Published on February 27, 2014
NET LEASED INVESTMENT OFFERING OfficeMax (NYSE: ODP) 200 Riverside Drive East Peoria, IL 61611 www.bouldergroup.com
TABLE OF CONTENTS NET LEASED INVESTMENT OFFERING TABLE OF CONTENTS 1) Confidentiality & Disclaimer 2) Executive Summary 3) Property Overview 4) Aerials 5) Maps 6) Tenant Profile 7) Demographic Comparison Report 8) Location Overview 9) Contact Information www.bouldergroup.com
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
EXECUTIVE SUMMARY NET LEASED INVESTMENT OFFERING EXECUTIVE SUMMARY The Boulder Group is pleased to exclusively market for sale a single tenant OfficeMax property located in East Peoria, Illinois. OfficeMax is committed to this site as evidenced by their extension of their first five year renewal option period. The 1.89 acre parcel is located within the Peoria region’s dominant retail corridor that features regional draws such as Bass Pro Shops, Walmart Supercenter, and Lowe’s. OfficeMax recently merged with Office Depot to create a dominant retailer and the largest U.S. office-supplies chain. OfficeMax is publicly traded on the New York Stock Exchange (ODP) with a market capitalization in excess of $2.5 billion. The OfficeMax property is strategically located along Interstate 74, which experiences traffic counts in excess of 60,000 vehicles per day. There are over 125,000 people living within five miles of the subject property. The OfficeMax is centrally located within Peoria’s dominant retail corridor that is anchored by Bass Pro Shops, Walmart Supercenter, Lowe’s, Costco, Target, Kohl’s and Gordmans. The property is located in a Walmart Supercenter and Lowe’s anchored development. Other retailers located in the area include Embassy Suites Hotel and Conference Center, PetSmart, Ross Dress For Less, Aldi, McDonald’s, Panera, and Buffalo Wild Wings. The recently extended OfficeMax lease has approximately 5 years remaining and expires in October 2018. There are three 5-year renewal options remaining with rental escalations in each. OfficeMax is a publicly traded company on the New York Stock Exchange (ODP) with a market capitalization in excess of $2.5 billion. INVESTMENT HIGHLIGHTS • Located within the region’s dominant retail corridor that features regional draws such as Bass Pro Shops, Walmart Supercenter, Costco, Lowe’s, Target, & Kohl’s • Proven location for OfficeMax as evidenced by their extension of their first renewal option • OfficeMax is a publicly traded company on the New York Stock Exchange (ODP) with a market capitalization in excess of $2.5 billion • Located along Interstate 74 (60,000 VPD) • There are three 5-year renewal options with rental escalations in excess of 6% in each • Over 125,000 people living within five miles • Other retailers located in the immediate vicinity include Embassy Suites Hotel and Conference Center, PetSmart, Ross Dress For Less, Aldi, McDonald’s, Panera, and Buffalo Wild Wings www.bouldergroup.com
PROPERTY OVERVIEW NET LEASED INVESTMENT OFFERING PROPERTY OVERVIEW Price: $3,041,176 Current Cap Rate: 8.50% Rent Schedule: NOI Escalation Date $258,500 $276,125 $293,750 $311,375 11/1/2018 (Option 2) 11/1/2023 (Option 3) 11/1/2028 (Option 4) Renewal Options: Three 5-Year Lease Commencement Date: November 1, 1998 (Estimated) Lease Expiration Date: October 31, 2018 Tenant: OfficeMax Year Built: 1998 Lease Type: NN Building Size: 23,500 SF Land Size: 1.86 acres www.bouldergroup.com
AERIALS NET LEASED INVESTMENT OFFERING AERIALS N www.bouldergroup.com
AERIALS NET LEASED INVESTMENT OFFERING AERIALS N PD 00 V 74 60,0 www.bouldergroup.com
MAPS NET LEASED INVESTMENT OFFERING MAPS www.bouldergroup.com
TENANT PROFILE NET LEASED INVESTMENT OFFERING TENANT PROFILE OfficeMax is an American office supplies retailer that was founded in Cleveland, Ohio in 1988. The company provides office supplies and paper, print and document services, technology products and solutions, and furniture to businesses and consumers. There are approximately 29,000 OfficeMax employees and over 900 OfficeMax locations in the U.S. and in Mexico. On November 5, 2013, OfficeMax and Office Depot completed a merger in an all-stock transaction, creating the largest U.S. office supply chain. By combining the two companies, a $17 billion company was created that is stronger and a more efficient global provider of office products, services, and solutions. There are now 66,000 associates worldwide and 2,200 retail stores serving consumers and businesses in 59 countries. Website: Parent Company Website: Stock Symbol: Market Capitalization: Employees: Locations: www.officemax.com www.officedepot.com NYSE: ODP $2.5 billion 66,000 2,200 Retail Stores www.bouldergroup.com
DEMOGRAPHIC COMPARISON REPORT NET LEASED INVESTMENT OFFERING DEMOGRAPHIC COMPARISON REPORT Population Total Population Total Households 3-mi 5-mi 7-mi 61,562 23,512 125,081 51,470 175,922 72,706 $32,423 $44,647 $39,327 $52,340 $43,749 $59,605 Income Median Household Income Average Household Income www.bouldergroup.com
LOCATION OVERVIEW NET LEASED INVESTMENT OFFERING LOCATION OVERVIEW Peoria is the largest city on the Illinois River and the county seat of Peoria County, Illinois. As of the 2010 census, the city was the seventh-most populated in Illinois, with a population of 115,007. The Peoria MSA had a population of 373,590 in 2011, making it the third largest metropolitan area in the state after the Chicago metropolitan area and the Metro-East portion of the St. Louis metropolitan area. Peoria is the world headquarters for Caterpillar Inc., one of the 30 companies composing the Dow Jones Industrial Average. Caterpillar employs over 125,000 people world-wide, of which 15,000+ are located in Peoria. Other significant employers in the area include the Methodist Medical Center, OSF Saint Francis Medical Center, and the Peoria School District. Peoria is also home to Bradley University (6,000 students) and Illinois Central College (12,000 students). The Embassy Suites and Riverfront Conference Center, which is located across from the subject property, caters to the Caterpillar World Headquarters, Bradley University, and Peoria Civic Center. The Embassy Suites and Riverfront Conference Center is ideal for East Peoria meetings and events and boasts a 50,000 square foot conference center. www.peoriagov.org www.bouldergroup.com
CONTACT INFORMATION NET LEASED INVESTMENT OFFERING CONTACT INFORMATION 666 Dundee Road, Suite 1801 Northbrook, IL 60062 Randy Blankstein President 847.562.0003 email@example.com 5001 N. University Street Peoria, IL 61614 Jimmy Goodman Partner 847.562.8500 firstname.lastname@example.org www.bouldergroup.com Tom Camper Broker 309.256.1020 email@example.com
SINGLE TENANT NNN LEASED INVESTMENT OPPORTUNITY OfficeMax Midland ... Property Type Single Tenant, ...
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