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OFFERING MEMORANDUM VPD 24,300 - AVE REYNOLDS N

HILL AVE - 13,200 VPD S REYNOLDS AVE REYNOLDS S

N

PNC BANK | 4 REYNOLDS AVENUE, TOLEDO, OH 43615 FOR SALE | FREE-STANDING NNN INVESTMENT

JOSEPH KHOURI CBRE, INC. First Vice President 950 Main Avenue, Suite 200 +1 216 658 6120 , OH 44113 [email protected] +1 216 687 1800 AFILIATED BUSINESS DISCLOSURE AND CONFIDENTIALITY AGREEMENT

CBRE, Inc. operates within a global family of companies with many subsidiaries and/or These summaries do not purport to be complete nor necessarily accurate descriptions of the related entities (each an “Affiliate”) engaging in a broad range of commercial real estate full agreements referenced. Interested parties are expected to review all such summaries and businesses including, but not limited to, brokerage services, property and facilities other documents of whatever nature independently and not rely on the contents of this management, valuation, investment fund management and development. At times different Memorandum in any manner. Affiliates may represent various clients with competing interests in the same transaction. For example, this Memorandum may be received by our Affiliates, including CBRE Investors, Inc. Neither the Owner or CBRE, Inc, nor any of their respective directors, officers, Affiliates or or Trammell Crow Company. Those, or other, Affiliates may express an interest in the representatives make any representation or warranty, expressed or implied, as to the property described in this Memorandum (the “Property”) may submit an offer to purchase the accuracy or completeness of this Memorandum or any of its contents, and no legal Property and may be the successful bidder for the Property. You hereby acknowledge that commitment or obligation shall arise by reason of your receipt of this Memorandum or use of possibility and agree that neither CBRE, Inc. nor any involved Affiliate will have any obligation its contents; and you are to rely solely on your investigations and inspections of the Property to disclose to you the involvement of any Affiliate in the sale or purchase of the Property. In in evaluating a possible purchase of the real property. all instances, however, CBRE, Inc. will act in the best interest of the client(s) it represents in the transaction described in this Memorandum and will not act in concert with or otherwise The Owner expressly reserved the right, at its sole discretion, to reject any or all expressions conduct its business in a way that benefits any Affiliate to the detriment of any other offeror or of interest or offers to purchase the Property, and/or to terminate discussions with any entity prospective offeror, but rather will conduct its business in a manner consistent with the at any time with or without notice which may arise as a result of review of this Memorandum. and any fiduciary duties owed to the client(s) it represents in the transaction described in this The Owner shall have no legal commitment or obligation to any entity reviewing this Memorandum. Memorandum or making an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered and This is a confidential Memorandum intended solely for your limited use and benefit in approved by the Owner and any conditions to the Owner’s obligations therein have been determining whether you desire to express further interest in the acquisition of the Property. satisfied or waived.

This Memorandum contains selected information pertaining to the Property and does not By receipt of this Memorandum, you agree that this Memorandum and its contents are of a purport to be a representation of the state of affairs of the Property or the owner of the confidential nature, that you will hold and treat it in the strictest confidence and that you will Property (the “Owner”), to be all-inclusive or to contain all or part of the information which not disclose this Memorandum or any of its contents to any other entity without the prior prospective investors may require to evaluate a purchase of real property. All financial written authorization of the Owner or CBRE, Inc. You also agree that you will not use this projections and information are provided for general reference purposes only and are based Memorandum or any of its contents in any manner detrimental to the interest of the Owner on assumptions relating to the general economy, market conditions, competition and other or CBRE, Inc. factors beyond the control of the Owner and CBRE, Inc. Therefore, all projections, assumptions and other information provided and made herein are subject to material If after reviewing this Memorandum, you have no further interest in purchasing the Property, variation. All references to acreages, square footages, and other measurements are kindly return this Memorandum to CBRE, Inc. approximations. Additional information and an opportunity to inspect the Property will be made available to interested and qualified prospective purchasers. In this Memorandum, certain documents, including leases and other materials, are described in summary form.

