PNC BANK 2595 WAUKEGAN ROAD BANNOCKBURN, IL 60015 CHICAGO-NAPERVILLE-ELGIN MSA - OFFERING MEMORANDUM - LoopNet
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OFFERING MEMORANDUM
ABSOLUTE NNN GROUND LEASE
PNC BANK
2595 WAUKEGAN ROAD
BANNOCKBURN, IL 60015
CHICAGO-NAPERVILLE-ELGIN MSA
P NC B ANK
CONTAC T: This Confidential Offering Memorandum (“Memorandum”) is being delivered subject to the terms of the Confidentiality Agreement
(the “Confidentiality Agreement”) signed by you and constitutes part of the Confidential Information (as defined in the Confidentiality
Agreement). It is being given to you for the sole purpose of evaluating the possible investment in 2595 Waukegan Road Bannockburn,
TA B L E of
BROKERS: IL 60015 (the “Project”), and is not to be used for any other purpose or made available to any other party without the prior written
consent of its exclusive broker, Cushman & Wakefield. This Memorandum was prepared by Cushman & Wakefield based primarily
on information supplied by Managing Member. It contains select information about the Project and the real estate market but
RYAN GOMEZ does not contain all the information necessary to evaluate the Project. The financial projections contained herein (or in any other
Senior Director
CONTENTS
Confidential Information) are for general reference only. They are based on assumptions relating to the overall economy and local
Capital Markets | Net Lease Group competition, among other factors. Accordingly, actual results may vary materially from such projections. Various documents have
Direct: 760-431-3824 been summarized herein to facilitate your review; these summaries are not intended to be a comprehensive statement of the terms
Mobile: 858-822-9811 or a legal analysis of such documents. While the information contained in this Memorandum and any other Confidential Information
ryan.gomez@cushwake.com is believed to be reliable, neither Cushman & Wakefield nor Managing Member guarantees its accuracy or completeness. Because of
License: CA 01753933 the foregoing and since the investment in the Project is being offered on an “As Is, Where Is” basis, a prospective investor or other
party authorized by the prospective investor to use such material solely to facilitate the prospective purchaser’s investigation, must
make its independent investigations, projections and conclusions regarding the investment in the Project without reliance on this
Listed in conjunction with
Illinois Broker of Record:
Memorandum or any other Confidential Information. Although additional Confidential Information, which may include engineering, i. Investment Overview
environmental or other reports, may be provided to qualified parties as the marketing period proceeds, prospective purchasers
Jerrod Wigal should seek advice from their own attorneys, accountants, engineers and environmental experts. Neither Cushman & Wakefield
License: IL 475.128826 nor Managing Member guarantees the accuracy or completeness of the information contained in this Memorandum or any other
Confidential Information provided by Cushman & Wakefield and Managing Member. Managing Member expressly reserves the right, ii. Financial Summary
at its sole discretion, to reject any offer to invest in the Project or to terminate any negotiations with any party at any time with
or without written notice. Managing Member shall have no legal commitment or obligations to any prospective investor unless
and until a written sale agreement has been fully executed, delivered and approved by Managing Member and any conditions to
Managing Member’s obligations thereunder have been satisfied or waived. Managing Member has retained Cushman & Wakefield
i i i . Te n a n t O v e r v i e w
as its exclusive broker and will be responsible for any commission due to Cushman & Wakefield in connection with a transaction
relating to the Project pursuant to a separate agreement. Cushman & Wakefield is not authorized to make any representation or
agreement on behalf of Managing Member. Each prospective investor will be responsible for any claims for commissions by any i v. M a r k e t S u m m a r y
other broker in connection with an investment in the Project if such claims arise from acts of such prospective investor or its broker.
This Memorandum is the property of Managing Member and all parties approved by Managing Member and may be used only by
parties approved by Managing Member. No portion of this Memorandum may be copied or otherwise reproduced or disclosed to
anyone except as permitted under the Confidentiality Agreement.
i. I nvestment Overview
INVESTMENT HIGHLIGHTS
• Tenant has been at this location since 1986
PN C B A NK GROUND LEASE • 10% Rent Increase Scheduled in 2021
PROPERTY ADDRESS • 34+ Year Operating History
2595 Waukegan Road
Bannockburn, IL 60015
• “A” S&P Credit Rating
• .61 Acre Lot size
SIZE
Land: 0.61 Acres (26,572 SqFt)
Bldg: 3,000 SqFt
YEAR BUILT
1986; Renovated 2006
FRONTAGE &
PARKING SPACES
Frontage: Half Day Rd & Waukegan Rd
Parking Ratio: 4.33/1,000 SF
i. I nvestment Overview
PROPERTY OVERVIEW
• Located within the Chicago-Naperville-Elgin MSA, the third largest MSA in
the US with population over 8,800,000 in 2020
• Bannockburn, IL is a very affluent suburb with average household income
within 1 mile of $238,000 in 2020
• PNC Bank sits on the signalized, hard corner intersection of Half Day Rd and
Waukegan Rd with 21,000 VPD and 12,400 VPD respectively
• Shadow Anchored by Bannockburn Green shopping center, a 183,000 SF
W
A grocery-anchored neighborhood center which serves as the town center
12 UK
,4 EG
0
0 AN for the Bannockburn community
+
V R
PD D
.
