Net Lease Bank For Sale

Document Sample
Net Lease Bank For Sale Powered By Docstoc
					                      NET LEASED INVESTMENT OFFERING




TCF Bank Ground Lease (Investment Grade)
           6501 Richfield Parkway
  Richfield, MN 55423 (Minneapolis MSA)




            www.bouldergroup.com
                                       TABLE OF CONTENTS
      NET LEASED INVESTMENT OFFERING




      TABLE OF CONTENTS




1)    Confidentiality & Disclaimer
2)    Executive Summary
3)    Property Overview
4)    Site Plan
5)    Aerial
6)    Map
7)    Tenant Profile
8)    Demographic Comparison Report
9)    Location Overview
10)   Contact Information




      www.bouldergroup.com
                                                                       CONFIDENTIALITY & DISCLAIMER
                                            NET LEASED INVESTMENT OFFERING




                                   CONFIDENTIALITY
                                   CONFIDENTIALITY & DISCLAIMER


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.




                                            www.bouldergroup.com
                                                                                            EXECUTIVE SUMMARY
                                                NET LEASED INVESTMENT OFFERING




                                             EXECUTIVE SUMMARY
The Boulder Group is pleased to exclusively market for sale a single tenant TCF Bank ground lease located within the
Minneapolis MSA. TCF Bank is an investment grade company with a Standard & Poor’s Rating of BBB-. The TCF Bank is
located on a 1.01 acre parcel as an outlot to a Super Target and Home Depot anchored shopping center. The lease
features 10% rental escalations every five years with the next escalation in 2017. This is a proven location for TCF bank as
evidenced by its well above average deposits for a bank branch.

The property is located in Cedar Point Commons Shopping Center, a 350,000 square foot retail center anchored by Super
Target and Home Depot. Cedar Point Commons is located off Highway 77 (66,000 VPD) at the intersection of 66th Street
and Richfield Parkway. 66th Street has a full access interchange with Highway 77 less than ¼ mile from the property.
Constant traffic is abundant along Highway 77 as the Mall of America is located approximately two miles south of Cedar
Point Commons along Highway 77. Additionally, there is a IKEA adjacent to the Mall of America. The property is located in a
dense area with over 300,000 people living within five miles of the property. There are high barriers to entry in the area as
the land directly across Highway 77 is used for the Minneapolis/St. Paul International Airport.

TCF Bank’s original ground lease term was for 20 years with four 5-year renewal options and the lease expires in October
2027. The net operating income increases by 10% every five years during the primary term as well as the option periods.
TCF Bank is a publicly traded company on the New York Stock Exchange (TCB), with a market capitalization of $2 billion.
TCF Bank is an investment grade rated company with a Standard & Poor’s rating of BBB-.
INVESTMENT HIGHLIGHTS

 •   Investment grade rated company (S&P: BBB-)

 •   Located within the Minneapolis MSA

 •   Long term ground lease

 •   Superior bank branch deposits

 •   No landlord responsibilities

 •   10% rental escalations every five years (Next escalation in
     2017)

 •   Located as an outparcel to a Super Target and Home Depot

 •   Located off Highway 77 Interchange (66,000 VPD)

 •   Two miles from the Mall of America and an IKEA

 •   Over 300,000 people living within five miles of the property




                                                 www.bouldergroup.com
                                                                               PROPERTY OVERVIEW
                                NET LEASED INVESTMENT OFFERING




                               PROPERTY OVERVIEW


 Price:                              $2,946,428

 Cap Rate:                           5.60%

 Rent Schedule:                      NOI                 Escalation Date
                                     $ 165,000
                                     $ 181,500           11/1/2017
                                     $ 199,650           11/1/2022
                                     $ 219,615           11/1/2027      (Option 1)
                                     $ 241,577           11/1/2032      (Option 2)
                                     $ 265,734           11/1/2037      (Option 3)
                                     $ 292,308           11/1/2042      (Option 4)

 Renewal Options:                    Four 5-Year

 Renewal Rate:                       10% each option period

 Lease Commencement Date:            October 16, 2007

 Lease Expiration Date:              October 31, 2027

 Tenant:                             TCF Bank

 Credit Rating:                      BBB- (Standard and Poor’s)

 Year Built                          2007

 Lease Type:                         Ground Lease – NNN*

 Rentable Square Feet:               4,500 SF

 Land Size:                          1.01 Acres


* Should structural repairs be required during the last three years of the Tenant's primary term or
any renewal term, Tenant shall not be required to make such structural repairs should Tenant deliver
to Landlord a written waiver of all rights to renew the Lease beyond the term in effect.




