PNC BANK SINGLE-TENANT NET LEASE - 1105 S.R. 28 Milford, OH 45150 (Cincinnati MSA) - Fairway Realty
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
PNC BANK 1105 S.R. 28 Milford,
OH 45150 (Cincinnati MSA)
SINGLE-TENANT NET LEASE
Table of Contents
EXECUTIVE SUMMARY P4
Investment Highlights
Investment Summary
TENANT OVERVIEW P5-6
Lease Abstract
Tenant Profile
MARKET OVERVIEW P7-8
Maps
Property Aerials
AREA OVERVIEW P9
Demographics
CONTACT P10
www.fairwayre.com
Confidentiality Agreement
The information contained herein does not purport to provide a complete or fully accurate summary of Jeff Gregg, Director
the Property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain
all of the information which prospective buyers may need or desire. All financial projections are based Fairway Realty | Investment Services Group
on assumptions relating to the general economy, competition, and other factors beyond the control of 1515 W Lane Avenue, Suite 10
the Owner and Broker and, therefore, are subject to material variation. The Marketing Package does not
Upper Arlington, OH 43221
constitute an indication that there has been no change in the business or affairs of the Property or the
Owner since the date of preparation of the information herein. Additional information and an opportu-
nity to inspect the Property will be made available to interested and qualified prospective buyers. O: 614.273.0553
C: 614.989.9776
Neither Owner nor Broker nor any of their respective officers, agents or principals has made or will make F: 614.569.3307
any representations or warranties, express or implied, as to the accuracy or completeness of this Market- jgregg@fairwayre.com
ing Package or any of its contents, and no legal commitment or obligation shall arise by reason of the
Marketing Package or its contents. Analysis and verification of the information contained in the Market- Please visit our website:
ing Package is solely the responsibility of the prospective buyer, with the Property to be sold on an as is, www.fairwayre.com
where-is basis without any representation to the physical, financial or environmental condition of the
Property.
Owner and Broker expressly reserve the right, at their sole discretion, to reject any or all expressions of
interest or offers to purchase the Property and/or terminate discussions with any entity at any time with
or without notice. Owner has no legal commitment or obligations to any entity reviewing this Market-
ing Package or making an offer to purchase the Property unless and until such sale of the Property is
approved by Owner in its sole discretion, a written agreement for purchase of the Property has been
delivered and approved by its Owner, it legal counsel and any conditions to the Owner’s obligations
thereunder have been satisfied or waived.
This Marketing Package and its contents, except such information which is a matter of public record or is provided in sources available to the public, are of a confidential nature. By accepting this Marketing Package, you
unconditionally agree that you will hold and treat the Marketing Package and the Contents in the strictest confidence, that you will not photocopy or duplicate the Marketing Package or any part thereof, that you will not
disclose the Marketing Package or any of the Contents to any other entity (except in the case of a principal, who shall be permitted to disclose to your employees, contractors, investors and outside advisors retained by you,
or to third-party institutional lenders for financing sought by you, if necessary, in your opinion, to assist in your determination of whether or not to make a proposal) without the prior authorization of the Owner or Broker.
www.fairwayre.com
Executive Summary
INVESTMENT SUMMARY:
Address: 1105 S.R. 28 Milford,
OH 45150 (Cincinnati MSA)
Price: $2,420,000
INVESTMENT HIGHLIGHTS:
Cap Rate: 5.65%
• Absolute NNN Lease - Zero Landlord Responsibilities Current Base Rent: $136,730
Tenant: PNC Bank, National Association
• PNC is the 6th largest bank in the U.S. by customer
deposits Tenant Credit: S&P: A; Fitch: A; Moodys: A3
Rent Commencement: February 1, 2001
• Investment Grade credit; S&P “A” rating
Lease Expiration: January 31, 2021
• Strong branch level deposit base of $60 Million
Occupancy: 100%
• 10% rent increases every 5 years & long 10-year Building Area: 2990 square feet
Renewal Terms with 20% rent jumps
Land: .81 acre
• Cincinnati suburb - 15-20 minutes to downtown Year Built: 2001
Options: Two (2), Ten-Year
www.fairwayre.com
Tenant Overview
LEASE ABSTRACT RENT SCHEDULE
Tenant: PNC Bank, National Association TENANT SQ FEET TERM MONTHLY ANNUAL
RENT RENT
Lease Term: 20 years
PNC Bank 2990 2/1/2001 - 1/31/2006 $9, 416.67 $113, 000
Rent Commencement: February 1, 2001
2/1/2006 - 1/31/2011 $10, 358.33 $124, 300
Lease Expiration: January 31st, 2021
2/1/2011 - 1/31/2016 $11, 394.16 $136, 730
Lease Type: Absolute NNN
2/1/2016 - 1/31/2021 $12, 533.33 $150, 400
Landlord Responsibility: None
Option 1 Ten Years $15, 000.00 $180, 000
Rent Increases: 10% every five years
Option 2 Ten Years $18, 000.00 $216, 000
Renewal Options: Two (2), 10-year with 20% increases
CURRENT TOTALS $11, 394 $136, 730
Property Taxes: Paid by Tenant
Insurance: Paid by Tenant
Repairs and Maintenance: Paid by Tenant
Roof and Structure: Tenant Responsibility
Parking Lot Repairs Tenant Responsbiility
and Replacement:
www.fairwayre.com
Tenant Profile
Revenue: $15.82 Billion
S&P Rating: A
NYSE Symbol: PNC
Employees: 51,891
Founded in 1852, PNC Bank has become one of the largest financial institutions in the country.
PNC is the fifth largest bank in the U.S. by total branches, sixth largest by total deposits and sixth
largest by total assets with $271Billion under management. With revenues of more than
$15Billion it ranks 165th on the 2012 Fortune 500.
PNC Bank, National Association is the principal subsidiary of the PNC Financial Services Group, Inc.
Based in Pittsburgh, Pennsylvania, PNC Bank offers consumer and corporate services in over 2,900
branches in Alabama, Delaware, the District of Columbia, Florida, Georgia, Kentucky, Indiana,
Illinois, Maryland, Michigan, Missouri, New Jersey, NewYork, North Carolina, Ohio, Pennsylvania,
South Carolina, Virginia, West Virginia, & Wisconsin.
PNC owns about 35% of publicly traded fund manager BlackRock, which specializes in fixed-
income products. BlackRock merged with Merrill Lynch Investment Managers in October 2006,
and is now co-owned between PNC, Bank of America, and Barclays. BlackRock’s ties to PNC are
evident in that company’s logo, as they use the same typeface as PNC does in its own logo.
www.fairwayre.com
Map
1105 SR 28 Milford
www.fairwayre.com
Aerial
Construction - 2013
www.fairwayre.com
Area Overview
DEMOGRAPHICS
Population 1 mile 3 miles 5 miles
2012 Population 6,095 39,727 70,064
2017 Projection 6,142 41,350 72,579
Projected Annual Growth
2012-2017 0.67% 0.67% 0.67%
Households
2012 Population 2,405 14,804 25,860
2017 Projection 2,441 15,518 26,934
Households by Income 2012 1 mile 3 miles 5 milesContact
Jeff Gregg, Director
Fairway Realty | Investment Services Group
1515 W Lane Avenue, Suite 10
Upper Arlington, OH 43221
O: 614.273.0553
C: 614.989.9776
F: 614.569.3307
jgregg@fairwayre.com
Please visit our website:
www.fairwayre.com
www.fairwayre.comYou can also read
