Old National Bancorp Single Tenant Net Lease NEW PRICE 2 West Main Street Investment Opportunity Danville, Illinois Strategic Downtown Location Asking Price: $4,750,000 • 9.8% Cap Rate BROKERS: Daniel Schmidt Steve Stoner
[email protected] [email protected] 312‐654‐3975 630‐805‐0497 License #: 471008680 License #: 471016986 Introduction Kennedy Wilson and SCGroup Real Estate are pleased to exclusively offer for sale a three‐story office building located in downtown Danville, Illinois. The fully occupied building is leased to Old National Bancorp (NASDAQ, “ONB”). Key elements of this transaction include: Asset •Building size: 40,152 square feet •Year built: 1976; Renovated 1994 •Lot size: Approximately 1.9 Acres •Parking: 92 spaces or 2.3/1,000 square feet Economics/Lease Summary •Four years remaining on lease; expires October 31, 2022 •Negotiations underway to downsize and extend Bank's lease •Annual NOI*: $465,521 (* For the 12 months ended 10/31/19) •NNN rental rate per square foot: $11.59 •Annual rental increases: 150% of CPI capped at 1.5% •Renewal Options: Four, Five‐Year options •Asking price: $4,750,000 ($118 per square foot) •Capitalization rate: 9.8% •NNN lease: Tenant responsible for all repairs Investment Highlights •Investment grade tenant, Aa3 rating by Moody's •Absolute triple net lease •Located in the heart of Downtown across from the City offices and near other government buildings •Downtown redevelopment district/Civic Center adjacent to property •Limited professional office space competition 2 Building and Site Overview The subject property is a 40,152 square feet office building that is fully leased to Old National Bancorp.