PNC BANK (Ground Lease) 12821 West Bluemound Road Brookfield, WI 53005 (Milwaukee MSA) - NET LEASE INVESTMENT OFFERING - The Boulder Group
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NET LEASE INVESTMENT OFFERING PNC BANK (Ground Lease) 12821 West Bluemound Road Brookfield, WI 53005 (Milwaukee MSA)
TABLE OF CONTENTS
TABLE OF CONTENTS
I. Executive Profile II. Location Overview III. Market & Tenant Overview
Executive Summary Photographs Demographic Report
Investment Highlights Drone Photographs Market Overview
Property Overview Aerial Tenant Overview
Site Plan
Map
NET LEASE INVESTMENT OFFERING
DISCLAIMER STATEMENT
DISCLAIMER The information contained in the following Offering Memorandum is proprietary and strictly confidential.
STATEMENT: 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.
NET LEASE INVESTMENT OFFERING
EXECUTIVE SUMMARY
EXECUTIVE The Boulder Group is pleased to exclusively market for sale a single tenant PNC Bank ground lease property
SUMMARY: located in the Milwaukee MSA. The 4,020 square foot building was constructed in 2012 on a 51,400 square foot
parcel and is part of the recently developed Underwood Crossing, anchored by Target and Trader Joe’s, which is
located just off of Interstate 94 (151,500 VPD).
The property is located along Bluemound Road, a primary east-west thoroughfare that experiences traffic volumes in
excess of 41,000 vehicles per day. Bluemound Road runs parallel to Interstate 94, creating constant traffic flow near
the property. The property is positioned at the signalized entrance to the recently developed Underwood Crossing.
Underwood Crossing features a recently developed Target, Trader Joe’s and Children’s Hospital of Wisconsin,
which are major traffic generators for the area. Adjacent to the PNC is a newly constructed strip center featuring
Starbucks and Great Clips. Directly west of the property along Bluemound Road, a new mixed-used development
is being built with retailers including Life Time Fitness, Dick’s Sporting Goods, AT&T and Portillo’s. Brookfield is
a well-populated area with over 240,000 people living within five miles of the property. Residents living within one
mile of the subject property enjoy average household income in excess of $107,000 annually.
The original twenty year ground lease commenced November 3, 2012 and has over 14 years remaining in the
primary term. The lease features 10% rental escalations in the primary term and in each of the five 10-year renewal
options. PNC Bank has over 2,459 branches and 9,051 ATM machines and is publicly traded on the New York
Stock Exchange (PNC). PNC is an investment grade rated company with a Standard & Poor’s rating of A.
NET LEASE INVESTMENT OFFERING
INVESTMENT HIGHLIGHTS
INVESTMENT • Located within the Milwaukee MSA
HIGHLIGHTS:
• Outparcel to a newly developed Target, Trader Joe’s and Children’s Hospital of Wisconsin development
• Investment grade tenant (S&P: A)
• Long term lease with over 14 years remaining
• 10% rental escalation every ten years in the primary term and renewal options
• No landlord responsibilities
• Bluemound Road is a primary thoroughfare and has traffic volumes in excess of 41,000 vehicles per day
• Property is located just off of Interstate 94 (151,500 VPD)
• Affluent area with average household income in excess of $107,000 within one mile of the property
• Over 240,000 people living within five miles of the property
NET LEASE INVESTMENT OFFERING
PROPERTY OVERVIEW
PROPERTY Price: $2,577,320
OVERVIEW:
Cap Rate: 4.85%
Rent Schedule: NOI Escalation Date
$125,000
$137,515 11/4/2022
$151,250 12/1/2032 (Option 1)
$166,375 12/1/2042 (Option 2)
$183,012 12/1/2052 (Option 3)
$201,314 12/1/2062 (Option 4)
