NET LEASED INVESTMENT OFFERING www.bouldergroup.com PNC Bank (Ground Lease) 12821 West Bluemound Road Brookfield, WI 53005 (Milwaukee MSA)
Triple Net PNC Bank for sale
Jun 20, 2015
triple net leased PNC bank for sale in Milwaukee
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NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
PNC Bank (Ground Lease)12821 West Bluemound Road
Brookfield, WI 53005 (Milwaukee MSA)
NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
TABLE OF CONTENTS
TABLE OF CONTENTS
1) Confidentiality&Disclaimer
2) ExecutiveSummary
3) PropertyOverview
4) Aerial
5) SitePlan
6) Maps
7) TenantProfile
8) DemographicComparisonReport
9) LocationOverview
10) ContactInformation
NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
TheinformationcontainedinthefollowingOfferingMemorandumisproprietaryandstrictlyconfidential.ItisintendedtobereviewedonlybythepartyreceivingitfromTheBoulderGroupandshouldnotbemadeavailabletoanyotherpersonorentitywithoutthewrittenconsentofTheBoulderGroup.ThisOfferingMemorandumhasbeenpreparedtoprovidesummary,unverifiedinformationtoprospectivepurchasers,andtoestablishonlyapreliminarylevelofinterestinthesubjectproperty.Theinformationcontainedhereinisnotasubstituteforathoroughduediligenceinvestigation.TheBoulderGrouphasnotmadeanyinvestigation,andmakesnowarrantyorrepresentation.TheinformationcontainedinthisOfferingMemorandumhasbeenobtainedfromsourceswebelievetobereliable;however,TheBoulderGrouphasnotverified,andwillnotverify,anyoftheinformationcontainedherein,norhasTheBoulderGroupconductedanyinvestigationregardingthesemattersandmakesnowarrantyorrepresentationwhatsoeverregardingtheaccuracyorcompletenessoftheinformationprovided.Allpotentialbuyersmusttakeappropriatemeasurestoverifyalloftheinformationsetforthherein.
CONFIDENTIALITY & DISCLAIMER
CONFIDENTITALITY & DISCLAIMER
NET LEASED INVESTMENT OFFERING
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TheBoulderGroup is pleased to exclusivelymarket for sale a single tenant PNCBank ground lease propertylocatedintheMilwaukeeMSA.The4,020squarefootbuildingwasconstructedin2012ona51,400squarefootparcelandispartoftherecentlydevelopedUnderwoodCrossing.The20yeargroundleasefeaturesescalatingrentsduringtheprimarytermofthelease.
ThepropertyislocatedalongBluemoundRoad,aprimaryeast-westthoroughfarethatexperiencestrafficvolumesinexcessof41,000vehiclesperday.BluemoundRoad runsparallel to Interstate94,creatingconstant trafficflowneartheproperty.ThepropertyispositionedatthesignalizedentrancetotherecentlydevelopedUnderwoodCrossing.UnderwoodCrossingfeaturesarecentlydevelopedTargetandTraderJoe’s,whicharetwomajortrafficgeneratorsforthearea.ThedeveloperisconstructinganadjacentstripcenterfeaturingStarbucksandGreatClips.Theregionaltradeareaalsofeaturestworegionalmalls,BrookfieldSquareMallandMayfairMall,totalingover2millionsquarefeetfeaturingnationalretailersMacy’s,BostonStore,Sears,BedBath&BeyondandPetSmart.Brookfield is awell-populatedareawithapproximately240,000people livingwithin fivemilesof theproperty.Residentslivingwithinonemileofthesubjectpropertyenjoyaveragehouseholdincomeinexcessof$95,000annually.
TheoriginaltwentyyeargroundleasecommencedNovember3,2012withaprimarytermof20years.Theleasefeaturesarentalescalationintheprimarytermandineachofthefive10-yearrenewaloptions.PNCBankisthesixth largestbank intheUnitedStatesbytotalassets.PNCBankhasover2,800locations in17statesand ispubliclytradedontheNewYorkStockExchange(PNC).PNCisaninvestmentgraderatedcompanywithaStandard&Poor’sratingofA-.