© 2020 CBRE, Inc. The information contained in this document has been obtained from sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE, Inc. has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and com- pleteness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. ouY and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited. CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the and other countries. All other marks displayed on this document are the property of their respective owners. PNC BANK 4 REYNOLDS AVENUE TOLEDO, OH 43615 TABLE OF CONTENTS Executive Summary Property Overview | Lease Summary Tenant Profile Market Overview

CONTACT US

Joseph Khouri First Vice President +1 216 658 6120 [email protected]

CBRE, Inc. 950 Main Avenue, Suite 200 Cleveland, OH 44113 +1 216 687 1800

FOR SALE | PNC BANK FREE-STANDING NNN INVESTMENT EXECUTIVE SUMMARY PNC BANK 4 REYNOLDS AVENUE TOLEDO, OH 43615

INVESTMENT HIGHLIGHTS INVESTMENT SUMMARY

4 REYNOLDS AVENUE, TOLEDO, OH 43615

CBRE presents qualified investors the opportunity to acquire Offering Price ...... $988,000 a free-standing 2,900 square foot building situated on a Net Operating Income (Base Rent) ...... $71,625 0.72 acre parcel of land, 100% leased to PNC Bank with Cap Rate ...... 7.25% 4+ years of lease term remaining. The current lease term expires on September 30th, 2024. Lease Type ...... NNN Current Lease Expiration ...... 9/30/2024 The listing price has just been reduced from $1,023,000 down to $988,000. Price PSF ...... $341.00 Total Building Area ...... 2,900 SF This branch location has an operating history of over 40+ Years, with currently $27,890,000 in branch deposits (June Total Land Area ...... 0.72 Acres 2019). The property is located at the hard corner, signalized intersection of Reynolds Avenue (with 24,300 VPD) and Hill Avenue (with 13,200). This offering provides an investor with the ability to acquire the fee simple interest (building and land) an Absolute NNN lease, with minor Landlord obligations under the lease.

EXECUTIVE SUMMARY PNC BANK 4 REYNOLDS AVENUE TOLEDO, OH 43615

PNC BANK 4 REYNOLDS AVENUE TOLEDO, OH 43615

INVESTMENT HIGHLIGHTS

+ 4 years remaining on a Absolute Triple Net Corporate + The property is located 3 miles from the University of Lease backed by PNC Bank Toledo with over 20,380+ enrollment + Located at the signalized hard corner of Hill Avenue + 7,890 Million in Branch Deposits (as of June 2019) and N Reynolds Road with daily traffic counts of + 41+ Year history of operation at this branch, with 37,000+ VPD opening date 3/27/1978 + Area retailers include, McDonald’s, Burger King, Dollar + Bank Number: 2293 - Reynolds-Hill Branch Tree, Save-a-Lot, Taco Bell and more!

www.cbre.us/cleveland PNC BANK 4 REYNOLDS AVENUE TOLEDO, OH 43615

WHY TOLEDO?

Detroit TOLEDO LOCAL ECONOMY (1 hr.) MAJOR EMPLOYERS - 6th largest MSA in the state of & the largest area between Cleveland Metro Airport (45 mins.) and Detroit. - GDP: $38 B in 2017 (4 hrs.) - 3rd in US for economic development among mid-size cities for the third year (14,465) (8,827) (6,662) in a row. (Source: Site Selection) - In a 17 country region, businesses created 4,000 new jobs while investing $4 B into their operations. (15 mins. from CBD) Cleveland - 14th best migration of Millennials in region. (Source: Smart Asset) (2 hrs.) (6,159) - 400% growth in investment in 2017. (Source: 2017 Regional Growth Partnership annual report) (3,399) (2,200) - Amazon’s preferred developer has been approved to construct a 2.8 MSF * 8 Hour Drive: 60% industrial building for purposed Amazon fulfillment center creating 1,500+ of North American jobs. Population - SeaGate Convention Center and adjacent, former hotel is undergoing a $70 M renovation to be completed February 2021. (1,971) (1,571) (1,545) - Cost of Living is 16.3% below the national average. (Steven Powell, City of Toledo)

