OFFERING MEMORANDUM
Old National Bank – Absolute NNN Lease 3553 Promenade Parkway | LAFAYETTE | INDIANA
Actual location
Jordan A. Shtulman Jonathan M. Wolfe Managing Principal Managing Principal 847.226.4133 312.310.2798 [email protected] [email protected] OFFERING MEMORANDUM
Old National Bank – Absolute NNN Lease 3553 Promenade Parkway | LAFAYETTE | INDIANA
Transaction Summary 4
Tenant Overview 5
Aerial & Street Maps 6-9
Site Plan 10
Demographics 11-12
OFFERING MEMORANDUM – OLD NATIONAL BANK, LAFAYETTE, IN 2 3553 Promenade Parkway, Lafayette, IN
This Offering Memorandum (“Memorandum”) is intended solely for the use of prospective investors in determining whether or not to pursue the possible acquisition of the Retail Property (“the Property”) at 3553 Promenade Parkway, Lafayette, IN. This Memorandum is of a proprietary and confidential nature. Prospective investors and/or their advisors are expressly forbidden from sharing this information with any individuals or organizations that are not directly connected with the analysis of this investment opportunity. STREAM Capital Partners, LLC (“SCP”) has been retained as the exclusive advisor for this investment opportunity. Any and all inquiries are to be directed to SCP.
By accepting this Memorandum, the recipient agrees that it will cause its directors, officers, employees and representatives to use the Memorandum and all of the information contained therein only to evaluate this specific investment opportunity and for no other purpose and shall return this Memorandum together with any copies to SCP upon request. This Memorandum contains confidential material which is non-public information. Receipt of this Memorandum constitutes your acknowledgment that you will maintain the information contained herein in strict confidence.
All information contained herein has been provided by the Property owner and its affiliates ("Organization"), or other sources SCP deems reliable; however, SCP has not independently verified any of the information, including the financial estimates and projections and selected real estate information, contained herein. This Memorandum includes information about the Organization, including selected financial information, estimates and projections that reflect various assumptions concerning anticipated results, which may or may not prove to be correct and selected real estate information which may or may not prove to be correct. Such projections and estimates may or may not be indicative of future performance, which may be significantly more or less favorable than that as reflected herein.
In furnishing this Memorandum, none of the Organization, its affiliates or SCP undertakes any obligation to provide additional information or to correct or update any of the information set forth in the Memorandum. None of the Organization, its affiliates or SCP makes any representation or warranty, expressed or implied, as to the accuracy or completeness of the information contained herein in this Memorandum, or made available in connection with any further investigation of the Organization, and nothing contained herein is, or shall be relied upon as, a promise or representation, whether as to the past or the future. The recipient should rely solely on the representations and warranties made to it by the Organization or its affiliates in any executed definitive agreement.
Under no circumstances should the Organization, its affiliates or any of their management, directors, shareholders, employees, customers or vendors be contacted directly.
OFFERING MEMORANDUM – OLD NATIONAL BANK, LAFAYETTE, IN 3 Transaction Summary – Moody’s A3 Credit Rating
Purchase Price: $4,294,556 NOI: $246,937 Cap Rate: 5.75%
Location: 3553 Promenade Parkway, Lafayette, IN
Lease Type: Absolute NNN Lease
Lease Term: 20 Years
Annual Rent: $246,937
Annual Increases: 10% increases every five (5) years
Options: Four (4), five (5) year options
Net Rentable Sq. Feet: 4,716 SF
Lot Size: 1.4 acres
Rent Commencement Date: June, 2008
OFFERING MEMORANDUM – OLD NATIONAL BANK, LAFAYETTE, IN 4 Tenant Overview
Old National Bancorp is the largest financial services bank holding company headquartered in Indiana. From its initial acquisition in 1985, Old National continues its traditional community-banking heritage. Old National boasts a 181-year history of solid performance as a result of the company's unfailing commitment to meeting the diverse needs of its clients, associates, and shareholders.
Old National Bank was founded in Evansville, Indiana in 1834. With total assets in excess of $11 billion; 2,200 employees; and a network of 200 branch locations throughout Indiana, Kentucky, Illinois, and Michigan. Old National Bank is the largest regional financial institution headquartered in Indiana.
