The PrivateBank (Chicago MSA) 1255 Green Bay Road Wilmette, IL 60091
TABLE OF CONTENTS TABLE OF CONTENTS I. Executive Profile Executive Summary Investment Highlights Property Overview II. Location Overview Photographs Aerial Site Plan Maps III. Market & Tenant Overview Demographic Report Market Overview Tenant Overview
DISCLAIMER STATEMENT DISCLAIMER STATEMENT: 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.
EXECUTIVE SUMMARY EXECUTIVE SUMMARY: The Boulder Group is pleased to exclusively market for sale a single tenant net leased PrivateBank property located within the Chicago MSA. The property is located in the prestigious North Shore community of Wilmette, one of Chicago s most affluent suburbs. The property is strategically located at a hard corner of a three-way intersection along a primary north-south thoroughfare in the area. The PrivateBank features a drive-thru and has easy access and excellent visibility. The absolute net lease has 14 years remaining and features 2.50% annual rental escalations in the primary term and in the three 5-year renewal option periods. The PrivateBank delivers customized business and personal financial services to middle-market companies, as well as business owners, executives, entrepreneurs and families in all of the markets and communities it serves. The 4,986 square foot building is located on the three-way corner of Green Bay Road, Ashland Lane and 16th Street within an affluent and densely populated residential area. The average household income within a one mile radius of the property exceeds $248,000 per year. In addition, there are approximately 98,950 people living within a three mile radius of the property. Retailers in the area include Walgreens, Jewel-Osco, Jiffy Lube, 7-Eleven and Starbucks. The property is also located within close proximity to multiple residential communities, local businesses, and schools. The Union Pacific/North Metra train line runs from downtown Chicago to Waukegan, Illinois along Green Bay Road. The property is located across from the Kenilworth station and one-half mile from the Wilmette station. Wilmette is located near many affluent North Shore suburbs, including Glencoe, Winnetka, Kenilworth and Highland Park. The North Shore is one of the wealthiest and most highly educated areas in the Midwest. The PrivateBank lease has 14 years remaining expiring July 31, 2031. The lease features 2.50% annual rental escalations in the primary term and in the three 5-year renewal option periods. The PrivateBank was founded in 1991 and is based in Chicago, Illinois. On June 23, 2017, Canadian Imperial Bank of Commerce (CIBC) completed its acquisition of PrivateBancorp, Inc. The PrivateBank, formerly a subsidiary of PrivateBancorp, is now an indirect, wholly owned subsidiary of CIBC. CIBC is an investment grade rated company with a Standard & Poor s rating of A+.
INVESTMENT HIGHLIGHTS INVESTMENT HIGHLIGHTS: Located within the Chicago MSA in prestigious North Shore suburb Drive-thru bank branch Long term lease with 14 years remaining Absolute NNN lease with no landlord responsibilities 2.50% annual rental escalations in primary terms and renewal option periods Located along Green Bay Road (20,000 VPD) Located in a densely populated area with 98,950 people living within a 3 mile radius Affluent area with an average household income in excess of $248,000 within a one-mile radius of the property Wholly owned subsidiary of investment grade rated company (S&P: A+)
PROPERTY OVERVIEW PROPERTY OVERVIEW: Price: $3,500,000 Cap Rate: 4.29% Net Operating Income: $150,000 Renewal Options: Rental Escalations: Three 5-Year 2.50% Annually Lease Commencement Date: July 23, 2016 Lease Expiration Date: July 31, 2031 Tenant: Lease Type: The PrivateBank & Trust Company NNN (No Landlord Responsibilities) Year Built: 2007 Parking: Building Size: Land Size: 16 Spaces 4,986 SF 13,402 SF
PHOTOGRAPHS
AERIAL
SITE PLAN
MAP
MAP Lake Michigan
DEMOGRAPHIC REPORT DEMOGRAPHIC REPORT: Population 1-Mile 3-Mile 5-Mile Total Population 16,521 98,948 246,539 Total Households 5,868 35,620 93,175 Income 1-Mile 3-Mile 5-Mile Median Household Income $180,941 $114,477 $91,885 Average Household Income $248,022 $176,839 $140,833