Pittsburgh INDUSTRY DRIVERS (3.5 hrs.) (1,300) (1,237) (1,000) (800) Columbus - Healthcare - Energy (4 hrs.) (2.5 hrs.) - Glass - Education Dayton - Financial - Food Processing (2 hrs.) - Automotive ( HQ) * All markets within RESTAURANT FACTORS 250 miles. - Tip Credit State: Yes HISTORY FACTS - Minimum Wage: $8.30 - Ohio Sales Tax: 5.75% - 4 fortune 500 companies - County seat of Lucas County (3 hrs.) - Liquor License: $20,000 Max - 21 minute average commute time - Founded in 1833 - Unemployment: 4.7 % - 15 minute drive from Convention - Grew quickly because of its position on the railway - Quality of Life, Housing Cost, Cost Center in CBD to both Levis and line between and Chicago of Living (16.3% below national Franklin Park - Glass manufactures arrived 1880, nickname GEOGRAPHY TRANSPORTATION average). - Accessibility to roads, “The Glass City”. First building covered in glass (1936) - Submarkets: Downtown, Sylvania, Rossford, Perrysburg, - Union Labor: Only in CBD and only and rail networks - Tony Packo’s Café (1932) Maumee, Findley, Bowling Green, Oregon, Hills, in high profile projects - 1 hour drive to Novi - Notables: Scott Hamilton, Rutherford B. Hayes, Waterville - #39 in US of Cost of Doing Business 2 hour drive to Orange Katie Holmes, Ben Roethlisberger - I-80 intersects with Toledo - Southwest shore of and other Great Lakes - Average Dailty Commute: 20 minutes (Steven Powell, City of Toledo) OTTAWA HILLS: 36 Colleges/Universities $192,525 within 60 mile drive ATTRACTIONS CULTURE SPORTS PERRYSBURG: (23,000 Students) 2016: Economic - Toledo Zoo - $104,476 impact of $3.3B MSA SYLVANIA: (# 1 in the Country, USA Today 2014) - Toledo Concert Hall Bowling Green State - Hollywood Casino - Toledo Symphony $90,620 University (19,000 Students) - Toledo Metro Parks Orchestra 610,000 1.3M - Inverness Golf Club - Mud Hens play at the 9,000-seat AFFLUENT HIGHER MSA POPULATION NW OHIO POPULATION Fifth Third Field. SUBURBS EDUCATION - compete at the 8,000-seat Huntington Center. © Copyright 2018 All rights reserved. Information contained herein, including projections, has been obtained from sources believed to be reliable, but has not been verified for accuracy or completeness. CBRE, Inc. makes no guarantee, warranty or representation about it. Any reliance on such information is solely at your own risk. This information is exclusively for use by CBRE clients and professionals and may not be reproduced without the prior written permission of CBRE’s Global Chief Economist. CBRE and the CBRE logo are service marks of CBRE, Inc. All other marks displayed on this document are the property of their respective owners. Licensed Real Estate Broker. LEASE SUMMARY | PROPERTY OVERVIEW PNC BANK 4 REYNOLDS AVENUE TOLEDO, OH 43615 LEASE SUMMARY

