Bank of America 4200 South Ashland Avenue Chicago, IL 60609
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NET LEASED INVESTMENT OFFERING
Bank of America
4200 South Ashland Avenue
Chicago, IL 60609
www.bouldergroup.com
TABLE OF CONTENTS
NET LEASED INVESTMENT OFFERING
TABLE OF CONTENTS
1) Confidentiality & Disclaimer
2) Executive Summary
3) Property Overview
4) Aerials
5) Site Plan
6) Map
7) Tenant Profile
8) Demographic Comparison Report
9) Location Overview
10) Contact Information
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CONFIDENTITALITY & DISCLAIMER
NET LEASED INVESTMENT OFFERING
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.
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EXECUTIVE SUMMARY
NET LEASED INVESTMENT OFFERING
EXECUTIVE SUMMARY
The Boulder Group is pleased to exclusively market for sale a single tenant net leased Bank of America property located
in Chicago, Illinois. The 6,200 square foot building was developed in 2004 and is located at a signalized intersection in a
densely populated area. The lease has 10 years remaining and features rental escalations every five years throughout the
primary term and renewal options. Bank of America is an investment grade tenant with a Standard and Poor’s rating of A-.
The Bank of America property is located at the signalized intersection of South Ashland Avenue and West 42nd Street.
South Ashland Avenue is a primary north-south thoroughfare with traffic counts in excess of 23,000 vehicles per day. The
property is located approximately one and a half miles south of Interstate 55 and two miles west of Interstate 94/90.
Interstate 55 experiences traffic counts of approximately 150,000 vehicles per day and Interstate 94/90 experiences
traffic counts of 290,000 vehicles per day. U.S. Cellular Field, home of the Chicago White Sox, is located two miles to the
east of the property. The Bank of America is located in a densely populated part of Chicago with over 30,000 people living
within a one mile radius and over 875,000 people living within a five mile radius. The building features rare qualities for
an urban Chicago bank property such as five drive-thru lanes and 44 designated parking spaces.
The Bank of America property is located at the entrance to Swap-O-Rama, a 100,000 square foot flea market that attracts
over 25,000 visitors per week. Swap-O-Rama was been operating at this location since 1992. Across the street from the
Bank of America is a McDonald’s that recently underwent a full scale renovation, further evidencing the area’s retail
strength.
There are ten years remaining on this net lease that expires on October 31, 2024. The lease features 10% rental escalations
every five years in the primary term and renewal option periods. There are five 5-year renewal options. Bank of America
is an investment grade tenant (S&P: A-) and is publicly traded (NYSE: BAC) with a market capitalization in excess of $158
billion. The company operates over 5,100 banking centers, 16,300 ATMs, and employees over 235,000 people.
INVESTMENT HIGHLIGHTS
• Located in a densely populated part of Chicago
• Long term lease with 10 years remaining
• Investment grade tenant (S&P: A-)
• 10% rental escalation in the primary term and in each renewal option
• Benefitted by a signalized intersection at the entrance to Swap-O-Rama, a
flea market that has over 25,000 visitors per week
• Located along a primary thoroughfare with traffic counts in excess of 23,000
VPD
• Rare urban Chicago bank amenities such as 44 designated parking spaces and 5 drive-thru lanes
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PROPERTY OVERVIEW
NET LEASED INVESTMENT OFFERING
PROPERTY OVERVIEW
Price: $5,502,112
Cap Rate: 6.25%
Rent Schedule: NOI Escalation Date
$343,882*
$378,270 11/1/2019
$416,097 11/1/2024 (Option 1)
$457,706 11/1/2029 (Option 2)
$503,477 11/1/2034 (Option 3)
$553,825 11/1/2039 (Option 4)
$609,207 11/1/2044 (Option 5)
Renewal Options: Five 5-Year
Lease Commencement Date: October 12, 2004
Lease Expiration Date: October 31, 2024
Tenant: Bank of America
Credit: A- (S&P)
Year Built: 2004
Lease Type: • NNN through 10/31/2019
• Beginning November 2019, the lease is NN for the
remainder of the term including options and the landlord
is only responsible for 80% of capital expenditures
Building Size: 6,200 SF
Land Size: 39,276 SF
*Seller will credit, at closing the difference between the current rent of $312,882, until the rent escalates in
November 2014 to $343,882.
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AERIALS
NET LEASED INVESTMENT OFFERING
AERIALS
N
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AERIALS
NET LEASED INVESTMENT OFFERING
AERIALS
N 150,000 VPD 55
S. ASHLAND AVENUE
23,000 VPD
90
94
290,000 VPD
SITE STOCKYARDS INDUSTRIAL PARK
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SITE PLAN
NET LEASED INVESTMENT OFFERING
SITE PLAN
N
MARSHFIELD AVENUE
42nd STREET
ASHLAND AVENUE
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MAP
NET LEASED INVESTMENT OFFERING
MAP
MIDWAY
AIRPORT
MIDWAY
AIRPORT
www.bouldergroup.comTENANT PROFILE
NET LEASED INVESTMENT OFFERING
TENANT PROFILE
Bank of America Corporation (NYSE: BAC), through its subsidiaries, provides various banking and financial
products and services for individual consumers, small and middle market businesses, institutional investors,
corporations, and governments in the United States and internationally.
The company’s Consumer & Business Banking segment offers traditional and money market savings accounts,
CDs and IRAs, checking accounts, and investment accounts and products, as well as credit and debit cards;
and lending related products and services, working capital management, and treasury solutions. This segment
provides its products and services through operating 5,100 banking centers, 16,300 ATMs, call centers, and
online and mobile banking platforms.
Bank of America is an investment grade rated company (S&P: A-). Bank of America is publicly traded on the New
York Stock Exchange, BAC, and has a market capitalization in excess of $158 billion. The company was founded
in 1874 and is based in Charlotte, North Carolina.
Website: www.bankofamerica.com
Stock Symbol: NASDAQ: BAC
Market Capitalization: $158 billion
Number of Locations: 5,100
State Locations: 50
www.bouldergroup.comDEMOGRAPHIC COMPARISON REPORT
NET LEASED INVESTMENT OFFERING
DEMOGRAPHIC COMPARISON REPORT
Population 1-mi 3-mi 5-mi
Total Population 30,211 361,261 879,505
Total Households 8,587 111,735 301,168
Income
Median Household Income $29,854 $32,138 $35,522
Average Household Income $40,155 $45,283 $53,416
www.bouldergroup.comLOCATION OVERVIEW
NET LEASED INVESTMENT OFFERING
LOCATION OVERVIEW
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. The Chicago metropolitan area is home to the corporate
headquarters of 57 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 also 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.
www.cityofchicago.org
www.bouldergroup.comCONTACT 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
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