INVESTMENT HIGHLIGHTS
•LocatedwithintheMilwaukeeMSA
•Investmentgradetenant(S&P:A-)
•Newconstruction
•Longtermleasewith19yearsremaining
•10%rentalescalationeverytenyearsintheprimarytermandrenewaloptions
•Nolandlordresponsibilities
•OutparceltoanewlydevelopedTargetandTraderJoe’sdevelopment
•BluemoundRoadisaprimarythoroughfareandhastrafficvolumesinexcessof41,000vehiclesperday
•Affluentareawithaveragehouseholdincomeinexcessof$95,000inimmediatevicinity
EXECUTIVE SUMMARY
EXECUTIVE SUMMARY
NET LEASED INVESTMENT OFFERING
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PROPERTY OVERVIEW
PROPERTY OVERVIEW
Price: $2,500,000
CapRate: 5.00%
RentSchedule: NOI EscalationDate
$125,000$137,500 11/4/2022$151,250 12/1/2032(Option1)$166,375 12/1/2042(Option2)$183,012 12/1/2052(Option3)$201,314 12/1/2062(Option4)$221,445 12/1/2072(Option5)
RenewalOptions: Five10-Year
RentCommencementDate: November3,2012
RentExpirationDate: November30,2032
Tenant: PNCBank
YearBuilt: 2012
LeaseType: GroundLease
BuildingSize: 4,020SF
LandSize: 1.18acres
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AERIAL
AERIAL
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SITE PLAN
SITE PLAN
N
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MAPS
MAPS
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PNC Financial Services is adiversifiedfinancial services company in theUnitedStates.PNC is engaged inretailbanking,corporateandinstitutionalbanking,assetmanagement,andresidentialmortgagebanking.PNCprovidesdeposit,lending,cashmanagement,andinvestmentservicestomorethan6millionconsumerandsmallbusinesscustomersacross19statesandtheDistrictofColumbia.PNCisthefifthlargestbankintheUnitedStates(totalbranches)withmorethan2,700branchesand7,400ATMmachines.PNCispubliclytradedontheNewYorkStockExchangeasPNCandhasamarketcapitalizationinexcessof$39billion.
Website: www.pnc.comCreditRating: A-(S&P)StockSymbol: PNC(NYSE)NumberofLocations: 2,700+MarketCapitalization: $39billion
TENANT PROFILE
TENANT PROFILE
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Population 3-mi 5-mi 7-mi
TotalPopulation 60,472 240,383 515,821TotalHouseholds 26,261 105,458 208,869
Income
MedianHouseholdIncome $58,444 $54,084 $64,444AverageHouseholdIncome $82,953 $73,528 $75,289
DEMOGRAPHIC COMPARISON REPORT
DEMOGRAPHIC COMPARISON REPORT
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BrookfieldisacitylocatedinWaukeshaCounty,Wisconsin.Ithadapopulationof37,920inthe2010census.Brookfield is thethird largestcity inWaukeshaCounty.Brookfield isoneofMilwaukee’sfastest growing andmost affluent areas. Brookfield is located approximately tenmiles west ofMilwaukeeandishometosixmillionsquarefeetofcorporateofficespaceandfivemillionsquarefeet of industrial space. Major employers in the area includeWheaton FranciscanHealthcare,
GEMedicalServices,HarleyDavidson,QuadGraphics,AuroraHealthcareandBriggsandStratton.ThereareeightcollegesanduniversitieslocatedwithinBrookfield’stradeareaincludingtheUniversityofWisconsinatMilwaukeeandMarquetteUniversity.Thesetwouniversitiesarehometoacombined25,000students.
www.ci.brookfield.wi.us
MilwaukeeisthelargestcityinWisconsinandthe28thmostpopulouscityintheUnitedStates.Milwaukee is locatedon the southwestern shoreof LakeMichigan. According to the2010U.S.Census,theCityofMilwaukeehadapopulationof594,833andtheMilwaukeeMSAhadapopulationof1,751,316.
Milwaukee and its suburbs are the home to the international headquarters of 13 Fortune 1000 companies,includingJohnsonControls,NorthwesternMutual,ManpowerInc.,JeffersonWells,Kohl’s,Harley-Davidson,RockwellAutomation,Fiserv, Inc.,HalLeonard,WisconsinEnergy,Briggs&Stratton,JoyGlobal,Bucyrus International,A.O.Smith,GEHealthcareDiagnosticImagingandClinicalSystemsandMGICInvestments.TheMilwaukeemetropolitanarearanksfifthintheUnitedStatesintermsofthenumberofFortune500companyheadquartersasashareofthepopulation.
city.milwaukee.gov
LOCATION OVERVIEW
LOCATION OVERVIEW
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666DundeeRoad,Suite1801Northbrook,IL60062
Randy [email protected]
Jimmy [email protected]
CONTACT INFORMATION
CONTACT INFORMATION
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