ANNUALIZED OPERATING DATA TENANT: PNC Bank

LEASE TYPE: Absolute Triple Net (NNN) Lease Lease Years Annual Rent Cap Rate

GUARTOR: Corporate Current - 9/30/2024 $71,625 7.00%

LEASE COMMENCEMENT DATE: January 1, 1978

LEASE EXPIRATION: September 30, 2024

LEASE TERM REMAINING: 4 Years

RENTAL INCREASES: None

RENEWAL OPTIONS: None

ROOF& STRUCTURE: Tenant Responsible

HVAC: Tenant Responsible

CAM/ PARKING: Tenant Responsible

INSURANCE: Tenant Responsible

UTILITIES: Tenant Responsible

PROPERTY TAXES: Tenant Responsible

PROPERTY OVERVIEW PNC BANK 4 REYNOLDS AVENUE TOLEDO, OH 43615 PROPERTY INFO

4 Reynolds Avenue PROPERTY ADDRESS: Toledo, OH 43615

COUNTY: Lucas County

PARCEL NUMBER: 1321801

SQUARE FOOTAGE: 2,900 SF

SITE SIZE: 0.72 Acres

YEAR BUILT: 1978

2018 PROPERTY TAXES: $25,179.88

ZONING: 10-CR

PARKING: Approximately 18 spaces

TYPE OF OWNERSHIP: Fee Simple

PROPERTY OVERVIEW PNC BANK 4 REYNOLDS AVENUE TOLEDO, OH 43615 PROPERTY PHOTOS

N REYNOLDS RD - 24,300 VPD

HILL AVE - 13,200 VPD

PROPERTY

PROPERTY OVERVIEW PNC BANK 4 REYNOLDS AVENUE PROPERTY AERIAL TOLEDO, OH 43615

69.46’

147.92’ 175’ 70.36’

175’

PROPERTY OVERVIEW PNC BANK 4 REYNOLDS AVENUE PROPERTY SURVEY TOLEDO, OH 43615

PROPERTY OVERVIEW N REYNOLDS AVE - 24,300

Dragon Pho Noodle Supermarket

HILL AVE - 13,200 VPD

S REYNOLDS AVE

N TENANT PROFILE ABOUT PNC BANK

PNC Financial Services Group, Inc. (stylized as PNC) is an American bank holding company and financial services corporation based in , . Its banking subsidiary, PNC Bank, operates in 19 states and the District of Columbia with 2,459 branches and 9,051 ATMs. The company also provides financial services such as asset management, wealth management, estate planning, loan servicing, and information processing.[1]

PNC is ranked 9th on the list of largest banks in the United States by assets. It is the 5th largest bank by number of branches, 6th largest by deposits, and 4th largest in number of ATMs.[2]

The name “PNC” is derived from the initials of both of the CORPORATE OVERVIEW bank’s two predecessor companies: Pittsburgh National Corporation and Provident National Corporation, which TYPE: Public (NYSE:PNC) merged in 1983. INDUSTRY: Banking / Financial Services

LOCATIONS: 2,459 Branches

WEBSITE: www.pnc.com

LEASE QUARANTOR: PNC Bank, National Association

TENANT PROFILE MARKET OVERVIEW Urgent Care TOLEDO– 19,038 SECOR RD RETAIL TRADE AREA W LASKEY RD 17,123 MONROE ST 16,150 7,683 14,681 W LASKEY RD

TRADE AREA INFO FRANKLIN PARK MALL 51 West Sylvania Ave & Monroe St

(3 Miles) TALLMADGE RD TALLMADGE

25,496 • Population: 101,544

COREY RD RD WHITEFORD • Daytime Population: 104,992 • Average HH Income: $65,595 17,451 MONROE STREET • Total Businesses: 3,479 MARKET SQUARE • Total Employees: 63,509 23,374 Franklin

14,468 Park SECOR RD FRANKLIN PLACE MONROE ST HOTELS 6 Hotels/515 Rooms

11,935 1. Courtyard (U/C) - 111 2. Hampton Inn - 111 Rudy’s HOT DOG 3. Holiday Inn Express - 106 4. Quality Inn - 70

15,750 5. Red Roof Inn - 117 6. Residence Inn (U/C) - 111 19,715 18,268 W SYLVANIA RD 18,404 W SYLVANIA RD 24,547 MONROE ST MAJOR EMPLOYERS 61,511 30,775 22,401 INTERSTATE 475 28,095 1. University of Toledo - 6,662 INTERSTATE 2. Promedica Toledo Hospital - 6,000 71,067 475 52,022 3. Medical Mutual of Ohio - 500

COREY RD

INTERSTATE 69,906 77,812 475 4 51 15,150 3 20,950 6 2 1 SECOR SQUARE 21,284 EXECUTIVE PKWY 5203 HILL AVENUE WESTGATE VILLAGE 5 5.8 Miles from SECOR RD

