Bank of America offering memorandum Actual Property
Investment Overview Marcus & Millichap is pleased to present this 5,773-square foot Bank of America in the metropolitan community of New Lenox, approximately 50 miles Southwest of Chicago. This triple-net (NNN) ground lease has over seven and a half years remaining with 10 percent rent increases every five years, and in each of the five, five-year renewal options. The next rent increase is in March 2020. This asset converts to a double-net (NN) lease in 2020, where landlord is responsible for 80 percent of capital improvements related to the roof, structure, and parking lot. The lease is guaranteed by Bank of America Corporation, one the nation s largest banks, coming in at Number 26 in the Fortune 500 in 2016. The subject property is a pad site to the New Lenox Metra Station, boasting over 80 million riders annually. This asset is positioned at the signalized, hard corner intersection of Prairie Road and Lincoln Highway, which sees more than 25,000 vehicles per day. There are strong demographics in the five-mile radius; average household income is greater than $106,900. This asset will benefit from New Lenox s plan to revitalize its downtown and build a new Metra Station. In an intergovernmental agreement between Metra and the city of New Lenox, 60 parking spaces at the station will be relocated to deliver an 8,400-square foot retail building that will feature Fleckstein s Bakery, Zembar Jewelers, and Durbin s Restaurant. Additionally, CVS plans to enter the market at the signalized intersection of Route 30 and Cedar Road. Additional tenants along the retail corridor include: McDonald s, Buffalo Wild Wings, KFC, Chase Bank, BMO Harris Bank, 7-Eleven, AMC Showplace, Walmart, Taco Bell, Walgreens, Aldi, Verizon, Pep Boys, and More. Bank of America in New Lenox, Illinois Less Than 50 Miles Southwest of Chicago More Than Seven and a Half Years Remaining 10 Percent Rent Increase in 2020 Strong Corporate Guaranty New York Stock Exchange (NYSE): BAC Number 26 Fortune 500 Company (June 2016) Pad Site to New Lenox Metra Station Direct Rail Access to Chicago with 80-Million Riders Annually Features 1,114 Parking Spaces New Cedar Road-Route 30 Redevelopment Project Underway Tenants Entering the Market Include: CVS, Fleckenstein Bakery, Zembar Jewelers, and Durbin s Restaurant Strong Demographic Area The Average Household Income in the Five-Mile Radius is More Than $106,000 Tenants in the Immediate Vicinity Include: McDonald s, Buffalo Wild Wings, KFC, Chase Bank, BMO Harris Bank, 7-Eleven, AMC Showplace, Walmart, Taco Bell, Walgreens, Aldi, Verizon, Pep Boys, and More. Actual Property
Financial Overview Offering Summary PRICE $5,279,000 CAP RATE 7.00% NOI $369,351 PRICE PER SQUARE FOOT $914.43 RENT PER SQUARE FOOT $63.98 YEAR BUILT 2004 APPROXIMATE LOT SIZE 1.45 Acres GROSS LEASEABLE AREA 5,773 TYPE OF OWNERSHIP LEASE GUARANTOR LEASE TYPE Fee Simple Corporate Guaranty Triple-Net (NNN) Ground Lease* ROOF AND STRUCTURE Landlord Responsible in 2020 Lease Summary LEASE COMMENCEMENT DATE 2/24/2005 LEASE EXPIRATION DATE 2/28/2025 LEASE TERM TERM REMAINING INCREASES OPTIONS TO RENEW OPTIONS TO TERMINATE OPTIONS TO PURCHASE FIRST RIGHT OF REFUSAL 20 Years 7.5-Pl Years 10 Percent Every Five Years Five, Five-Year None None None * This asset converts to a double-net (NN) lease in 2020, where landlord is responsible for 80 percent of capital improvements related to the roof, structure, and parking lot Actual Property
Tenant Overview - Walgreens Bank of America Corporation is an American multinational banking and financial services corporation headquartered in Charlotte, North Carolina. It is the second-largest bank holding company in the United States by assets. Bank of America has a relationship with 99 percent of the United States Fortune 500 companies and 83 percent of the Fortune Global 500. The company is a member of the Federal Deposit Insurance Corporation (FDIC) and a component of both the Standard and Poor (S&P) 500 Index and the Dow Jones Industrial Average. Bank of America services clients in over 150 countries with operations based in 40 countries. It provides services ranging from investment and corporate banking to investing and equity execution services. In the United States, Bank of America serves over 57 million customers and small businesses, operates around 4,700 retail banking offices and approximately 17,250 ATMs. It also has 30 million active users of their online banking. TENANT PROFILE TENANT TRADE NAME Bank of America Corporation OWNERSHIP Public TENANT Corporate Store LEASE GUARANTOR Corporate Guaranty NUMBER OF LOCATIONS 4,700 HEADQUARTERED Charlotte, North Carolina WEB SITE www.bankofamerica.com REVENUE $83.7 Billion (2016) NET WORTH $231.9 Billion (2016) STOCK SYMBOL BAC BOARD New York Stock Exchange CREDIT RATING A RATING AGENCY S&P RANK #26 in Fortune 500 (June 2016) Actual Property
Aerial Overview
Area Overview & Demographics 1-Mile 3-Mile 5-Mile Population 2000 Population 12,603 15,528 39,106 2010 Population 12,535 15,523 39,768 2016 Population 12,897 15,914 40,554 2021 Population 13,018 16,050 40,955 1-Mile 3-Mile 5-Mile Households 2000 Households 4,938 6,022 14,770 2010 Households 4,955 6,090 15,234 2016 Households 5,094 6,241 15,544 2021 Households 5,141 6,294 15,703 1-Mile 3-Mile 5-Mile Household (HH) Incomes 2016 Average HH Income $56,235 $58,564 $59,614 2016 Median HH Income $44,769 $46,751 $49,379 2016 Per Capita Income $22,211 $22,967 $22,850
Market Overview New Lenox, Illinois is located in Will County, which is six miles east of Joliet and 40 miles southwest of Chicago, Illinois. The village benefits from easy access to the nearby cities and towns with which it shares the Chicago metropolitan area. New Lenox was first settled in the late 1820s. At that time, the area was known as VanHorne Point. In 1863, the area was renamed New Lenox after the newly formed township of New Lenox. In fact, the township was named after the town of Lenox, New York. On October 4, 1946, New Lenox was officially incorporated as a village. Some nearby attractions located in New Lenox include: Thunder Ridge Park, Frankfort Historical Museum, Goose Lake Prairie State Natural Area, Illinois and Michigan Canal Museum, Des Plaines State Fish and Wildlife Area, Glady Fox Museum The village of New Lenox offers more than 35 parks and playgrounds. The Sanctuary Golf Course also includes a tree nursery. Some of the local parks are Cherry Hill Park, Hibernia Park, Chestnut Pointe Park, Jacob Lowell Park, Palmer Valley Park, and Spencer Park. In addition, the village of New Lenox organizes a number of recreational programs and special events throughout the year. International air transportation is available from Chicago Midway International Airport. There are multiple Higher Education institutions in New Lenox, including: University of St Francis, Joliet Junior College, Lewis University, and Moraine Valley Community College.
Bank of America 251 East Maple Street - NEW LENNOX, ILLINOIS 60451 Broker of Record Steven Weinstock Oak Brook Terrace, IL 60181 Tel: (630)570-2250 License: 471.011175