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NET LEASED INVESTMENT OFFERINGNET LEASED INVESTMENT OFFERINGNET LEASED INVESTMENT OFFERINGNET LEASED INVESTMENT OFFERING
TCF Bank Ground Lease (Investment Grade)TCF Bank Ground Lease (Investment Grade)TCF Bank Ground Lease (Investment Grade)TCF Bank Ground Lease (Investment Grade)6501 Richfield Parkway6501 Richfield Parkway6501 Richfield Parkway6501 Richfield Parkway
Richfield, MN 55423 (MinneapolisRichfield, MN 55423 (MinneapolisRichfield, MN 55423 (MinneapolisRichfield, MN 55423 (Minneapolis MSA)MSA)MSA)MSA)
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Confidentiality & Disclaimer
Executive Summary
Property OverviewSite Plan
Aerial
Map
Tenant Profile
Demographic Comparison ReportLocation Overview
Contact Information
TABLE OF CONTENT
TABLE OF CONTENTSTABLE OF CONTENTSTABLE OF CONTENTSTABLE OF CONTENTS
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The information contained in the following Offering Memorandum is proprietary and strictly confidential. It isintended to be reviewed only by the party receiving it from The Boulder Group and should not be made available toany other person or entity without the written consent of The Boulder Group. This Offering Memorandum has beenprepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminarylevel of interest in the subject property. The information contained herein is not a substitute for a thorough duediligence investigation. The Boulder Group has not made any investigation, and makes no warranty orrepresentation. The information contained in this Offering Memorandum has been obtained from sources webelieve 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 nowarranty or representation whatsoever regarding the accuracy or completeness of the information provided. Allpotential buyers must take appropriate measures to verify all of the information set forth herein.
CONFIDENTIALITY & DISCLAIM
CONCONCONCONFIDENTIALITY & DISCLAIMERFIDENTIALITY & DISCLAIMERFIDENTIALITY & DISCLAIMERFIDENTIALITY & DISCLAIMER
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The Boulder Group is pleased to exclusively market for sale a single tenant TCF Bank ground lease located within theMinneapolis MSA. TCF Bank is an investment grade company with a Standard & Poors Rating of BBB-. The TCF Bank isocated on a 1.01 acre parcel as an outlot to a Super Target and Home Depot anchored shopping center. The leaseeatures 10% rental escalations every five years with the next escalation in 2017. This is a proven location for TCF bank as
evidenced by its well above average deposits for a bank branch.
The property is located in Cedar Point Commons Shopping Center, a 350,000 square foot retail center anchored by SuperTarget and Home Depot. Cedar Point Commons is located off Highway 77 (66,000 VPD) at the intersection of 66 th Strand Richfield Parkway. 66 th Street has a full access interchange with Highway 77 less than mile from the property.Constant traffic is abundant along Highway 77 as the Mall of America is located approximately two miles south of Cedar
Point Commons along Highway 77. Additionally, there is a IKEA adjacent to the Mall of America. The property is located in adense area with over 300,000 people living within five miles of the property. There are high barriers to entry in the area ashe land directly across Highway 77 is used for the Minneapolis/St. Paul International Airport.
TCF Banks original ground lease term was for 20 years with four 5-year renewal options and the lease expires in October2027. The net operating income increases by 10% every five years during the primary term as well as the option periods.TCF Bank is a publicly traded company on the New York Stock Exchange (TCB), with a market capitalization of $2 billion.TCF Bank is an investment grade rated company with a Standard & Poors rating of BBB-.
Investment grade rated company (S&P: BBB-)
Located within the Minneapolis MSA
Long term ground lease
Superior bank branch deposits
No landlord responsibilities
10% rental escalations every five years (Next escalation in2017)
Located as an outparcel to a Super Target and Home Depot
Located off Highway 77 Interchange (66,000 VPD)
Two miles from the Mall of America and an IKEA
Over 300,000 people living within five miles of the property
NVESTMENT HIGHLIGHTS
EXECUTIVE SUMMA
EXECUTIVE SUMMARY EXECUTIVE SUMMARY EXECUTIVE SUMMARY EXECUTIVE SUMMARY
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Price: $2,946,428
Cap Rate: 5.60%
Rent Schedule: NOI Escalation Date$ 165,000$ 181,500 11/1/2017
$ 199,650 11/1/2022$ 219,615 11/1/2027 (Option 1)$ 241,577 11/1/2032 (Option 2)$ 265,734 11/1/2037 (Option 3)$ 292,308 11/1/2042 (Option 4)
Renewal Options: Four 5- ear
Renewal Rate: 10% each option period
Lease Commencement Date: October 16, 2007
Lease Expiration Date: October 31, 2027
Tenant: TCF Bank
Credit Rating: BBB- (Standard and Poors)
ear Built 2007
Lease Type: Ground Lease NNN*
Rentable Square Feet: 4,500 SF
Land Size: 1.01 Acres
* Should structural repairs be required during the last three years of the Tenant's primary term or any renewal term, Tenant shall not be required to make such structural repairs should Tenant deliver to Landlord a written waiver of all rights to renew the Lease beyond the term in effect.
