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First National Bank Nnn Sale OFFERING MEMORANDUM FIRST NATIONAL BANK NNN SALE PRESENTED BY: The Lerner Company Ben Meier Lindsay Banks 10855 W. Dodge Rd. 402.502.4715 402.502.4708 Omaha, NE 68154 [email protected] [email protected] August 2014 Conditions of Offering DISCLAIMER AND RELIANCE This Memorandum information will be delivered to individuals and entities who may have or who have expressed an interest (collectively “Prospects”) in 4124 S 50th St (“Center”) for their limited use in evaluating the Center as a candidate for acquisition and not for any other purpose and not for distribution to any other person or entity without the express written consent of the Broker. Prospects acknowledge that this Memorandum, though containing some information relating to the Center, does not contain all of the information a Prospect may or should desire and each such Prospect is advised to conduct its own independent, thorough analysis and inspection of the Center and all information and data relating to the Center. Every Prospect should not rely on this Memorandum or on the statements or actions of the Center’s owners (collectively “Owner”) or The Lerner Company or its agent, brokers, or employees (collectively “Broker”). Prospects should not rely upon, nor does the Owner nor the Broker make any representation or warranty, express or implied, to Prospects regarding the accuracy or completeness of this Memorandum, any oral or written communication of the Owner or the Broker, the condition of the Center, the financial information and other data relating to the Center, or any of its leases, tenants, and occupants. CONFIDENTIALITY This Memorandum has been prepared by the Broker based on information acquired by it and all Prospects are required and advised to make their own evaluation of the Center and the information contained in the Memorandum. Neither the Owner nor the Broker has independently verified any of the information contained in the Memorandum or otherwise available to Prospects whom are advised and required to conduct its own verification of the accuracy or completeness of the information contained in the Memorandum. All summaries, discussions, presentations, and financial data submissions are hereby qualified by reference to the actual documents and financial statements upon which the foregoing were based and which are determinative and available upon request to the Broker. The Memorandum and any other information relating to the Center furnished to Prospects, whether oral or written, is confidential and its contents are the sole property of the Owner and will not be reproduced in whole or in part except as permitted herein. Prospects accepting delivery of this Memorandum will not disclose its contents to anyone except its employees, officers, auditors, financial advisors and counsel, each of whom will be required to comply with the terms of this Memorandum and will not use this Memorandum in any manner which is detrimental to the Owner or Broker. NEGOTIATIONS Prospects acknowledge that the Owner may negotiate with one or more Prospects at any time and does not have any obligation to discuss the Center or this Memorandum or the sale of the Center with any Prospect. The Owner may in its sole discretion, at any time, without notice, reject any offers or proposals and to terminate, at any time, discussions and negotiations with any Prospect including the request to return the Memorandum and any data and information furnished any Prospect. Though a Prospect and Owner may reach an oral agreement regarding the sale and purchase of the Center, neither the Prospect nor the Owner shall be obligated or liable in any way to the other unless, until, and except as expressly set forth in a written agreement executed by both parties. INQUIRIES This Memorandum does not constitute an offer to accept any investment proposal but is merely a solicitation of interest with respect to the investment described herein. The Memorandum does not constitute an offer for the sale of a security. By accepting this Memorandum, a Prospect agrees to release the Owner and Broker and hold each of them harmless from any claim, liability, and expense arising from any Prospect’s activities regarding or purchase or attempted purchase of the Center. Any inquiries or questions involving the Center must be directed to the Broker and not the Owner. Any contacts with the Center’s existing or potential tenants, management personnel, or vendors must have the prior permission of the Broker. FIRST NATIONAL BANK - PAGE 2 4124 S 50th Street Omaha, NE 68117 Table of Contents Executive Summary 4 • Investment Highlights 4 • Site Plan 5 • Aerials 6-7 Location & Market 8 • Market Overview 9 • Project Location 9 • Demographics 10 • Population Density/Average Income 11 Tenancy 12 • Tenant Profile 12 Lerner Investment Contact 13 FIRST NATIONAL BANK - PAGE 3 Executive Summary Investment Highlights The Lerner Company is pleased to announce a rare opportunity to invest in a high profile pad site in a prime trade area in Omaha, NE. Proven Deposit Record – Over $136,000,000 in annual deposits. Lease is true NNN with no Landlord responsibilities. Stabilized Asset – The subject site offers an investors the opportunity to acquire a stable asset with both historical precedence and future assurance . Access to I-80 corridor and ‘L’ Street, a main east-west thoroughfare . Access: Excellent access with two light controlled intersections accessing the center. Strong traffic counts of 12,500 vpd on 50th Street . Visibility: Excellent pad site along S 50th Street. Strong demos with 120,797 people within 3 miles and a corresponding daytime pop of 91,597 Offering Summary • Address: 4124 So. 50th Street, Omaha, NE68197 Lease Summary • Year Built: 1991 • Lease Type – Ground Lease – Absolute Triple Net (NNN) • Building Size: 3,950 SF • Tenant – First National Bank • Leased Land Area: 0.87 Acres • Primary Lease Start Date – May 1, 1991 • Offering Price: $2,500,000 • Lease Expiration – May 15, 2026 • Down Payment: 100% • Options – None remaining • CAP Rate: 6.8% • Increases – • Occupancy: 100% • May 16, 2016- May 15, 2021, $171,002.61/annum • Initial Extended Term: 10 years • May 16, 2021 – May 15, 2026, $179,552.74/annum • Starting NOI: $171,002.61 • Scheduled Increases: 5% in 5 years • Existing Term Expiration: 05/15/26 FIRST NATIONAL BANK - PAGE 4 Executive Summary Site Plan “Subject Offering” FIRST NATIONAL BANK - PAGE 5 First National Bank 4124 S 50th Street Omaha, NE FIRST NATIONAL BANK - PAGE 6 First National Bank 4124 S 50th Street Omaha, NE FIRST NATIONAL BANK - PAGE 7 LOCATION & MARKET Location & Market 4124 S 50th Market Location Omaha, Nebraska is located nearly equidistant Street between New York and Los Angeles on Interstate Omaha Metro’s Largest Employers 80. Given its central location, all major Midwestern 1. Offutt AFB: 9,584 est. employees markets are accessible within a single day’s drive. 2. University of Nebraska Omaha: 9,000 est. employees In addition, Omaha is less than three hours from anywhere in the United States via direct air flight. 3. Nebraska Medical Center: 5,400 est. employees 4. Union Pacific Railroad: 3,500 est. employees Major interstates and highways running through 5. Mutual of Omaha Insurance Co.: 3,235 est. employees and adjacent to Omaha include Interstate 80 (east- 6. Creighton University: 3,010 est. employees west), Interstate 680, Interstate 480 and US Highways 6, 75 and 275. Access to Interstate 29 7. West Corporation: 3,000 est. employees (north-south) is less than five minutes from 8. Pay Pal. 2,800 est. employees Omaha. 9. CHI Bergan Mercy: 2,400 est. employees th 10. Methodist Hospital: 2,300 est. employees ‘L’ Street and S 50 Street is an established corridor with a strong neighborhood draw. Recent additions to the neighborhood include a Neighborhood Wal-Mart and the redevelopment of a former K-Mart box into indoor self-storage. FIRST NATIONAL BANK - PAGE 9 Location & Market Demographics 1 Mile 3 Mile 5 Mile MSA 2022 Projection 10,852 120,797 292,239 980,752 2017 Estimate 10,335 113,476 273,267 928,136 2010 Census 10,418 110,089 260,726 865,350 2000 Census 10,262 108,099 253,011 767,042 Projected Annual growth (2017-2022) 1.0% 1.3% 1.4% 1.1% Historical Annual growth (2010-2017) -0.1% 0.4% 0.7% 1.0% Total Employees 6,909 91,597 207,011 543,493 Median Age 38.5 23.9 33.7 36.1 19 years or less 25.0% 29.1% 28.2% 28.4% 20 years – 64 years 56.1% 58.4% 59.5% 58.3% 65 years or over 18.7% 12.5% 12.2% 13.4% Any College (Some college or Higher) 25.6% 26.8% 29.8% 32.7% College Degree +(Bachelor Degree or Higher) 21.4% 25.7% 30.4% 33.9% Housing Units Occupied (2016) 95.6% 95.0% 95.1% 95.4% Owner-Occupied Median Home Value $120,726 $131,536 $152,253 $168,375 2017 Est. Average HH Income $57,934 $58,124 $66,510 $81,048 2017 Est. Median HH Income $50,911 $50,041 $56,195 $69,472 2017 Average Household Size 3.2 3.4 3.3 3.2 FIRST NATIONAL BANK - PAGE 10 Location & Market Population Density Average Income FIRST NATIONAL BANK - PAGE 11 Tenancy Tenant Profile First National Bank is a sixth generation family-owned, largest privately-owned bank holding company in the United States. Founded over 160 years ago in Omaha, Nebraska. With locations in Nebraska, Colorado, Illinois, Iowa, Kansas, South Dakota and Texas. First National has $21 billion in assets and 5,000 employee associates across the country. Within Omaha, First National Bank holds a 26% market share and over $7.7 billion dollars in deposits.
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