MARKET OVERVIEW MARKET OVERVIEW: Wilmette, Illinois Wilmette is a village in Cook County, Illinois. It is located 14 miles north of Chicago s downtown district and had a population of more than 27,000. Wilmette is considered a bedroom community in the North Shore region. It is known for its lakefront, tree lined streets, green street lanterns and brick streets. Wilmette has been ranked as one of the top ten best places to raise children in the U.S., according to Business Week. In 2015, Wilmette was ranked the best place to live in Illinois based on a variety of factors including its low unemployment rate, median income, low housing vacancy rate, high education expenditures per student, low crime, and short commute times. In 2016, the personal finance website WalletHub.com published its finding that the residents of Wilmette had an average credit score of 743, ranking it in first place among communities within the State of Illinois. www.wilmette.com
MARKET OVERVIEW Chicago, Illinois 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. Chicago has many nicknames, the best-known being the Windy City. The Chicago metropolitan area is home to the corporate headquarters of 66 Fortune 1000 companies, including Boeing, McDonald s, Motorola, Discover Financial Services and United Airlines. Chicago is a major hub for industry, telecommunications and infrastructure and O Hare International Airport is the second busiest airport in the world in terms of traffic movement. The metro is a major financial center in North America, and is home to the largest futures exchange in the United States, the CME Group. Chicago is third in the world on the Global Financial Centers Index which ranks the competitiveness of financial centers based on people, business environment, market access, infrastructure and general competitiveness. As of 2016, Chicago had the third largest gross metropolitan product in the United States at $640 billion. The city of Chicago also hosts 12 Fortune Global 500 companies and 17 Financial Times 500 companies. The city claims two Dow 30 company: aerospace giant Boeing, which moved its headquarters from Seattle to the Chicago Loop in 2001 and McDonald s, who s in the process of moving there headquarters from the Chicago suburbs to the Chicago West Loop. One additional Dow 30 companies, Kraft Foods is in the Chicago suburbs, as are Sears Holdings Corporation and the technology spin-offs of Motorola. The headquarters of United Continental Holdings, are in the United Building and its operations center and its United Airlines subsidiary are in the Willis Tower in Chicago. Chicago attracts over 50 million domestic leisure travelers, 11 million domestic business travelers and 1.5 million overseas visitors. These visitors contributed more than $14 billion to Chicago s economy. Upscale shopping along the Magnificent Mile and State Street, thousands of restaurants, as well as Chicago s eminent architecture, continue to draw tourists. The city is the United States third-largest convention destination. A 2011 study by Walk Score ranked Chicago the fourth most walkable of the fifty largest cities in the United States. www.cityofchicago.org
TENANT OVERVIEW TENANT OVERVIEW: The PrivateBank The PrivateBank and Trust Company delivers customized business and personal financial services to middle-market companies, as well as business owners, executives, entrepreneurs and families in all of the markets and communities it serves. The PrivateBank has 36 strategically located offices primarily in the Midwest serving the greater Atlanta, Chicago, Cleveland, Denver, Des Moines, Detroit, Grand Rapids, Indianapolis, Kansas City, Miami, Milwaukee, Minneapolis and St. Louis metropolitan areas. The company was founded in 1991 and is based in Chicago, Illinois. On June 23, 2017, Canadian Imperial Bank of Commerce (CIBC) completed its acquisition of PrivateBancorp, Inc. The PrivateBank, formerly a subsidiary of PrivateBancorp, is now an indirect, wholly owned subsidiary of CIBC. CIBC is a leading Canadian-based, global financial institution, and its common shares trade under the symbol CM on the New York Stock Exchange. It is an investment grade rated company with a Standard & Poor s rating of A+. Website: www.theprivatebank.com Founded: 1991 Number of Locations: 36 Headquarters: Chicago, Illinois Parent Company: Canadian Imperial Bank of Commerce (CIBC) Stock Symbol: CM (New York Stock Exchange) Standard & Poor s Rating: A+ (CIBC)
Randy Blankstein President 847.562.0003 randy@bouldergroup.com Jimmy Goodman Partner 847.562.8500 jimmy@bouldergroup.com 666 Dundee Road, Suite 1801 Northbrook, IL 60062 www.bouldergroup.com