NET LEASE INVESTMENT OFFERING

TCF (Investment Grade)

NET200 LEASE 25th INVESTMENT Ave S OFFERING St. Cloud, TABLE OF CONTENTS

I. Executive Summary II. Location Overview III. Market & Tenant Overview Executive Summary Site Plan Tenant Profile Investment Highlights Aerial Location Overview Property Overview Maps Demographics Photos

NET LEASE INVESTMENT OFFERING DISCLAIMER STATEMENT

DISCLAIMER The information contained in the following Offering Memorandum is proprietary and strictly confidential. It STATEMENT: 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.

NET LEASE INVESTMENT OFFERING EXECUTIVE SUMMARY

EXECUTIVE The Boulder Group is pleased to exclusively market for sale a single tenant TCF Bank property located in St. SUMMARY: Cloud, Minnesota. The newly constructed TCF Bank features a drive-thru and has excellent visibility along both 25th Ave S and Roosevelt Road (21,412 VPD) and is adjacent to a newly constructed Tim Horton’s. TCF Bank was rebuilt on a site that they have successfully operated for over 20 years. There are approximately eight years remaining on the TCF Bank lease which expires June 30, 2026. The lease features a 7.5% rental escalation in 2021 and in each of the four renewal options. By 12/31/2021, TCF Bank must give notice if they will exercise their first renewal option. The lease is absolute NNN with zero landlord responsibilities.

TCF Bank has strong deposits of $86,553,000. The TCF Bank property is strategically located at the corner of a signalized intersection in a dominant retail corridor of St. Cloud. Retailers in the immediate area include Walmart Supercenter, Menards, Home Depot, Kohl’s, Dick’s Sporting Goods & Crossroads Center which is anchored by Macy’s, JCPenney, Sears and Target. The property is also near St. Cloud State University, one of the largest universities in the state with more than 14,000 students. Additionally, there are over 100,000 people living within five miles fo the property.

TCF Bank is the wholly owned banking subsidiary of TCF Financial Corporation. TCF Financial Corporation is publicly traded on the New York Stock Exchange using the symbol “TCF”. It is an investment grade rated company with a Standard & Poor’s rating of “BBB-”. As of November 2017, TCF has 321 bank branches in , Minnesota, , , , and providing retail and commercial banking services.

NET LEASE INVESTMENT OFFERING INVESTMENT HIGHLIGHTS

INVESTMENT • Investment grade rated tenant HIGHLIGHTS: • Brand new construction on previously occupied TCF Site

• TCF Bank was rebuilt on a successful location where they operated for over 20 years

• TCF Bank has strong deposits of $86,553,000

• Absolute NNN

• Located at the corner of a signalized intersection in a dominant retail corridor of St. Cloud

• Retailers in the immediate area include Walmart Supercenter, Menards, Home Depot, Kohl’s, Dick’s Sporting Goods & Crossroads Center which is anchored by Macy’s, JCPenney, Sears and Target

• Near St. Cloud State University, one of the largest universities in the state with more than 14,000 students

• Over 100,000 people living within 5 miles of the property

NET LEASE INVESTMENT OFFERING PROPERTY OVERVIEW

PROPERTY Price: $3,120,000 OVERVIEW: Cap Rate: 6.00% Net Operating Income: $187,200 $201,240 07/01/2021 $216,333 07/01/2026 (Option 1) $232,558 07/01/2032 (Option 2) $250,000 07/01/2037 (Option 3) $268,750 07/01/2042 (Option 4)

Rent Commencement: January 1, 2018 Lease Expiration Date: June 30, 2026 Tenant: TCF National Bank Credit Rating: Investment Grade: (S&P: BBB-) Year Built: 2017 Lease Type: NNN Building Size: 2,710 SF Building Size: 2,710 SF Land Size: 1.13 AC

*By December 31, 2021, TCF Bank must give notice if they will exercise their first renewal option. If they fail to exer- cise, ownership will re-purchase the asset at the sale price.

