Chicago MSA) www.bouldergroup.com
  2. 2. TABLE OF CONTENTS NET LEASED INVESTMENT OFFERING TABLE OF CONTENTS1) Confidentiality & Disclaimer2) Executive Summary3) Property Overview4) Aerial5) Site Plan6) Maps7) Tenant Profile8) Demographic Comparison Report9) Location Overview10) Contact Information www.bouldergroup.com
  3. 3. CONFIDENTITALITY & DISCLAIMER NET LEASED INVESTMENT OFFERING CONFIDENTIALITY & DISCLAIMERThe information contained in the following Offering Memorandum is proprietary and strictly confidential. It is intended to bereviewed only by the party receiving it from The Boulder Group and should not be made available to any other person or entitywithout 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 notmade any investigation, and makes no warranty or representation. The information contained in this Offering Memorandumhas 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 mattersand 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. www.bouldergroup.com
  4. 4. EXECUTIVE SUMMARY NET LEASED INVESTMENT OFFERING EXECUTIVE SUMMARYThe Boulder Group is pleased to exclusively market for sale a single tenant medical office property occupied byNorthwestern Memorial Hospital located in the Chicago MSA. The property is located in the prestigious North Shorecommunity of Deerfield, which is one of the most affluent Chicago suburbs. Northwestern Memorial Hospital relocatedto this build-to-suit property from a mile away to take advantage of a larger modern facility, better visibility and easieraccess. Northwestern Memorial Hospital is an investment grade company with a Moody’s credit rating of Aa2. Theproperty is currently under construction and rent will commence March 11, 2013 under a 15 year primary lease withannual 2.5% rental escalations.Northwestern Memorial Hospital is located along Waukegan Road, which experiences traffic counts in excess of 26,100vehicles per day. Waukegan Road has a direct access interchange with Interstate 94 adjacent to the property. Theproperty is located in the primary retail trade area adjacent to Deerbrook Mall. Deerbrook Mall retailers includeJewel-Osco grocery store, Office Max, Bed Bath & Beyond, T.J. Maxx and Sports Authority. Northbrook Court Regional Mallis located approximately one mile east from the property. Northbrook Court is anchored by Neiman Marcus, Macy’s, Lord& Taylor and an AMC movie theater. Deerfield is an affluent community where residents enjoy household incomes in excess of $145,748 within three miles ofthe property. There are over 168,000 people living within five miles of the property. Deerfield is centrally located betweenmany affluent North Shore suburbs, including Glencoe, Highland Park, Northbrook and Winnetka. The North Shore is oneof the wealthiest and most highly educated areas in the Midwest.The facility will be staffed by Family Practice Physicians, who treat patients for minor injuries, illness and vaccinations.A dermatology suite will also be located on the first floor, while the second floor will be occupied by internal medicinephysicians. Northwestern Memorial Hospital is currently under construction and rent will commence March 11, 2013. NorthwesternMemorial Physicians Group’s primary lease term is for 15 years with annual rental escalations of 2.5%. NorthwesternMemorial Hospital is an investment grade company with a Moody’s rating of Aa2.INVESTMENT HIGHLIGHTS • Located within the Chicago MSA • Investment grade medical office tenant (Moody’s Aa2) • Relocation and expansion from an existing location • 2.5% annual rental escalations • Long term lease with 15 years remaining upon rent commencement • Located off Interstate 94 exit ramp • Deerfield is an affluent Chicago suburb with average household incomes in excess of $145,748 within three miles of the property www.bouldergroup.com
  5. 5. PROPERTY OVERVIEW NET LEASED INVESTMENT OFFERING PROPERTY OVERVIEW Price: $7,151,254 Cap Rate: 5.50% Net Operating Income: $393,319 Rent Escalations: 2.5% annual Renewal Options: Two 5-year at FMV Lease Commencement Date: March 11, 2013 Lease Expiration Date: March 10, 2028 1 Tenant: Northwestern Memorial Hospital Credit Rating: Aa2 (Moody’s - Investment Grade) Year Built: 2013 Lease Type: Double Net (Roof & Structure)2 Rentable Square Feet: 16,737 Land Size: 1.87 acres(1) Tenant has the right to terminate the lease at the last day of the 10th lease year subjectto penalty of approximately $692,000.(2) Property has a 20 year assumable non-prorated roof warranty. www.bouldergroup.com