Franklin Park Mall TALLMADGE RD TALLMADGE Promedica I.T. 22,031

© 2019 CBRE, Inc. All rights reserved. 15,932 This information has been obtained from CENTRAL AVE 21,555 13,360 120 31,125 CENTRAL AVE 120 30,610 sources believed reliable, but has not been 120 verified for accuracy or completeness. You should conduct a careful, independent investigation of the property and verify all information. Any reliance on this

24,140 information is solely at your own risk. Licensed Real Estate Broker Traffic Counts: Ohio Department of Transportation (ODOT) 2018 Last Updated: April 3, 2019 CBRE and the CBRE logo are service marks of CBRE, Inc. All other marks displayed on this document are the property of their respective owners. Urgent Care TOLEDO– 19,038 SECOR RD FRANKLIN PARK MALL RETAIL TRADE AREA W LASKEY RD 17,123 MONROE ST 16,150 TOLEDO TOP EMPLOYERS 7,683 14,681 W LASKEY RD MARKET OVERVIEW TRADE AREA INFO PROMEDICA 14,465 FRANKLIN PARK MALL 51 West Sylvania AveTOLEDO, & Monroe St OHIO MERCY HEALTH 8,827 (3 Miles) UNIVERSITY OF TOLEDO 6,662 TALLMADGE RD TALLMADGE Toledo is a city in and the county seat of Lucas County, Ohio, United States. Toledo is in

25,496 • Population: 101,544

COREY RD RD WHITEFORD • Daytime Population:northwest 104,992 Ohio, at the western end of Lake Erie bordering the state of . The city FCA 6,159 • Average HH Income:was $65,595 founded in 1833 on the west bank of the , and originally incorporated 17,451 MONROE STREET • Total Businesses: 3,479as part of Monroe County, . It was re-founded in 1837, after the MARKET SQUARE • Total Employees: 63,509conclusion of the , when it was incorporated in Ohio. * Source: CBRE, Inc. Research 23,374 Franklin 14,468 After the 1845 completion of the and Erie , Toledo grew quickly; it also Park SECOR RD benefited from its position on the railway line between New York City and Chicago. FRANKLIN PLACE MONROE ST HOTELS The first of many glass manufacturers arrived in the 1880s, eventually earning Toledo 6 Hotels/515 Roomsits nickname: “The Glass City.” It has since become a city with an art community, auto assembly businesses, education, healthcare, and local sports teams. 11,935 1. Courtyard (U/C) - 111 2. Hampton Inn - 111 Rudy’s The population of Toledo as of the 2010 Census was 287,128 making it the 71st-largest HOT DOG 3. Holiday Inn Express - 106 4. Quality Inn - 70 city in the United States. It is the fourth-most-populous city in the U.S. state of Ohio,

15,750 5. Red Roof Inn - 117after Columbus, Cleveland, and Cincinnati. The Toledo had a 2010 6. Residence Inn (U/C)population - 111 of 608,145, and was the sixth-largest metropolitan area in the state of Ohio, 19,715 18,268 W SYLVANIA RD behind Cleveland, Columbus, Cincinnati, Dayton, and Akron. 18,404 W SYLVANIA RD 24,547 MONROE ST Various cultures of indigenous peoples lived along the rivers and lakefront of what is MAJOR EMPLOYERS

30,775 now northwestern Ohio for thousands of years. When the city of Toledo was preparing 61,511 22,401 INTERSTATE to pave its streets, it surveyed “two prehistoric semicircular earthworks, presumably for 475 28,095 1. University of Toledo - 6,662 INTERSTATE stockades.” One was at the intersection of Clayton and Oliver streets on the south bank 2. Promedica Toledo Hospital - 6,000 71,067 475 of Swan Creek; the other was at the intersection of Fassett and Fort streets on the right 3. Medical Mutual of Ohio - 500 52,022 bank of the Maumee River. Such earthworks were typical of mound-building peoples.