NET LEASE INVESTMENT OFFERING AERIAL

CROSSROADS CENTER

21,412 VPD

N NET LEASE INVESTMENT OFFERING SITE PLAN

ROOSEVELT ROAD 25TH AVENUE SOUTH

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NET LEASE INVESTMENT OFFERING MAPS

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NET LEASE INVESTMENT OFFERING PHOTOS

NET LEASE INVESTMENT OFFERING TENANT PROFILE

TENANT TCF Bank is a national bank holding company based in Wayzata, Minnesota. As of November 2017, TCF PROFILE: has 321 bank branches in Illinois, Minnesota, Michigan, Colorado, Wisconsin, Arizona and South Dakota providing retail and commercial banking services. Through its subsidiaries, TCF also conducts commercial leasing, equipment finance and auto finance business in all 50 states and commercial inventory finance business in all 50 states and Canada.

TCF Bank began business in 1923 as Twin City Building and Loan Association. The company went public in 1986 chartered under the name TCF Banking and Savings, F.A. (TCF Bank). Despite some bank acquisitions such as Great Lakes Bancorp and Standard Financial, TCF Bank has grown primarily through de novo expansion.

TCF Bank is the wholly owned banking subsidiary of TCF Financial Corporation. TCF Financial Corporation is publicly traded on the New York Stock Exchange using the symbol “TCF”. It is an investment grade rated company with a Standard & Poor’s rating of “BBB-”.

Website: www.tcfbank.com Founded: 1923 Number of Locations: 320+ Standard & Poor’s Rating: BBB- (Investment Grade) Stock Symbol: TCF (New York Stock Exchange) Headquarters: Wayzata, Minnesota

NET LEASE INVESTMENT OFFERING LOCATION OVERVIEW

LOCATION St. Cloud is a city in the U.S. state of Minnesota and the largest population OVERVIEW: center in the state’s central region. Its population is 67,984 according to the 2017 US census estimates, making it Minnesota’s tenth largest city. St. Cloud is the county seat of Stearns County and was named after the city of Saint-Cloud, France, which was named after the 6th-century French monk Clodoald.

Though mostly in Stearns County, St. Cloud also extends into Benton and Sherburne counties, and straddles the Mississippi River. It is the center of a small, contiguous urban area totaling over 120,000 residents, with Waite Park, Sauk Rapids, Sartell, St. Joseph, Rockville, and St. Augusta directly bordering the city, and Foley, Rice, Kimball, Clearwater, Clear Lake, and Cold Spring nearby. With 189,093 residents at the 2010 census, the St. Cloud metropolitan area is the fourth-largest in Minnesota, behind –St. Paul, Duluth–Superior, and Rochester.

St. Cloud is 65 miles northwest of the Twin Cities of Minneapolis–St. Paul along Interstate 94, U.S. Highway 10, and Minnesota State Highway 23. The St. Cloud Metropolitan Statistical Area is made up of Stearns and Benton Counties. The city was included in a newly defined Minneapolis–St. Paul–St. Cloud Combined Statistical Area in 2000.

St. Cloud State University, Minnesota’s third-largest public university, is located between the downtown area and the Beaver Islands, which form a maze for a two-mile stretch of the Mississippi. The approximately 30 undeveloped islands are a popular destination for kayak and canoe enthusiasts and are part of a state-designated 12-mile stretch of wild and scenic river.

NET LEASE INVESTMENT OFFERING DEMOGRAPHICS

DEMOGRAPHIC REPORT: Population 1 Mile 3 Mile 5 Mile Total Population 11,047 65,281 101,451 Total Households 4,546 25,957 39,925

Income Average Household Income $66,661 $63,826 $67,816

NET LEASE INVESTMENT OFFERING Randy Blankstein President 847.562.0003 [email protected]

Jimmy Goodman Partner 847.562.8500 [email protected]

3520 Lake Avenue, Suite 203 Wilmette, IL 60091

www.bouldergroup.com

NET LEASE INVESTMENT OFFERING