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Single Tenant Bank of America for sale in the Chicago MSA
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NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
Bank of America4200 South Ashland Avenue
Chicago, IL 60609
NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
1) Confidentiality&Disclaimer
2) ExecutiveSummary
3) PropertyOverview
4) Aerials
5) SitePlan
6) Map
7) TenantProfile
8) DemographicComparisonReport
9) LocationOverview
10) ContactInformation
TABLE OF CONTENTS
TABLE OF CONTENTS
NET LEASED INVESTMENT OFFERING
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TheinformationcontainedinthefollowingOfferingMemorandumisproprietaryandstrictlyconfidential.ItisintendedtobereviewedonlybythepartyreceivingitfromTheBoulderGroupandshouldnotbemadeavailabletoanyotherpersonorentitywithoutthewrittenconsentofTheBoulderGroup.ThisOfferingMemorandumhasbeenpreparedtoprovidesummary,unverifiedinformationtoprospectivepurchasers,andtoestablishonlyapreliminarylevelofinterestinthesubjectproperty.Theinformationcontainedhereinisnotasubstituteforathoroughduediligenceinvestigation.TheBoulderGrouphasnotmadeanyinvestigation,andmakesnowarrantyorrepresentation.TheinformationcontainedinthisOfferingMemorandumhasbeenobtainedfromsourceswebelievetobereliable;however,TheBoulderGrouphasnotverified,andwillnotverify,anyoftheinformationcontainedherein,norhasTheBoulderGroupconductedanyinvestigationregardingthesemattersandmakesnowarrantyorrepresentationwhatsoeverregardingtheaccuracyorcompletenessoftheinformationprovided.Allpotentialbuyersmusttakeappropriatemeasurestoverifyalloftheinformationsetforthherein.
CONFIDENTIALITY & DISCLAIMER
CONFIDENTITALITY & DISCLAIMER
NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
TheBoulderGroupispleasedtoexclusivelymarketforsaleasingletenantnetleasedBankofAmericapropertylocatedinChicago,Illinois.The6,200squarefootbuildingwasdevelopedin2004andislocatedatasignalizedintersectioninadenselypopulatedarea.Theleasehas10yearsremainingandfeaturesrentalescalationseveryfiveyearsthroughouttheprimarytermandrenewaloptions.BankofAmericaisaninvestmentgradetenantwithaStandardandPoor’sratingofA-.
TheBankofAmericapropertyislocatedatthesignalizedintersectionofSouthAshlandAvenueandWest42ndStreet.SouthAshlandAvenueisaprimarynorth-souththoroughfarewithtrafficcountsinexcessof23,000vehiclesperday.ThepropertyislocatedapproximatelyoneandahalfmilessouthofInterstate55andtwomileswestofInterstate94/90.Interstate55experiencestrafficcountsofapproximately150,000vehiclesperdayandInterstate94/90experiencestrafficcountsof290,000vehiclesperday.U.S.CellularField,homeoftheChicagoWhiteSox,islocatedtwomilestotheeastoftheproperty.TheBankofAmericaislocatedinadenselypopulatedpartofChicagowithover30,000peoplelivingwithinaonemileradiusandover875,000peoplelivingwithinafivemileradius.ThebuildingfeaturesrarequalitiesforanurbanChicagobankpropertysuchasfivedrive-thrulanesand44designatedparkingspaces.
TheBankofAmericapropertyislocatedattheentrancetoSwap-O-Rama,a100,000squarefootfleamarketthatattractsover25,000visitorsperweek.Swap-O-Ramawasbeenoperatingatthislocationsince1992.AcrossthestreetfromtheBankofAmerica isaMcDonald’s that recentlyunderwenta fullscale renovation, furtherevidencing thearea’s retailstrength.
TherearetenyearsremainingonthisnetleasethatexpiresonOctober31,2024.Theleasefeatures10%rentalescalationseveryfiveyearsintheprimarytermandrenewaloptionperiods.Therearefive5-yearrenewaloptions.BankofAmericaisaninvestmentgradetenant(S&P:A-)andispubliclytraded(NYSE:BAC)withamarketcapitalizationinexcessof$158billion.Thecompanyoperatesover5,100bankingcenters,16,300ATMs,andemployeesover235,000people.
