Triple Net Lease Fifth Third Bank


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Triple net leased Fifth Third Bank Property in the Chicago MSA

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Triple Net Lease Fifth Third Bank

  1. 1. NET LEASED INVESTMENT OFFERING Lease) Fifth Third Bank (Ground Lease) 240 Skokie BoulevardNorthbrook, IL 60062 (Chicago MSA)
  2. 2. TABLE OF CONTENTS NET LEASED INVESTMENT OFFERING TABLE OF CONTENTS1) Confidentiality & Disclaimer2) Executive Summary3) Property Overview4) Site Plan5) Aerials6) Map7) Tenant Profile8) Demographic Comparison Report9) Location Overview10) Contact Information
  3. 3. CONFIDENTIALITY & DISCLAIMER NET LEASED INVESTMENT OFFERING CONFIDENTIALITY CONFIDENTIALITY & DISCLAIMERThe information contained in the following Offering Memorandum is proprietary and strictly confidential. It isintended to be reviewed only by the party receiving it from The Boulder Group and should not be made available toany other person or entity without the written consent of The Boulder Group. This Offering Memorandum has beenprepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminarylevel of interest in the subject property. The information contained herein is not a substitute for a thorough duediligence investigation. The Boulder Group has not made any investigation, and makes no warranty orrepresentation. The information contained in this Offering Memorandum has been obtained from sources webelieve to be reliable; however, The Boulder Group has not verified, and will not verify, any of the informationcontained herein, nor has The Boulder Group conducted any investigation regarding these matters and makes nowarranty or representation whatsoever regarding the accuracy or completeness of the information provided. Allpotential buyers must take appropriate measures to verify all of the information set forth herein.
  4. 4. EXECUTIVE SUMMARY NET LEASED INVESTMENT OFFERING EXECUTIVE SUMMARYThe Boulder Group is pleased to exclusively market for sale a single tenant Fifth Third Bank ground lease located in the ChicagoMSA. The property is located in the prestigious North Shore community of Northbrook, which is one of the most affluent Chicagosuburbs. Fifth Third Bank is an investment grade company with a Standard & Poor’s rating of BBB. The property is located in theprimary retail trade area of Northbrook.The property is located on a 1.17 acre parcel along Skokie Boulevard, which experiences traffic volumes in excess of 21,000vehicles per day. Additionally, the property is located one-quarter mile from the Lake Cook Road and Interstate 94 interchange.Interstate 94 experiences traffic volumes in excess of 126,000 vehicles per day. Fifth Third also benefits from having multipledrive-thru lanes and a drive-thru ATM. The property is located in the primary retail trade area in close proximity to multiplenational tenants. The Village Square of Northbrook Shopping Center is located directly across from the property and featuresretailers Trader Joe’s, Nordstrom Rack, Saks Fifth Avenue (Off 5th), Loehmann’s, Marshalls and PetSmart. Additionally, a Bentley,Rolls Royce and Cadillac dealership is located adjacent to Fifth Third Bank and LA Fitness recently opened one-half mile north ofthe property. The property is also located one mile west from the Chicago Botanic Garden which experiences more than 950,000visitors a year. Northbrook is also home to Northbrook Court, a regional mall, located less than one mile west of the property.Northbrook Court is anchored by Neiman Marcus, Macy’s, Lord & Taylor and an AMC movie theater.Northbrook is an affluent community where residents enjoy household incomes in excess of $152,491 within three miles of theproperty. There are over 145,000 people living within five miles of the property. Northbrook is also home to several Fortune 500companies, including Allstate, which employs over 10,000 people. Northbrook is centrally located between many affluent NorthShore suburbs, including Glencoe, Highland Park, Deerfield and Winnetka. The North Shore is one of the wealthiest and mosthighly educated areas in the Midwest.Fifth Third Bank’s primary lease term was for 25 years and has 16 years remaining. The lease features 10% escalations everyfive years. Fifth Third Bank is a publicly traded company on the NASDAQ (FITB), with a market capitalization of $14 billion. FifthThird Bank is an investment grade company with a Standard & Poor’s rating of BBB.INVESTMENT HIGHLIGHTS • Located within the Chicago MSA • Investment grade tenant (S&P: BBB) • Long term lease with 16 years remaining in the primary term • 10% rental escalations every five years • No landlord responsibilities • Close proximity to Interstate 94 (126,000 VPD) • Nearby retailers include retailers Trader Joe’s, Nordstrom Rack, Saks Fifth Avenue Off 5th and LA Fitness • Close proximity to Northbrook Court, a regional mall anchored by Neiman Marcus, Macy’s, Lord & Taylor and an AMC movie theater • Skokie Boulevard experiences traffic counts in excess of 21,000 vehicles per day • Adjacent to Bentley, Rolls Royce and Cadillac dealership • Northbrook is an affluent Chicago suburb with average household incomes in excess of $152,491 within three miles of the property