PROPERTY OVERVIE
PROPERTY OVERVIEWPROPERTY OVERVIEWPROPERTY OVERVIEWPROPERTY OVERVIEW
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SITE PLASITE PLASITE PLASITE PLANNNN
SITE PLA
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AERIALAERIALAERIALAERIAL
AERIA
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MAP
MAPMAPMAPMAP
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Website: www.tcfbank.com Number of Locations: 430+Stock Symbol: TCB : NYSEStandard & Poors Rating: BBB-Market Capitalization: $2 billion
TCF is a Wayzata, Minnesota based national bank holding company with $17.8 billion in total assets as of March 31,2012. TCF has over 430 branches in Minnesota, Illinois, Michigan, Colorado, Wisconsin, Indiana, Arizona, and SouthDakota, providing retail and commercial banking services. TCF also has business lines in commercial leasing andequipment finance, including leverage lending in all 50 states, commercial inventory finance business in the U.S. andCanada, and indirect auto finance business in over 30 states. They are the 11th largest VISA Classic debit cardissuer in the U.S. by sales volume.
TENANT PROFIL
TENANT PROFILETENANT PROFILETENANT PROFILETENANT PROFILE
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PopulationPopulationPopulationPopulation 3333----mi.mi.mi.mi. 5555----mimimimi 7777----mimimimi
Total Population 98,609 303,180 586,475Total Households 41,304 129,123 254,769
IncomeIncomeIncomeIncome
Median Household Income $53,756 $51,126 $50,403Average Household Income $69,602 $70,132 $72,149
DEMOGRAPHIC COMPARISON REPOR
DEMOGRAPHIC COMPARISON REPORTDEMOGRAPHIC COMPARISON REPORTDEMOGRAPHIC COMPARISON REPORTDEMOGRAPHIC COMPARISON REPORT
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RichfieldRichfieldRichfieldRichfield iDowntowncitys largelargest em
Hennepinfive MinneHennepin
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MinneapoliMinneapoliMinneapoliMinneapoliTwin Citieas the staStates with19 of theMinnesotaThe largeAmeriprise
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LOCATION OVERVIEWLOCATION OVERVIEWLOCATION OVERVIEWLOCATION OVERVIEW
located in Hennepin County, Minnesota, approMinneapolis. Richfield has a population of overst employer and its corporate headquarters is lployers in Richfield include US Bank, Richfield Pu
ounty is the most populous county in the state osotans lives in Hennepin County. At the time oounty had a population of 1,152,425.
field.mn.us
isisisis----St. PaulSt. PaulSt. PaulSt. Paul is the most populous urban area in Mi. Minneapolis is the most populous city in Min
es capital. The Minneapolis-St. Paul MSA is thea total population of 3,317,308. The Minneapol0 Fortune 500 headquarters (Target, 3M and Gand has the second largest economy in the Midt companies in Minneapolis include Target,Financial and Thrivent Financial.
neapolis.mn.us
CATION OVERVIEW
imately 8 miles south of 35,000. Best Buy is thecated in Richfield. Otherlic Schools and Target.
f Minnesota. One in everyf the 2010 U.S. Census,
nnesota is nicknamed theesota and St. Paul serves16 th largest in the United
is-St. Paul area is home toneral Mills) located within
west only behind Chicago.US Bank, Xcel Energy,
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666 Dundee Road Suite 1801Northbrook, IL 60062
Randy [email protected]
Jimmy GoodmanPartner847.562.8500
CONTACT INFORMATIO
CONTACT INFORMATIONCONTACT INFORMATIONCONTACT INFORMATIONCONTACT INFORMATION
