8930 E. 56th Street Indianapolis, IN 46216
Joseph Weston OFFERING MEMORANDUM 305.510.2298 [email protected] OLD NATIONAL BANK
TABLE OF CONTENTS
INVESTMENT 4
TENANT OVERVIEW 6
PROPERTY PHOTO 7
RETAIL AERIAL 8
MARKET OVERVIEW 9 OLD NATIONAL BANK FINANCIAL ANALYSIS
PROPERTY NAME OLD NATIONAL BANK FINANCIAL ANALYSIS
8930 E. 56th Street
Indianapolis, IN 46216 institution headquartered in Indiana
Price: $5,850,000 Strategically located on the corner of East 56th Street in close proximity to the I-465 interchange at 56th Street CAP Rate: 5.3% Directly across the street from the Regional Social Security GLA: 3,172 SF
Lot Size: Oversized 2 Acre +/- Lot, Future Redevelopment Opportunity Four drive through lanes
Year Built: 2004 10.5 years remaining of original 20 year net lease plus four 5 year option periods
ONB is responsible for every expense of the property.
2% Annual Increases*
Property Located in an Opportunity Zone
INVESTMENT OVERVIEW The property consists of a 3,172 square foot single-story branch bank with four (4) drive through lanes situated on approximately 2 acres. The building is strategically located on the corner of East 56th Street in close proximity to the I-465 interchange at 56th Street, and directly across the street from the Regional Social Security Administration office at 5515 N. Post Road. The property is leased to Old National Bank (”ONB”) under a 20 year net lease agreement which commenced December 2009. Under the lease, ONB is responsible for every expense of the property, including but not limited to taxes, insurance, maintenance, and repairs, roof and structure. ONB was founded in Evansville, Indiana in 1834 and has over 2,500 employees and a network of over 200 branch locations throughout Indiana, Wisconsin, Michigan, Kentucky, and Illinois. ONB is the largest regional financial institution headquartered in Indiana. ONB is rated A3 by Moody’s. For year ending 12-31-18 ONB had Total Assets in excess of $19 billion, Total Deposits in excess of $14 billion, a net worth in excess of $2.6 billion, and net income in excess of $190 million.
Property Located in an Opportunity Zone
* OLD NATIONAL BANK FINANCIAL ANALYSIS
OFFERING SUMMARY Purchase Price $5,850,000 CAP Rate 5.3% GLA 3,172 SF Lot Size +/- 2 acres Year Built 2004
VITAL DATA $310,400 (Next Rental Increase 1/1/2020) Lease Type Absolute Triple Net (NNN) Original Lease Term 20 Years Rent Commencement 1/1/2009 12/31/2029 Increases Annual Rental Increases of 2% (Next Rental Increase 1/1/2020) Four 5-Year
TENANT Tenant Old National Bank 200 + A OLD NATIONAL BANK TENANT OVERVIEW
PROPERTY NAME OLD NATIONAL BANK Property Type Net Leased Bank
Total GLA 3,172 SF
Tenant Trade Name Old National Bank
Ownership Corporate
Headquarters Evansville, IN
200+
Website www.oldnational.com
Rent Commencement Date 1/1/2009
12/31/2029 ONB was founded in Evansville, Indiana in 1834 and has over Lease Type Absolute Triple Net (NNN) 2,500 employees and a network of over 200 branch locations throughout Indiana, Wisconsin, Michigan, Kentucky, and Illinois. Lease Term Remaining 10.5 Years ONB is the largest regional financial institution headquartered in Roof and Structure ONB Responsible Indiana. ONB is rated A3 by Moody’s. For year ending 12-31-18 ONB had Total Assets in excess of $19 billion, Total Deposits in Orignal Lease Term 20 Years excess of $14 billion, a net worth in excess of $2.6 billion, and net $310,400 (Next Rental Increase 1/1/2020) income in excess of $190 million.
Increases Annual Rental Increases of 2%
Four 5-Year
OLD NATIONAL BANK RETAIL AERIAL
N. Post Road
SUBJECT PROPERTY OLD NATIONAL BANK MARKET OVERVIEW
INDIANAPOLIS, IN Indianapolis is the capital and largest city of the U.S. state of Indiana and the seat of Marion County. With an estimated population of 853,173 in 2015, Indianapolis is the second most populous city in the Midwest, after Chicago, and 14th largest in the U.S. The city is the economic and cultural center of the Indianapolis metropolitan area, home to 2 million people, the 34th most populous metropolitan statistical area in the U.S. The city's philanthropic community, led by the Lilly Endowment, has been instrumental in the development of its cultural institutions, including The Children's Museum of Indianapolis, Indianapolis Zoo, and Indiana Landmarks. Indianapolis is FRQVLGHUHGDKLJKVXIĆFLHQF\JOREDOFLW\
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#1 City for Cost of Doing Business (CNBC)
Named #52 in Job Growth (Forbes)
Named #70 in Education (Forbes)
#9 among Cities Creating the Most Technology Jobs (Forbes)
6th for Top Cities for Tech Jobs (Fast Company)
3rd Best Downtown City (Livability) OLD NATIONAL BANK MARKET OVERVIEW
17,789 VEHICLES PER DAY
Joseph Weston 305.510.2298 [email protected]