single tenant-bank-for-sale

BANK OF BARTLETT1870 Kirby Parkway, Germantown, TN 38138 (Memphis MSA)

TABLE OF CONTENTS

TABLE OF CONTENTS

I. Executive SummaryExecutive SummaryInvestment HighlightsProperty Overview

II. Location OverviewPhotographsSite PlanAerialMaps

III. Market & Tenant OverviewDemographicsLocation OverviewTenant Profile

NET LEASE INVESTMENT OFFERING

TABLE OF CONTENTS

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

DISCLAIMERSTATEMENT:


DISCLAIMER STATEMENTTABLE OF CONTENTSDISCLAIMER STATEMENT


The Boulder Group is pleased to exclusively market for sale a single tenant net leased Bank of Bartlett property located within an affluent area of the Memphis MSA. The property is strategically located at a heavily trafficked signalized intersection along a primary thoroughfare. The Bank of Bartlett lease has five years remaining and expires November 30, 2019. The absolute net lease features 1.5% annual rental escalations. Bank of Bartlett is a community bank with eight branches and has been operating since 1980.

The one acre Bank of Barlett property is strategically located at the signalized intersection of Poplar Avenue and Kirby Parkway, which experiences traffic counts of approximately 60,000 vehicles per day. Poplar Avenue is the primary east-west thoroughfare in the area. The property is located approximately twelve miles east of downtown Memphis. The surrounding area is affluent with average annual household incomes in excess of $121,000. There are over 217,000 people living within five miles of the property earning average annual household incomes in excess of $81,000. International Paper, a $20 billion publicly traded company (NYSE: IP), is headquartered approximately one-half mile from the Bank of Bartlett property. The surrounding area is densely concentrated with suburban office buildings. St. Francis Hospital, a 519-bed full service hospital, is located approximately one and one-half miles west of the property. A Kroger grocery anchored development is located across the street from the property. Additional retailers located within the immediate vicinity include Target, Best Buy, Sports Authority, Walgreens, Ann Taylor, Hobby Lobby and McDonald’s.

There is potential increase to the residual value of the real estate as ownership is working on having the property rezoned. The property is 1/3 of the way through approvals that would allow up to 10 stories and 0’ setback from the road front as part of the Western Gateway Smart Growth area. The property is centrally located within the East submarket; Memphis’ largest office submarket with over 8.6 million square feet of office space.

There are five years remaining on the Bank of Bartlett lease that expires on November 30, 2019. The lease features 1.5% annual rental escalations and no landlord responsibilities. Bank of Bartlett is a local bank with eight locations and they have been operating since 1980.

EXECUTIVESUMMARY:

EXECUTIVE SUMMARY


INVESTMENT HIGHLIGHTS:

• Located within the Memphis MSA

• 1.5% annual rental escalations

• No landlord responsibilities

• Located at a heavily trafficked signalized intersection

• Located along Poplar Avenue, a primary east-west thoroughfare that experiences traffic counts of 37,000 vehicles per day

• Located across the street from a Kroger grocery anchored development

• Located one-half mile east of the world headquarters for International Paper, a $20 billion publicly traded company (NYSE: IP)

• Affluent area with average household incomes in excess of $121,000 within a one mile radius

• Strong residual value

INVESTMENT HIGHLIGHTS


PROPERTY OVERVIEW: Price: $4,356,000

Current Cap Rate: 6.25%

Net Operating Income: $272,250

Rental Escalations: 1.5% Annually

Renewal Options: Two 5-Year

Lease Commencement Date: May 31, 2007

Lease Expiration Date: November 30, 2019

Tenant: Bank of Bartlett

Year Built: 1973

Lease Type: NNN

Building Size: 4,556 SF

Land Size: 43,560 SF

PROPERTY OVERVIEW


SITE PLAN

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RKW

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POPLAR AVENUE (37,000 VPD)

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AERIAL

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FORUM OFFICE PARK

GLOBAL HEADQUARTERS

POPLAR AVENUE

KIR

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37,000 VPD

25,000 VP

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POPLAR AVENUE

KIR

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37,000 VPD

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MAPS


Bank of Bartlett was incorporated in the City of Bartlett by local investors and opened for business in 1980. Bank of Bartlett is proud of and attributes much of its success and growth to its ongoing community service and involvement in area churches, schools, charities, and non-profitable organizations. The Bank has grown rapidly to become one of the largest community banks in the Memphis market and top 30 banks in Tennessee. Bartlett Mortgage, a subsidiary opened in 1983, has consistently ranked in the top 15 mortgage companies in dollar volume of mortgages originated annually. Bartlett Travel opened in 1987 as a subsidiary of Bank of Bartlett and provides an array of leisure and business travel opportunities to its customers.

Website: www.bankofbartlett.comLocations: 8Year Founded: 1980

TENANTPROFILE:

TENANT PROFILE


Germantown is a suburb of Memphis, Tennessee bordering the city to the east. As of the 2010 US Census, the city had a population of 38,844. Germantown’s economy is dominated by the retail and commercial service sectors; there is no heavy industry in Germantown. In the city center is the “Old Germantown” neighborhood, anchored by a railroad depot (a 1948 reproduction of the 1868 original) and railroad tracks that recall the community’s earliest days of development as an outpost along the Memphis and Charleston Railroad. Germantown is one of only 29 cities in the nation that maintains a triple-A Bond rating from both Moody’s and Standard & Poor’s.

Memphis is a city located in southwestern Tennessee and is the county seat of Shelby County. Memphis had a population of 655,155 in 2012, making it the largest city in the state of Tennessee, the largest city on the Mississippi River, the third largest in the Southeastern United States, and the 20th largest in the United States. The greater Memphis metropolitan area, including adjacent counties in Mississippi and Arkansas, had a 2010 population of 1,316,100. This makes Memphis the second-largest metropolitan area in Tennessee, surpassed only by metropolitan Nashville. Memphis is the youngest of Tennessee’s major cities.

The city’s central location has led to much of its business development. Located on the Mississippi River and intersected by five major freight railroads and two Interstate Highways, I-40 and I-55, Memphis is ideally located for commerce in the transportation and shipping industry. A third interstate, I-69, is under construction, and a fourth, I-22, has recently been designated from the former High Priority Corridor X. The city is home to Memphis International Airport, the world’s second busiest cargo airport (following Hong Kong), which serves as a primary hub for FedEx Express shipping. Memphis is the home of three Fortune 500 companies: FedEx, AutoZone, and International Paper.

LOCATIONOVERVIEW:

LOCATION OVERVIEW


DEMOGRAPHICS

Population 1-mi 3-mi 5-mi

Total Population 9,615 64,095 217,386

Total Households 4,626 27,747 85,222

Income 1-mi 3-mi 5-mi

Median Household Income $67,919 $54,960 $52,887

Average Household Income $121,573 $91,350 $81,784

DEMOGRAPHICREPORT:

666 Dundee Road, Suite 1801Northbrook, IL 60062

www.bouldergroup.com

Randy [email protected]

Jimmy [email protected]

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