  5. 5. PROPERTY OVERVIEW NET LEASED INVESTMENT OFFERING PROPERTY OVERVIEW Price: $3,950,000 Cap Rate: 5.36% Rent Schedule: NOI Escalation Date $ 211,7501 $ 232,925 4/1/2019 $ 256,217 4/1/2024 Renewal Options: Five 5-Year with escalations2 Lease Commencement Date: April 1, 2004 Lease Expiration Date: March 31, 2029 Tenant: Fifth Third Bank Credit Rating: BBB (Standard & Poor’s) Year Built 2004 Lease Type: NNN Ground Lease Rentable Square Feet: 4,100 SF Land Size: 1.71 Acres(1) Seller will pay the differential between the current rent of $192,500, until the rentescalates in April 2014 to $211,750.(2) NOI increases by the greater of 10% or 95% of fair market value in each option.
  10. 10. TENANT PROFILE NET LEASED INVESTMENT OFFERING TENANT PROFILEFifth Third Bank is a Cincinnati, Ohio‐based regional Banking Corporation with $111 billion in total assets. Fifth ThirdBank is the principal subsidiary of Fifth Third Bancorp holding Company. Fifth Third Bancorp has 15 affiliates andoperates over 1,300 full-service Banking Centers in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee,West Virginia, Pennsylvania, Missouri, Georgia and North Carolina. Fifth Third Bank provides branch banking,consumer lending, commercial banking and investment advising services. Fifth Third is also recognized as one of thelargest money managers in the Midwest. As of December 2011, Fifth Third had $28.2 billion in assets under care, ofwhich it managed $24 billion for individuals, corporations and not-for-profit organizations.Website: www.53.comNumber of Locations: 1,316Stock Symbol: FITB : NASDAQStandard & Poor’s Rating: BBBMarket Capitalization: $14 billionEmployees 21,613
  11. 11. DEMOGRAPHIC COMPARISON REPORT NET LEASED INVESTMENT OFFERING DEMOGRAPHIC COMPARISON REPORTPopulation 1-mi. 3-mi 5-miTotal Population 3,806 57,125 140,449Total Households 1,427 21,398 52,322IncomeMedian Household Income $114,488 $125,185 $120,075Average Household Income $141,980 $152,941 $147,510
  12. 12. LOCATION OVERVIEW LOC NET LEASED INVESTMENT OFFERING LOCATION OVERVIEW Northbrook has long been regarded as one of the premier communities of the North Shore. The Village of Northbrook is more than just another North Shore suburb; it is a diverse community that has managed to grow, thrive, and yet remain totally unique in the Chicagoland area. With outstanding amenities, a highly ranked educational Chicagoland system, excellent transportation access and a diverse and vibrant collection of businesses, Northbrook is a wonderful place to live, work, shop and play. People continuously choose to relocate to Northbrook due, in large part, to the availability of relocate superior elementary schools, middle schools and the presence of Glenbrook North High School. Glenbrook North High School is renowned for its academic, athletics, and fine arts programs.The Village is also home to several Fortune 500 companies, including Allstate (over 10,000 employees), UnderwritersLaboratories, and Sky Harbor Industrial Park, which has more than 700 businesses located within its boundaries.This makes for a strong backbone of service service-related, manufacturing, and light-industrial companies that all contribute industrialto the vitality of the Village. People who enjoy shopping will appreciate the fact that Northbrook Court and WillowFestival offer anchors such as Nieman Marcus, Macy’s, Lord & Taylor, Lowes, Best Buy, and a movie theater.The Village of Northbrook lies in the northern region of an area bounded by I 90 on the south, I-295 and I-94/Route I-90 I41 on the west and east, and again by I-94 on the north. It is about 3 miles west of Lake Michigan and 3 miles east of 94Chicago Executive Airport. Chicago OHare Airport is located approximately 12 15 miles to the southwest, just beyond 12-15the I-294 and I-90 intersection. 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 home 1000 companies, including Boeing, McDonalds, Motorola, Discover Financial Services and United Airlines. Chicago is a major hub for industry, telecommunications and infrastructure and OHare International Airport is the second busiest airport in the Airport 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 UnitedStates, the CME Group. Chicago is third in the world on the Global Financial Centers Index which ranks thecompetitiveness of financial centers based on people, business environment, market access, infrastructure andgeneral
  13. 13. CONTACT INFORMATION NET LEASED INVESTMENT OFFERING CONTACT INFORMATION 666 Dundee Road Suite 1801 Northbrook, IL 60062Randy Blankstein Jimmy GoodmanPresident Partner847.562.0003