$221,445 12/1/2072 (Option 5)
Credit Rating: A (S&P)
Renewal Options: Five 10-Year
Rent Commencement Date: November 3, 2012
Rent Expiration Date: November 30, 2032
Year Built: 2012
Tenant: PNC Bank
Lease Type: Ground Lease
Square Feet: 4,020 SF
Land Size: 1.18 Acres
NET LEASE INVESTMENT OFFERING
PHOTOGRAPHS NET LEASE INVESTMENT OFFERING
DRONE PHOTOGRAPHS NET LEASE INVESTMENT OFFERING
AERIAL NET LEASE INVESTMENT OFFERING
SITE PLAN NET LEASE INVESTMENT OFFERING
MAP NET LEASE INVESTMENT OFFERING
MAP NET LEASE INVESTMENT OFFERING
DEMOGRAPHIC REPORT
DEMOGRAPHIC
Population 1-Mile 3-Mile 5-Mile
REPORT:
Total Population 6,559 63,134 243,451
Total Households 2,755 27,348 106,252
Income 1-Mile 3-Mile 5-Mile
Median Household Income $79,011 $67,116 $60,191
Average Household Income $107,745 $92,679 $81,566
NET LEASE INVESTMENT OFFERINGMARKET OVERVIEW
MARKET Brookfield, Wisconsin
OVERVIEW: Brookfield is a city located in Waukesha County, Wisconsin. It had a population of 37,920 in the 2010
census. Brookfield is the third largest city in Waukesha County. Brookfield is one of Milwaukee’s
fastest growing and most affluent areas. Brookfield is located approximately ten miles west of
Milwaukee and is home to six million square feet of corporate office space and five million square
feet of industrial space. Major employers in the area include Wheaton Franciscan Healthcare, GE
Medical Services, Harley Davidson, Quad Graphics, Aurora Healthcare and Briggs and Stratton. There are eight colleges
and universities located within Brookfield’s trade area including the University of Wisconsin at Milwaukee and Marquette
University. These two universities are home to a combined 25,000 students.
www.ci.brookfield.wi.us
Milwaukee, Wisconsin
Milwaukee is the largest city in Wisconsin and the 28th most populous city in the United States.
Milwaukee is located on the southwestern shore of Lake Michigan. According to the 2010 U.S. Census,
the City of Milwaukee had a population of 594,833 and the Milwaukee MSA had a population of
1,751,316.
Milwaukee and its suburbs are the home to the international headquarters of 13 Fortune 1000 companies, including Johnson
Controls, Northwestern Mutual, Manpower Inc., Jefferson Wells, Kohl’s, Harley-Davidson, Rockwell Automation, Fiserv, Inc.,
Hal Leonard, Wisconsin Energy, Briggs & Stratton, Joy Global, Bucyrus International, A.O. Smith, GE Healthcare Diagnostic
Imaging and Clinical Systems and MGIC Investments. The Milwaukee metropolitan area ranks fifth in the United States in
terms of the number of Fortune 500 company headquarters as a share of the population.
city.milwaukee.gov
NET LEASE INVESTMENT OFFERINGTENANT OVERVIEW
TENANT PNC
OVERVIEW: PNC Financial Services is a diversified financial services company in the United States. PNC is engaged in retail banking,
corporate and institutional banking, asset management, and residential mortgage banking. PNC provides deposit, lending,
cash management, and investment services to more than 6 million consumer and small business customers across 19 states
and the District of Columbia. PNC is the fifth largest bank in the United States (total branches) with more than 2,459
branches and 9,051 ATM machines. PNC is publicly traded on the New York Stock Exchange as PNC and has a market
capitalization in excess of $67 billion.
Website: www.pnc.com
Credit: A (S&P)
Stock Symbol: PNC (NYSE)
Number of Locations: 2,459
Market Capitalization: $67 billion
NET LEASE INVESTMENT OFFERINGRandy Blankstein
President
847.562.0003
randy@bouldergroup.com
Jimmy Goodman
Partner
847.562.8500
jimmy@bouldergroup.com
3520 Lake Avenue, Suite 203
Wilmette, IL 60091
www.bouldergroup.comYou can also read
