This document provides an offering for a net leased Burger King property located in Chicago, Illinois. Key details include: - The single-tenant 2,980 square foot property was built in 2009 and has a long-term lease with Burger King that expires in 2029 with renewal options. - The lease features 5% rental escalations every 5 years with the next one in 2014. The guarantor is the second largest Burger King franchisee in the US. - The property benefits from a dense infill location within Chicago with over 1 million people within 5 miles and nearby retailers like Target and Home Depot.

1. NET LEASED INVESTMENT OFFERING
Burger King
2345 South Pulaski Road
Chicago, IL 60623
www.bouldergroup.com

2. TABLE OF CONTENTS
NET LEASED INVESTMENT OFFERING
TABLE OF CONTENTS
1) Confidentiality & Disclaimer
2) Executive Summary
3) Property Overview
4) Aerial
5) Site Plan
6) Maps
7) Tenant Profile
8) Demographic Comparison Report
9) Location Overview
10) Contact Information
www.bouldergroup.com

3. 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.
www.bouldergroup.com

4. EXECUTIVE SUMMARY
NET LEASED INVESTMENT OFFERING
EXECUTIVE SUMMARY
The Boulder Group is pleased to market for sale a single tenant Burger King property located in Chicago. The 2,980
square foot property was built in 2009 and is located approximately six miles southwest of downtown Chicago. The
subject property benefits from a dense infill location of Chicago and population in excess of one million within five
miles. The long term lease features rental escalations every five years with the next escalation in 2014.
The property is located at the intersection of South Pulaski Road and 24th Street. South Pulaski has traffic counts in
excess of 14,500 vehicles per day and is a primary north-south thoroughfare in Chicago. Pulaski Road has a full access
interchange with Interstate 55 one and one-half miles south of the property. Interstate 55 experiences traffic counts
in excess of 172,000 vehicles per day. Burger King is positioned as an outparcel to newly developed multi-tenant
shopping center anchored by Advance Auto Parts and DaVita Dialysis (scheduled to open in summer 2013). Other
retailers in the immediate area include Walgreens, CVS, AutoZone and Fifth Third Bank. The trade area is anchored
by numerous national retailers including Sam’s Club, Home Depot, Target, Menards, Aldi and an AMC movie theater.
Burger King’s original lease term was for 20 years with four 5-year renewal options and the lease expires in December
2029. The net operating income increases by 5% every five years during the primary term and in renewal options,
with the next escalation in December 2014. The guarantor is Heartland Midwest LLC; a wholly owned subsidiary of
Heartland Food Corp. Heartland Food Corp. is the second largest Burger King franchisee in the United States.
INVESTMENT HIGHLIGHTS
• Located within the Chicago MSA
• Long term lease with 16 years remaining
• 5% rental escalation in 2014 and every five years thereafter
• Positioned in a dense infill location of Chicago
• Population in excess of one million within five miles of the
property
• Outparcel to an Advance Auto Parts and DaVita anchored
shopping center
• Nearby retailers include Sam’s Club, Home Depot, Target,
Menards, Aldi and an AMC movie theater
www.bouldergroup.com

5. PROPERTY OVERVIEW
NET LEASED INVESTMENT OFFERING
PROPERTY OVERVIEW
Price: $2,462,686
Cap Rate: 6.70%
Rent Schedule: NOI Escalation Date
$165,000
$173,250 12/14/2014
$181,913 12/14/2019
$191,008 12/14/2024
$200,559 12/14/2029 (Option 1)
$210,586 12/14/2034 (Option 2)
$221,116 12/14/2039 (Option 3)
$232,172 12/14/2044 (Option 4)
Renewal Options: Four 5-year
Lease Commencement Date: December 14, 2009
Lease Expiration Date: December 13, 2029
Tenant: Burger King
Guarantor: Heartland Midwest LLC (2nd largest
Burger King franchisee)
Year Built: 2009
Lease Type: NNN
Rentable Square Feet: 2,980
Land Size: 17,722 SF
www.bouldergroup.com

6. AERIAL
NET LEASED INVESTMENT OFFERING
AERIAL
NUE
AVE
DEN VPD
. OG ,100
W 19
S. PULASKI AVENUE
14,500 VPD
S. CICERO AVENUE
43,200 VPD
W. 26TH ROAD
14,200 VPD
55
1 ½ MILE
www.bouldergroup.com

7. SITE PLAN
NET LEASED INVESTMENT OFFERING
SITE PLAN
HARDING AVENUE
PULASKI ROAD
www.bouldergroup.com

8. MAPS
NET LEASED INVESTMENT OFFERING
MAPS
S IT E
SITE
www.bouldergroup.com

9. TENANT PROFILE
NET LEASED INVESTMENT OFFERING
TENANT PROFILE
Burger King (NYSE: BKW) is a global chain of hamburger fast food restaurants. At the end of fiscal year 2012,
Burger King operated over 7,400 locations in the United States and over 12,900 locations worldwide. Burger
King primarily sells hamburgers, cheeseburgers, chicken, french fries and is famous for their signature menu
item, the Whopper. Burger King offers customers counter service as well as drive-thru service. As an effort to
enhance cash flow and strengthen relationships with key franchisees, Burger King is working towards a 100%
franchised business model. In 2012, Burger King refranchised 871 restaurants worldwide bringing their total
to 97% franchised.
Heartland Midwest LLC is a wholly owned subsidiary of Heartland Food Corp, Burger King’s second largest
franchisee. Heartland was founded in 2003 and operates over 230 locations in four Midwest states and
Canada. The company has received numerous awards in response to their success including Burger King’s
“Brand Leadership Award” which is presented to one Franchisee each year that has demonstrated superior
operations and who has demonstrated a leadership role within the Burger King Brand. Heartland Food Corp
is headquartered in Downers Grove, Illinois and has annual revenues in excess of $280 million.
Website: www.bk.com
Number of Locations: 12,997
Stock Symbol: BKW: NYSE
Market Capitalization: $6.8 billion
Website: www.heartlandfoodcorp.com
Number of Locations: 230+
Annual Revenue $280 million
www.bouldergroup.com

10. DEMOGRAPHIC COMPARISON REPORT
NET LEASED INVESTMENT OFFERING
DEMOGRAPHIC COMPARISON REPORT
Population 1-mi 3-mi 5-mi
Total Population 64,332 256,236 1,006,163
Total Households 17,615 100,915 331,419
Income
Median Household Income $30,326 $30,456 $36,497
Average Household Income $41,860 $42,658 $53,433
www.bouldergroup.com

11. LOCATION 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.com

12. 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
rblank@bouldergroup.com jimmy@bouldergroup.com
www.bouldergroup.com