  6. 6. AERIAL NET LEASED INVESTMENT OFFERING AERIAL LAKE COOK ROAD 37,900 VPD S. W 26,94 AU 100 KE GA VPD N RO 94 AD 49 ,30 0V PD www.bouldergroup.com
  7. 7. SITE PLANNET LEASED INVESTMENT OFFERING SITE PLAN WA UK EG AN RO AD www.bouldergroup.com
  8. 8. MAPSNET LEASED INVESTMENT OFFERING MAPS S IT E S IT E www.bouldergroup.com
  9. 9. TENANT PROFILE NET LEASED INVESTMENT OFFERING TENANT PROFILENorthwestern Memorial Physicians Group, the user group occupying the facility, is a primary care medicalgroup with over 100 physicians in 15 medical offices in the Chicago MSA. These facilities are located in theneighborhoods of Streeterville, Bucktown, Lincoln Park, the Loop, River North and in the north suburbs.Physicians at these facilities cover various specialties of internal medicine, obstetrics and gynecology,pediatrics, dermatology, occupational medicine, integrative medicine, wellness and disease prevention,executive health and perioperative care. Northwestern Memorial Hospital is one of the country’s premier academic medical center hospitals. Itis the primary teaching hospital for Northwestern University’s Feinberg School of Medicine. In fiscal year2010, twelve of Northwestern Memorial Hospital’s medical specialties were ranked in the U.S. News &World Reports “America’s Best Hospital” issue. Northwestern Memorial HealthCare Corporation contractswith managed care payers on behalf of the hospital’s medical staff. Northwestern Memorial HealthCareis the corporate parent of all Northwestern Memorial Hospital, Northwestern Memorial Foundation andNorthwestern Lake Forest Hospital locations. Northwestern Memorial Physicians Group Website: www.nmpg.comNorthwestern Memorial Hospital Website: www.nmh.orgHeadquarters: Chicago, IL www.bouldergroup.com
  10. 10. DEMOGRAPHIC COMPARISON REPORT NET LEASED INVESTMENT OFFERING DEMOGRAPHIC COMPARISON REPORTPopulation 1-mi 3-mi 5-miTotal Population 5,450 72,452 168,271Total Households 2,030 27,705 62,667IncomeMedian Household Income $111,164 $120,146 $104,427Average Household Income $136,975 $145,748 $132,888 www.bouldergroup.com
  11. 11. LOCATION OVERVIEW NET LEASED INVESTMENT OFFERING LOCATION OVERVIEW Deerfield has long been regarded as one of the premier communities of the North Shore. Deerfield is a village located within Lake County, Illinois approximately 25 miles north of Chicago, Illinois. At the time of the 2010 U.S. Census, Deerfield had a population of 18,225 and Lake County had a population of 703,462. Additionally, a portion of Deerfield Village is in Cook County. People continuously choose torelocate to Deerfield due, in large part, to the availability of superior elementary schools, middle schools and thepresence of Deerfield High School. Deerfield High School is one of the top high schools in the state, ranking #5in 2012.The Village is also home to several Fortune 500 companies, including Walgreens (over 5,000 employees),Baxter Healthcare, Beam, Consumers Digest, Cosi and Fortune Brands Home & Security. The largest employersin Deerfield are Walgreens, Baxter International and Takeda Pharmaceuticals. Deerfield is about three mileswest of Lake Michigan and three miles east of Chicago Executive Airport. Chicago O’Hare Airport is locatedapproximately 15 miles to the southwest, just beyond the I-294 and I-90 intersection.www.deerfield.il.us 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, telecom-munications and infrastructure and O’Hare International Airport is the second busiest airport in the world interms of traffic movement.The metro is also a major financial center in North America, and is home to the largest futures exchange in theUnited States, the CME Group. Chicago is third in the world on the Global Financial Centers Index which ranksthe competitiveness of financial centers based on people, business environment, market access, infrastructureand general competitiveness.www.cityofchicago.org www.bouldergroup.com
  12. 12. CONTACT INFORMATION NET LEASED INVESTMENT OFFERING CONTACT INFORMATION 666 Dundee Road, Suite 1801 Northbrook, IL 60062Randy Blankstein Jimmy GoodmanPresident Partner847.562.0003 847.562.8500rblank@bouldergroup.com jimmy@bouldergroup.com www.bouldergroup.com

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