INVESTMENT HIGHLIGHTS
•LocatedinadenselypopulatedpartofChicago
•Longtermleasewith10yearsremaining
•Investmentgradetenant(S&P:A-)
•10%rentalescalationintheprimarytermandineachrenewaloption
•BenefittedbyasignalizedintersectionattheentrancetoSwap-O-Rama,a fleamarketthathasover25,000visitorsperweek
•Locatedalongaprimarythoroughfarewithtrafficcountsinexcessof23,000 VPD
•RareurbanChicagobankamenitiessuchas44designatedparkingspacesand5drive-thrulanes
EXECUTIVE SUMMARY
EXECUTIVE SUMMARY
NET LEASED INVESTMENT OFFERING
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PROPERTY OVERVIEW
PROPERTY OVERVIEW
Price: $5,502,112
CapRate: 6.25%
RentSchedule: NOI EscalationDate
$343,882*$378,270 11/1/2019$416,097 11/1/2024(Option1)$457,706 11/1/2029(Option2)$503,477 11/1/2034(Option3)$553,825 11/1/2039(Option4)$609,207 11/1/2044(Option5)
RenewalOptions: Five5-Year
LeaseCommencementDate: October12,2004
LeaseExpirationDate: October31,2024
Tenant: BankofAmerica
Credit: A-(S&P)
YearBuilt: 2004
LeaseType: •NNNthrough10/31/2019•BeginningNovember2019,theleaseisNNfortheremainderofthetermincludingoptionsandthelandlordisonlyresponsiblefor80%ofcapitalexpenditures
BuildingSize: 6,200SF
LandSize: 39,276SF
*Seller will credit, at closing the difference between the current rent of $312,882, until the rent escalates in November 2014 to $343,882.
NET LEASED INVESTMENT OFFERING
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AERIALS
AERIALS
N
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AERIALS
AERIALS
N
S. A
SHLA
ND
AVE
NUE
23,0
00 V
PD
150,000 VPD
STOCKYARDS INDUSTRIAL PARKSITE
290,
000
VPD
90
94
55
NET LEASED INVESTMENT OFFERING
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SITE PLAN
SITE PLAN
ASHLAND AVENUE
42
nd S
TREE
T
MARSHFIELD AVENUE
N
NET LEASED INVESTMENT OFFERING
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MAP
MAP
MIDWAYAIRPORT
MIDWAYAIRPORT
NET LEASED INVESTMENT OFFERING
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Bank of America Corporation (NYSE:BAC), through its subsidiaries, provides variousbankingandfinancialproductsandservicesforindividualconsumers,smallandmiddlemarketbusinesses,institutionalinvestors,corporations,andgovernmentsintheUnitedStatesandinternationally.
Thecompany’sConsumer&BusinessBankingsegmentofferstraditionalandmoneymarketsavingsaccounts,CDsandIRAs,checkingaccounts,andinvestmentaccountsandproducts,aswellascreditanddebitcards;andlendingrelatedproductsandservices,workingcapitalmanagement,andtreasurysolutions.Thissegmentprovidesitsproductsandservicesthroughoperating5,100bankingcenters,16,300ATMs,callcenters,andonlineandmobilebankingplatforms.
BankofAmericaisaninvestmentgraderatedcompany(S&P:A-).BankofAmericaispubliclytradedontheNewYorkStockExchange,BAC,andhasamarketcapitalizationinexcessof$158billion.Thecompanywasfoundedin1874andisbasedinCharlotte,NorthCarolina.
Website: www.bankofamerica.comStockSymbol: NASDAQ:BACMarketCapitalization: $158billionNumberofLocations: 5,100StateLocations: 50
TENANT PROFILE
TENANT PROFILE
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Population 1-mi 3-mi 5-mi
TotalPopulation 30,211 361,261 879,505TotalHouseholds 8,587 111,735 301,168
Income
MedianHouseholdIncome $29,854 $32,138 $35,522AverageHouseholdIncome $40,155 $45,283 $53,416
DEMOGRAPHIC COMPARISON REPORT
DEMOGRAPHIC COMPARISON REPORT
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ChicagoisthemostpopulouscityintheMidwesternUnitedStatesandthethirdmostpopulouscityintheUnitedStateswith2,700,000residents.ChicagoisthecountyseatofCookCounty,thesecond largestcounty in theUnitedStates.TheChicagoMSA is thethirdmostpopulatedmetropolitanareaintheUnitedStateswith9,580,567residents.TheMSAcoversover1,300square miles and six counties. The Chicago metropolitan area is home to the corporateheadquartersof57Fortune1000companies,includingBoeing,McDonald’s,Motorola,Discover
FinancialServicesandUnitedAirlines.Chicagoisamajorhubforindustry,telecommunicationsandinfrastructureandO’HareInternationalAirportisthesecondbusiestairportintheworldintermsoftrafficmovement.
ThemetroisalsoamajorfinancialcenterinNorthAmerica,andishometothelargestfuturesexchangeintheUnitedStates,theCMEGroup.ChicagoisthirdintheworldontheGlobalFinancialCentersIndexwhichranksthecompetitivenessoffinancialcentersbasedonpeople,businessenvironment,marketaccess,infrastructureandgeneralcompetitiveness.
www.cityofchicago.org
LOCATION OVERVIEW
LOCATION OVERVIEW
NET LEASED INVESTMENT OFFERING
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CONTACT INFORMATION
CONTACT INFORMATION
666DundeeRoad,Suite1801Northbrook,IL60062
Randy [email protected]
Jimmy [email protected]
