Net Leased PNC Property For Sale

The Boulder Group is pleased to exclusively market for sale a net leased PNC Bank ground lease located in Lake Zurich, Illinois, 37 miles northwest of downtown Chicago. The property is strategically positioned at a signalized intersection. There are over 17 years remaining on the PNC Bank ground lease which expires in July 2034. The ground lease features 10% rental escalations every five years throughout the primary term and in each of the four 5-year renewal option periods. PNC Bank is publicly traded on the New York Stock Exchange (Symbol: PNC) with a market capitalization in excess of $46 billion. PNC Bank is an investment grade rated tenant with a Standard & Poor’s rating of A-.

The 53,797 square foot net leased PNC Bank property is strategically positioned at the signalized intersection of Quentin Road and Route 22 with exceptional visibility and access.  The intersection experiences traffic counts of 32,700 vehicles per day. Route 22 is the trade area’s primary east-west thoroughfare.  The property benefits from its anchor, Mariano’s Fresh Market, which is Chicago’s fastest growing grocer and acquired recently by The Kroger Company. Additional retailers located in the immediate trade area include McDonald’s and JustTires.  Further contributing to the strength of the immediate area is the large number of businesses.  The property is located within an affluent area with average household incomes within a one-mile radius in excess of $146,800 annually.

There are over 17 years remaining on the original 20 year PNC Bank ground lease. The ground lease expires on July 31, 2034 and features 10% rental escalations in the primary term and in each renewal option period. There are absolutely no landlord responsibilities. PNC is the fifth largest bank in the United States (total branches) with more than 2,600 branches and 9,000 ATM machines. PNC Bank is an investment grade rated tenant (S&P: A-) and is publicly traded (NYSE: PNC) with a market capitalization in excess of $46 billion.

 

INVESTMENT HIGHLIGHTS

• Located within the Chicago MSA
• Long term ground lease with over 17 years remaining
• Investment grade rated tenant (S&P: A-)
• 10% rental escalations every 5 years throughout the primary term and renewal option periods
• No landlord responsibilities
• Positioned at a signalized intersection with exceptional visibility and access
• Benefits from its anchor, Mariano’s Fresh Market, Chicago’s fastest growing grocer
• Affluent area with an average household income in excess of $146,800 within a one-mile radius of the property

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