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NET LEASE INVESTMENT OFFERING

CITIBANK (S&P: A-)


136 North York Street, Elmhurst, IL 60126 (Chicago MSA)

TABLE OF CONTENTS

I. Executive Summary
Executive Summary
Investment Highlights
Property Overview

NET LEASE INVESTMENT OFFERING

II. Location Overview


Aerial
Maps

III. Market & Tenant Overview


Citibank Profile
Location Overview
Demographics

DISCLAIMER STATEMENT

DISCLAIMER
STATEMENT:

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.

NET LEASE INVESTMENT OFFERING

EXECUTIVE SUMMARY

EXECUTIVE
SUMMARY:

The Boulder Group is pleased to exclusively market for sale a single tenant Citibank located in an affluent suburb of
the Chicago MSA. The property is centrally located in downtown Elmhurst at a prominent signalized intersection. The
average annual household income in a one mile radius of the Citibank is in excess of $125,000. There are over eight years
remaining on the Citibank lease that expires June 30, 2023. The lease features a 10% rental escalation in the primary term
and in each renewal option period. Citibank is an investment grade rated tenant (S&P: A-) and is publicly traded (NYSE:
C) with a market capitalization in excess of $158 billion.
The 4,300 square foot Citibank is strategically located at the signalized intersection of North York Road and Schiller
Street. The Citibank is centrally located along the main north-south thoroughfare in downtown. The property is located in
the immediate proximity to the Elmhurst Metra train station. Metra is the commuter rail division that serves the Chicago
metropolitan area with over 80 million passengers per year. The Citibank will benefit from a large municipal parking garage
that is currently being constructed immediately behind the property. The surrounding area is affluent with approximately
17,000 people living within a one mile radius earning average annual household incomes in excess of $125,000.
Approximately 120,000 people live within a three mile radius of the property. Interstate 290, which experiences traffic
counts in excess of 145,000 vehicles per day, is located approximately three-fourths of a mile north of the Citibank.
Downtown Elmhurst has an eclectic mix of both national and local retailers, restaurants, boutique shops and businesses.
Across the street from the property is a Chipotle, Buffalo Wild Wings, and Walgreens. Jewel-Osco is located just to the
east of property providing an additional draw to the immediate area. The downtown corridor is surrounded by numerous
multi-family housing developments providing for constant foot traffic.
Citibank has over eight years remaining on the primary term of their lease that expires June 30, 2023. The lease features
a 10% rental escalation in the primary term and in each of the four five-year renewal option periods. Citibank is an
investment grade rated company (S&P: A-) and is publicly traded with a market capitalization in excess of $158 billion.

NET LEASE INVESTMENT OFFERING

INVESTMENT HIGHLIGHTS

INVESTMENT
HIGHLIGHTS:

NET LEASE INVESTMENT OFFERING

Located within the Chicago MSA

Investment grade tenant (S&P: A-)

10% rental escalations in the primary term and in each renewal option period

Approximately 17,000 people living within a one mile radius earning average annual household incomes
in excess of $125,000

Centrally located in downtown Elmhurst across the street from a Jewel-Osco, Walgreens, Chipotle, and
Buffalo Wild Wings

Located in the immediate proximity to the Elmhurst Metra train station

A large municipal parking garage is currently under construction immediately behind the property

Close proximity to access to Interstate 290 which experiences traffic counts in excess of 145,000 vehicles
per day

Positioned at a signalized intersection

Elmhurst College (3,500 students) is located less than one-half mile from the property

PROPERTY OVERVIEW

PROPERTY
OVERVIEW:

Price: $3,215,385
Cap Rate: 6.50%
Net Operating Income: NOI Escalation Date
$209,000
$229,900
7/1/2018
$252,890
7/1/2023 Option 1
$278,179
7/1/2028 Option 2
$305,997
7/1/2033
Option 3
$336,597
7/1/2038 Option 4
Additional Income:

$10,450* (Excluded From Above NOI)

Rental Escalations:

10% Every Five Years

Renewal Options: Four 5-Year


Lease Commencement Date:

June 25, 2008

Lease Expiration Date:

June 30, 2023

Tenant: Citibank
Credit: A- (S&P)
Year Built: 1998 (Gut Rehabbed)
Lease Type: NN
Rentable Square Feet:

4,300 SF (1st Floor Only Vertical Subdivision)

*Tenant pays to landlord a 5% ($10,450) management fee. Current ownership has self-managed this property for seven years and
has no offsetting expenses against the management fee.