                                 www.bouldergroup.com
                                 SITE PLAN
NET LEASED INVESTMENT OFFERING




          PLAN
     SITE PLAN




www.bouldergroup.com
                                 AERIAL
NET LEASED INVESTMENT OFFERING




       AERIAL




www.bouldergroup.com
                                 MAP
NET LEASED INVESTMENT OFFERING




        MAP




www.bouldergroup.com
                                                                                             TENANT PROFILE
                                            NET LEASED INVESTMENT OFFERING




                                             TENANT PROFILE


TCF is a Wayzata, Minnesota‐based national bank holding company with $17.8 billion in total assets as of March 31,
2012. TCF has over 430 branches in Minnesota, Illinois, Michigan, Colorado, Wisconsin, Indiana, Arizona, and South
Dakota, providing retail and commercial banking services. TCF also has business lines in commercial leasing and
equipment finance, including leverage lending in all 50 states, commercial inventory finance business in the U.S. and
Canada, and indirect auto finance business in over 30 states. They are the 11th largest VISA Classic debit card
issuer in the U.S. by sales volume.




Website:                        www.tcfbank.com
Number of Locations:            430+
Stock Symbol:                   TCB : NYSE
Standard & Poor’s Rating:       BBB-
Market Capitalization:          $2 billion




                                             www.bouldergroup.com
                                           DEMOGRAPHIC COMPARISON REPORT
                           NET LEASED INVESTMENT OFFERING




                    DEMOGRAPHIC COMPARISON REPORT


Population                   3-mi.                5-mi       7-mi

Total Population            98,609             303,180      586,475
Total Households            41,304             129,123      254,769

Income

Median Household Income     $53,756            $51,126      $50,403
Average Household Income    $69,602            $70,132      $72,149




                           www.bouldergroup.com
                                                        LOCATION OVERVIEW
             NET LEASED INVESTMENT OFFERING




            LOCATION OVERVIEW

Richfield is located in Hennepin County, Minnesota, approximately 8 miles south of
Downtown Minneapolis. Richfield has a population of over 35,000. Best Buy is the
city’s largest employer and its corporate headquarters is located in Richfield. Other
largest employers in Richfield include US Bank, Richfield Public Schools and Target.

Hennepin County is the most populous county in the state of Minnesota. One in every
five Minnesotans lives in Hennepin County. At the time of the 2010 U.S. Census,
Hennepin County had a population of 1,152,425.

www.ci.richfield.mn.us




Minneapolis-
Minneapolis-St. Paul is the most populous urban area in Minnesota is nicknamed the
“Twin Cities”. Minneapolis is the most populous city in Minnesota and St. Paul serves
                            Minneapolis-St.
as the state’s capital. The Minneapolis St. Paul MSA is the 16th largest in the United
                                                  Minneapolis-St. Paul area is home to
States with a total population of 3,317,308. The Minneapolis
                                         (Target,
19 of the 20 Fortune 500 headquarters (Target, 3M and General Mills) located within
Minnesota and has the second largest economy in the Midwest only behind Chicago.
The largest companies in Minneapolis include Target, US Bank, Xcel Energy,
Ameriprise Financial and Thrivent Financial.

www.ci.minneapolis.mn.us




              www.bouldergroup.com
                                                    CONTACT INFORMATION
                   NET LEASED INVESTMENT OFFERING




                 CONTACT INFORMATION




                666 Dundee Road Suite 1801
                    Northbrook, IL 60062



Randy Blankstein                 Jimmy Goodman
President                        Partner
847.562.0003                     847.562.8500
rblank@bouldergroup.com          jimmy@bouldergroup.com




                    www.bouldergroup.com

				
DOCUMENT INFO
Shared By:
Stats:
views:21
posted:1/22/2013
language:
pages:12
Description: net lease TCF bank for sale