triple net leased PNC bank for sale in Milwaukee

1. NET LEASED INVESTMENT OFFERING
PNC Bank (Ground Lease)
12821 West Bluemound Road
Brookfield, WI 53005 (Milwaukee MSA)
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 exclusively market for sale a single tenant PNC Bank ground lease property
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. The 20 year ground lease features escalating
rents during the primary term of the lease.
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 and Trader Joe’s, which are two major traffic
generators for the area. The developer is constructing an adjacent strip center featuring Starbucks and Great Clips.
The regional trade area also features two regional malls, Brookfield Square Mall and Mayfair Mall, totaling over
2 million square feet featuring national retailers Macy’s, Boston Store, Sears, Bed Bath & Beyond and PetSmart.
Brookfield is a well-populated area with approximately 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 $95,000
annually.
The original twenty year ground lease commenced November 3, 2012 with a primary term of 20 years. The lease
features a rental escalation in the primary term and in each of the five 10-year renewal options. PNC Bank is the
sixth largest bank in the United States by total assets. PNC Bank has over 2,800 locations in 17 states 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-.
INVESTMENT HIGHLIGHTS
• Located within the Milwaukee MSA
• Investment grade tenant (S&P: A-)
• New construction
• Long term lease with 19 years remaining
• 10% rental escalation every ten years in the primary term and
renewal options
• No landlord responsibilities
• Outparcel to a newly developed Target and Trader Joe’s development
• Bluemound Road is a primary thoroughfare and has traffic volumes in excess of 41,000 vehicles per day
• Affluent area with average household income in excess of $95,000 in immediate vicinity
www.bouldergroup.com

5. PROPERTY OVERVIEW
NET LEASED INVESTMENT OFFERING
PROPERTY OVERVIEW
Price:
$2,500,000
Cap Rate:
5.00%
Rent Schedule:
NOI
Escalation Date
$125,000
$137,500
$151,250
$166,375
$183,012
$201,314
$221,445
11/4/2022
12/1/2032 (Option 1)
12/1/2042 (Option 2)
12/1/2052 (Option 3)
12/1/2062 (Option 4)
12/1/2072 (Option 5)
Renewal Options:
Five 10-Year
Rent Commencement Date:
November 3, 2012
Rent Expiration Date:
November 30, 2032
Tenant:
PNC Bank
Year Built:
2012
Lease Type:
Ground Lease
Building Size:
4,020 SF
Land Size:
1.18 acres
www.bouldergroup.com

6. AERIAL
NET LEASED INVESTMENT OFFERING
AERIAL
www.bouldergroup.com

7. SITE PLAN
NET LEASED INVESTMENT OFFERING
SITE PLAN
N
www.bouldergroup.com

8. MAPS
NET LEASED INVESTMENT OFFERING
MAPS
www.bouldergroup.com

9. TENANT PROFILE
NET LEASED INVESTMENT OFFERING
TENANT PROFILE
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 2,700 branches and 7,400 ATM machines. PNC is publicly traded
on the New York Stock Exchange as PNC and has a market capitalization in excess of $39 billion.
Website:
Credit Rating:
Stock Symbol:
Number of Locations:
Market Capitalization:
www.pnc.com
A- (S&P)
PNC (NYSE)
2,700+
$39 billion
www.bouldergroup.com

10. DEMOGRAPHIC COMPARISON REPORT
NET LEASED INVESTMENT OFFERING
DEMOGRAPHIC COMPARISON REPORT
Population
Total Population
Total Households
3-mi
5-mi
7-mi
60,472
26,261
240,383
105,458
515,821
208,869
$58,444
$82,953
$54,084
$73,528
$64,444
$75,289
Income
Median Household Income
Average Household Income
www.bouldergroup.com

11. LOCATION OVERVIEW
NET LEASED INVESTMENT OFFERING
LOCATION 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 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
www.bouldergroup.com

12. CONTACT INFORMATION
NET LEASED INVESTMENT OFFERING
CONTACT INFORMATION
666 Dundee Road, Suite 1801
Northbrook, IL 60062
Randy Blankstein
President
847.562.0003
rblank@bouldergroup.com
Jimmy Goodman
Partner
847.562.8500
jimmy@bouldergroup.com
www.bouldergroup.com