COREY RD

INTERSTATE This region was part of a larger area controlled by the historic tribes of the Wyandot and 69,906 77,812 475 the people of the Council of Three Fires (Ojibwe, Potawatomie and Odawa). The first 4 51 European to visit the area was Étienne Brûlé, a French-Canadian guide and explorer, in 15,150 3 1615. The French established trading posts in the area by 1680 to take advantage of the 20,950 6 2 lucrative fur trade. The Odawa moved from Manitoulin Island and the Bruce Peninsula 1 SECOR SQUARE 21,284 at the invitation of the French, who established a trading post at Fort Detroit, about 60 EXECUTIVE PKWY WESTGATE VILLAGE miles to the north. They settled an area extending into . By the early 18th

5 century, the Odawa occupied areas along most of the Maumee River to its mouth. They SECOR RD served as middlemen between the French and tribes further to the west and north. The

Wyandot occupied central Ohio, and the Shawnee and Lenape occupied the southern TALLMADGE RD TALLMADGE Promedica I.T. areas. 22,031 * Source: Wikipedia © 2019 CBRE, Inc. All rights reserved. 15,932 This information has been obtained from CENTRAL AVE 21,555 13,360 120 31,125 CENTRAL AVE 120 30,610 sources believed reliable, but has not been 120 verified for accuracy or completeness. You should conduct a careful, independent investigation of the property and verify all information. Any reliance on this MARKET OVERVIEW 24,140 information is solely at your own risk. Licensed Real Estate Broker Traffic Counts: Ohio Department of Transportation (ODOT) 2018 Last Updated: April 3, 2019 CBRE and the CBRE logo are service marks of CBRE, Inc. All other marks displayed on this document are the property of their respective owners. DEMOGRAPHIC PROFILE

1 MILE RADIUS 3 MILES RADIUS 5 MILES RADIUS 7 MILES RADIUS 10 MILES RADIUS 2019 Total Population 7,116 73,028 197,063 334,996 471,248 2024 Projected Population 7,030 72,526 195,748 334,996 470,289 2019 Daytime Population 6,602 73,955 213,368 363,296 499,077 2019 Employees 2,293 35,283 111,816 187,369 277,429

POPULATION 2010 Census Population 7,416 74,483 200,927 339,790 474,963 2019 Median Age 38.2 36.7 38.6 38.9 38.7 2019 Households (YTD) 3,295 32,036 85,199 141,241 194,504 2024 Projected Households 3,264 31,914 84,959 141,037 194,732 2010 Census Households 3,393 31,914 84,959 141,037 193,831

HOUSEHOLDS 2019 Average Household Size 2.13 2.16 2.25 2.32 2.37 2019 Median Income $41,074 $74,899 $80,572 $81,385 $50,421 2024 Projected Median Income $46,500 $51,031 $56,173 $56,535 $56,230 2019 Average Income $63,321 $66,433 $71,099 $71,735 $70,787

INCOME 2024 Projected Average Income $69,911 $74,899 $80,572 $81,385 $80,727 2019 Per Capita Income $28,581 $29,929 $31,000 $30,380 $29,389 2019 Housing Units 3,711 35,716 95,033 159,753 221,149 2019 Occupied Units 3,295 32,036 85,199 141,241 194,504 2019 Vacant Units 416 3,680 9,834 18,512 26,645 2019 Owner Occupied Units 1,805 16,210 48,787 82,709 116,221

HOUSING 2019 Renter Occupied Units 1,490 15,826 36,412 58,532 78,283 2019 Median Housing Value $84,583 $130,323 $136,420 $135,625 $137,945 2019 Average Housing Value $108,592 $167,546 $173,506 $172,213 $172,698

MARKET OVERVIEW OFFERING MEMORANDUM VPD 24,300 - AVE REYNOLDS N

HILL AVE - 13,200 VPD S REYNOLDS AVE REYNOLDS S

N

PNC BANK | 4 REYNOLDS AVENUE, TOLEDO, OH 43615 FOR SALE | FREE-STANDING NNN INVESTMENT

JOSEPH KHOURI CBRE, INC. First Vice President 950 Main Avenue, Suite 200 +1 216 658 6120 Cleveland, OH 44113 www.cbre.us/cleveland [email protected] +1 216 687 1800