Old National Bank Fiscal 2014 Fourth Quarter Highlights:
. Old National Bank is rated A3 by Moody’s
. Net income for 2014 was $103.7 million, this compares to 2013 net income of $100.9 million
. Revenue growth of 11.9% from 4Q13
. Stockholder’s equity of $1.3 billion
. Customer deposits exceeding $8 billion
OFFERING MEMORANDUM – OLD NATIONAL BANK, LAFAYETTE, IN 5 Aerial Map Subject Property – 3553 Promenade Parkway, Lafayette, IN
Purdue University Enrollment Undergraduate 27,510 Graduate 8,163
Tippecanoe Mall
Subject Property
OFFERING MEMORANDUM – OLD NATIONAL BANK, LAFAYETTE, IN 6 Aerial Map Subject Property – 3553 Promenade Parkway, Lafayette, IN
Tippecanoe Mall
Subject Property
OFFERING MEMORANDUM – OLD NATIONAL BANK, LAFAYETTE, IN 7 Aerial Map Subject Property – 3553 Promenade Parkway, Lafayette, IN
Subject Property
OFFERING MEMORANDUM – OLD NATIONAL BANK, LAFAYETTE, IN 8 Street Map Subject Property – 3553 Promenade Parkway, Lafayette, IN
Subject Property Indianapolis 63 miles
OFFERING MEMORANDUM – OLD NATIONAL BANK, LAFAYETTE, IN 9 Site Plan
OFFERING MEMORANDUM – OLD NATIONAL BANK, LAFAYETTE, IN 10 Demographics
Lafayette is a city in and the county seat of Tippecanoe County, Indiana, located 63 miles northwest of Indianapolis and 105 miles southeast of Chicago. West Lafayette, on the other side of the Wabash R i v e r, is home to Purdue University, which contributes significantly to both communities. Together, Lafayette and West Lafayette form the core of the Lafayette, Indiana Metropolitan Statistical Area. Lafayette, West Lafayette and Frankfurt, Indiana make up a combined statistical area with a population of over 200,000. Lafayette is the economic and cultural hub of the region best known as the home of Purdue University. In addition to Purdue University, Caterpillar, Subaru, Alcoa, Evonik pharmaceuticals/chemicals, Tate & Lyle, manufacturer of Splenda(R) and other sweeteners, TRW Commercial Steering Systems, Cargill, and Wabash National all have substantial operations in the town. Lafayette has a diverse population, with residents from all over the world and some 8,000 international university students from 120 countries, giving the community a rich mix of cultures. Lafayette also is a Sister City to Ota, Japan, and to Longkou, China, offering frequent culture and travel exchanges and economic opportunities. Small business, arts and culture and entrepreneurs all contribute to making the area economy strong. Lafayette's city departments, civic leaders and organizations such as Greater Lafayette Commerce stand ready to help the citizens succeed on the job or in business.
OFFERING MEMORANDUM – OLD NATIONAL BANK, LAFAYETTE, IN 11 Demographics
1 mile 3 miles 5 miles 2014 Est. Population 5,688 43,711 95,466 2019 Projected Population 5,982 45,965 100,262 2010 Census Population 5,461 41,963 91,744 Projected Annual Growth 2014 to 2019 1.0% 1.0% 1.0% POPULATION Historical Annual Growth 2000 to 2014 4.6% 2.2% 1.3%
White 86.2% 84.3% 83.2% Black or African American 5.3% 5.7% 5.2% American Indian or Alaska Native 0.3% 0.3% 0.3% RACE Asian 2.0% 1.5% 4.1% Other Races 6.3% 8.2% 7.2%
Average Household Income $66,239 $58,853 $51,964 Number of families with income > $200k 2.8% 1.9% 1.7% Number of families with income $150-200k 5.0% 2.8% 2.5% Number of families with income $100-150k 11.2% 9.2% 7.7% Number of families with income $75-100k 14.0% 12.3% 10.2% INCOME Number of families with income $50-75k 20.6% 22.3% 18.0% Number of families with income $25-50k 25.5% 27.7% 27.8% Number of families with income <$25K 11.4% 11.9% 17.7%
OFFERING MEMORANDUM – OLD NATIONAL BANK, LAFAYETTE, IN 12