VIEW PROPERTY VIDEO
HALF
DAY R
2 1 ,0 0 0 D.
+ VPD
i. I nvestment Overview i i . F i n a n c i a l S u m m a ry
LEASE DETAILS RENT SCHEDULE
MONTHLY ANNUAL Cap rate
Lease Type YEAR
Absolute NNN
RENT RENT 7.76%
on 2021 NOI
Lease Guarantor
Price
Corporate Current – 11/30/2021 $27,729.17 $332,750.00
$4,714,745
Rent Commencement Date
12/1/1986 Price/ft Land
12/1/2021 – 11/30/2026 $30,502.08 $366,025.00
Lease Expiration Date $177.43
11/30/2026
Term Remaining on Lease Price/ft bldg.
Option 1 FMV FMV
±6 Years $1,571.82
Options
NOI
Two 10-Year Option 2 FMV FMV
$366,025
on 2021 NOI
iii. Ten a nt Overview
PNC BANK
The PNC Financial Services Group, Inc. (NYSE: PNC) is one of the largest diversified
financial services institutions in the United States with assets of $462 billion as of September
30, 2020. With employees in more than 40 states across the country; regional presidents in
43 markets; a retail branch network located in markets across the Mid-Atlantic, Midwest and
Southeast; and strategic international offices in four countries outside the U.S., PNC is organized
around its customers and communities for building strong relationships and is engaged in retail
banking, including residential mortgage, corporate and institutional banking, and asset management,
providing many of its products and services nationally.
iv. Mar ket Summary
DEMOGRAPHICS
POPULATION 2 MILE 5 MILE 10 MILE
2010 Population 18,035 118,404 565,766
2020 Population 18,013 119,717 564,874
HA
LF .
2025 Population Projection 17,922 119,269 560,583 DA N RD
21, YR A
00 D. G D
Annual Growth 2010-2020 -0.0% 0.1% -0.0% 0+ U KE + VP
V
PD WA , 4 0 0
Annual Growth 2020-2025 -0.1% -0.1% -0.2% 12
Median Age 43.8 45.5 41.2
Bachelor's Degree or Higher 73% 64% 52%
U.S. Armed Forces 8 136 9,888
HOUSEHOLDS 2 MILE 5 MILE 10 MILE
2010 Households 5,993 43,922 204,649
2020 Households 5,991 44,460 204,811
2025 Household Projection 5,961 44,292 203,159 . HA
N RD LF
GA DA
Annual Growth 2010-2020 0.4% 0.3% 0.2% D 21, YR
U KE + VP 00 D.
A 0+
Annual Growth 2020-2025 -0.1% -0.1% -0.2% W ,400 V PD
12
Owner Occupied 5,495 35,765 157,523
Renter Occupied 496 8,695 47,288
Avg Household Size 2.9 2.6 2.7
Avg Household Vehicles 2 2 2
1 MILE
Total Consumer Spending $256.3M $1.6B $6.7B
Average Home Value Average Household Income
HOUSING 2 MILE 5 MILE 10 MILE
$1,058,000 $238,000
Median Home Value $705,680 $584,564 $408,143
Median Year Built 1968 1972 1974
iv. Mar ket Summary
LOCATION LOCATION
LAKE MICHIGAN
BANNOCKBURN
CHICAGO
BANNOCKBURN, IL CHICAGO, IL
BANNOCKBURN, IL LAKE MICHIGAN
Bannockburn is a village in West Deerfield and Vernon townships in Lake County, Illinois. The
village is generally considered part of the Chicago area’s North Shore region, along the shores
of Lake Michigan. Lake County is included in the Chicago-Naperville-Elgin MSA which is the third
largest MSA by population in the United States.
PNC BANK R YA N G O M E Z Senior Director Capital Markets | Net Lease Group Direct: 760-431-3824 // Mobile: 858-822-9811 ryan.gomez@cushwake.com License: CA 01753933 ©December 9, 2020 10:39 AM Cushman & Wakefield. All rights reserved. The information contained in this communication is strictly confidential. This information has been obtained from sources believed to be reliable but has not been verified. No warranty or representa- tion, express or implied, is made as to the condition of the property (or properties) referenced herein or as to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). Any projections, opinions or estimates are subject to uncertainty and do not signify current or future property performance.
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