VIEWS: 78 PAGES: 11 CATEGORY: Commercial POSTED ON: 12/7/2010
The Boulder Group is a boutique investment real estate service firm specializing in net lease properties.
NET LEASED INVESTMENT OFFERING Verizon 6149 US Highway 6 Portage, Indiana (Chicago MSA) CONFIDENTIAL OFFERING MEMORANDUM www.bouldergroup.com TABLE OF CONTENTS NET LEASED INVESTMENT OFFERING TABLE OF CONTENTS 1) Confidentiality & Disclaimer 2) Executive Summary 3) Property Overview 4) Aerial 5) Maps 6) Tenant Profile 7) Demographic Comparison Report 8) Location Overview 9) Contact Information www.bouldergroup.com CONFIDENTIALITY & DISCLAIMER NET LEASED INVESTMENT OFFERING CONFIDENTIALITY & DISCLAIMER The information contained in the following Marketing Brochure 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 Marketing Brochure 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, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure 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 newly constructed net leased Verizon retail store located 30 miles from downtown Chicago. The property was built in 2009 and is an outparcel to a Wal-Mart Supercenter, Lowes and Sears. These regional attractions allow Verizon to benefit from an abundance of traffic to this prime retail location. Verizon is conveniently located on US Highway 6, one of the most heavily trafficked roadways of Portage. Portage, a bedroom community of Chicago, is among the five Northwest Indiana counties considered part of the Chicago metropolitan area. Portage is centrally located near three major interstates including I-90/94, I-80, and I-65. Both I-80 and I- 90/94 lead directly to the City of Chicago and its neighboring suburbs while I-65 connects south to Indianapolis. Verizon is located on US Highway 6 which serves as the primary east-west roadway connecting the regional trade area. The regional trade area’s prime retail anchors are a Wal-Mart Super Center, Lowes, Menards, K-Mart Super Center, Kohl’s, Sears and a 16 screen movie theater featuring an IMAX screen. These regional retailers are surrounded by outparcels and miscellaneous commercial users along US Highway 6. Verizon has a strategic location in between the Wal-Mart Supercenter and Lowes. Furthermore, directly across the street is Portage High School (2,632 students and over 130 staff members) which provides an increased traffic volume passing the property daily. Verizon Wireless is an investment grade tenant rated A by Standard and Poors. The property was a built-to-suit for Verizon in 2009. The subject property has over five years of lease term remaining with a significant rental escalation in 2013. Investment Highlights Property is located within the Chicago MSA within 30 miles of downtown Chicago Prime location in the regional trade area Rental escalation in 2013 provides attractive returns Investment grade tenant Brand new building Verizon is the nation’s largest mobile provider Sales expected to increase with iPhone availability on Verizon in 2011 www.bouldergroup.com PROPERTY OVERVIEW NET LEASED INVESTMENT OFFERING PROPERTY OVERVIEW Price: $1,800,000 Cap Rate: 8.26% Net Operating Income: $148,625 Rental Escalations: $159,900 – March 12, 2013 Lease Commencement Date: March 12, 2009 Lease Expiration Date: March 11, 2016 Renewal Options: Two 5-Year Renewal Rent: $176,300 – March 12, 2016 $192,700 – March 12, 2021 Tenant: Verizon Wireless Year Built 2009 Lease Type: NN Rentable Square Feet: 4,100 Land Size: 41,382 SF www.bouldergroup.com AERIAL NET LEASED INVESTMENT OFFERING AERIAL Portage High School 2,632 Students 6 The Arbors SITE www.bouldergroup.com MAPS NET LEASED INVESTMENT OFFERING MAPS SITE SITE www.bouldergroup.com TENANT PROFILE NET LEASED INVESTMENT OFFERING TENANT PROFILE Cellco Partnership, doing business as Verizon Wireless, is a wireless phone provider that owns and operates the largest mobile telecommunications network in the United States, based on a total of 93.2 million U.S. subscribers. Headquartered in Basking Ridge, New Jersey, the company is a joint venture of U.S. telecommunications firm Verizon Communications and British- based multinational mobile network operator Vodafone Group, with 55 and 45 percent ownership respectively. Verizon Wireless had the second largest revenue of all United States wireless companies reporting $101.332 billion in 2008. On January 9, 2009, Verizon Wireless acquired Alltel Wireless in a deal valued at $28.1 billion. The acquisition expanded Verizon's wireless network to establish Verizon as the largest United States wireless carrier, based on number of subscribers. Verizon Communications Inc. (Verizon) is a provider of communications services. Verizon operates in two segments: Domestic Wireless and Wireline. Its Domestic Wireless’s products and services include wireless voice and data services and equipment sales across the United States. Wireline’s communications products and services include voice, Internet access, broadband video and data, next generation Internet protocol (IP) network services, network access, long distance and other services. It provides these products and services to consumers in the United States, as well as to carriers, businesses and government customers both in the United States and in 150 other countries worldwide. On January 9, 2009, the Company acquired Alltel Corporation (Alltel). In July 2010, Frontier Communications Corp acquired New Communications Holdings Inc., Verizon Communications Inc.'s local wireline operations in 14 states. Website: www.verizon.com Number of Locations: 2,000 Stock Symbol: VZ : NYSE Standard & Poors Rating: A Market Capitalization: $90.51 Billion www.bouldergroup.com DEMOGRAPHIC COMPARISON REPORT NET LEASED INVESTMENT OFFERING DEMOGRAPHIC COMPARISON REPORT Population 3-mile 5-mile 10-mile 2009 Total Population 45,921 85,279 261,443 2009 Total Households 17,466 33,563 99,543 2009 Daytime Population 37,739 70,512 211,473 % Population Change 1990-2009 13.85% 13.80% 14.32% % Population Change 2000-2009 6.25% 6.46% 7.02% Income 2009 Median Household Income $49,917 $49,162 $51,213 2009 Average Household Income $61,084 $61,723 $62,189 www.bouldergroup.com LOCATION OVERVIEW NET LEASED INVESTMENT OFFERING LOCATION OVERVIEW Portage is the largest city within Porter County, and third largest in Northwest Indiana. Northwest Indiana, also known as the South Shore and The Calumet Region comprises Lake, Porter, LaPorte, Newton, and Jasper counties in Indiana. This region neighbors Lake Michigan, and is part of the Chicago metropolitan area. The region's largest city is Gary; other municipalities in Northwest Indiana include Chesterton, Crown Point, Dyer, East Chicago, Hammond, Highland, Hobart, Merrillville, Michigan City, Munster, Portage, Schererville, and Valparaiso. The northern portion of Northwest Indiana is noted for its heavy industry. Gary, Portage, Burns Harbor and East Chicago are home to major steel mills, including the largest North American facilities for both U.S. Steel and Arcelor Mittal. Whiting and Hammond are home to the largest oil refinery in the Midwestern U.S., operated by BP. Other industrial outputs include fabricated metals, transportation equipment, and food products. Major attractions to the Northwest Indian communities are the shores of Lake Michigan and the Indiana Dunes. 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 firstname.lastname@example.org email@example.com www.bouldergroup.com
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