NET LEASE INVESTMENT OFFERING

AERIAL

ELMHURST COLLEGE
(3,500 STUDENTS)
ELMHURST
PUBLIC LIBRARY

ELMHURST
ART MUSEUM

ELMHURST
CITY HALL

North York Road


ELMHURST
TRAIN STATION

t
Schiller Stree

145,000 VPD

NET LEASE INVESTMENT OFFERING

MAPS

N
NET LEASE INVESTMENT OFFERING

MAPS

N
NET LEASE INVESTMENT OFFERING

CITIBANK PROFILE

CITIBANK
PROFILE:

Citigroup Inc., a diversified financial services holding company, provides various financial products and services
to consumers, corporations, governments, and institutions. The companys Global Consumer Banking segment
provides traditional banking services to retail customers through retail banking, commercial banking, Citi-branded
cards, and Citi retail services. It offers various banking, credit card lending, and investment services through a
network of local branches, offices, and electronic delivery systems. As of December 31, 2013, this segment
operated 3,729 branches in 36 countries. The companys Institutional Clients Group segment provides a range of
banking, and financial products and services to corporate, institutional, public sector, and high-net-worth clients.
This segment offers various wholesale banking products and services, including fixed income and equity sales
and trading, foreign exchange, prime brokerage, and equity and fixed income research services. It also provides
corporate lending, investment banking and advisory services, and private banking, as well as derivative services. In
addition, this segment provides cash management and trade finance services for corporations, financial institutions,
and public sector entities; securities services to investors, such as asset managers; custody and clearing services to
intermediaries, including broker-dealers; and depository and agency/trust services to multinational corporations and
governments.
The company was founded in 1812 and is based in New York, New York. Citibank is publicly traded on the New York
Stock Exchange, C, and has a market capitalization in excess of $158 billion. Citibank is an investment grade rated
company with a Standard and Poors rating of A-.
Website: www.citibank.com
Credit Rating:

Investment Grade (S&P: A-)

Stock Symbol:

NYSE: C

Market Capitalization:

$158 Billion

Year Founded: 1812


Headquarters: New York, NY

NET LEASE INVESTMENT OFFERING

LOCATION OVERVIEW

LOCATION
OVERVIEW:

Elmhurst is an affluent western suburb of Chicago located in both DuPage and Cook counties.
As of the 2010 U.S. Census, the city had a population of 44,121. The city was incorporated in
1910 and covers approximately ten square miles. Elmhurst is located approximately 17 miles
west of downtown Chicago. It is easily accessible by Interstate 290 and Interstate 294 and
is served by Pace buses and Metra commuter rail. Elmhurst has a vibrant downtown district
with many urban boutiques, excellent restaurants, a 9 screen movie theatre (York Theatre),
art, culture, and events throughout the year. The largest employers in the community are
Elmhurst Memorial Health Care, Superior Ambulance Service, Elmhurst Community School
District, HSBC Bank USA, and McMaster-Carr. The city is home to Elmhurst College, a private
liberal arts college with approximately 3,500 students.

Chicago is the most populous city in the Midwestern United States and the third most
populous city in the United States with 2,700,000 residents. Chicago is the county seat of Cook
County, the second largest county in the United States. The Chicago MSA is the third most populated metropolitan
area in the United States with 9,580,567 residents. The MSA covers over 1,300 square miles and six counties.
The Chicago metropolitan area is home to the corporate headquarters of 57 Fortune 1000 companies, including
Boeing, McDonalds, Motorola, Discover Financial Services and United Airlines. Chicago is a major hub for industry,
telecommunications and infrastructure and OHare International Airport is the second busiest airport in the world in
terms of volume.

The metro is a major financial center in North America, and is home to the largest futures exchange in the United
States, the CME Group. Chicago is third in the world on the Global Financial Centers Index which ranks the
competitiveness of financial centers based on people, business environment, market access, infrastructure and
general competitiveness.
www.cityofchicago.org

NET LEASE INVESTMENT OFFERING

DEMOGRAPHICS

DEMOGRAPHIC
REPORT:

Population

1 Mile

3 Mile

5 Mile

Total Population

16,792

118,297

304,398

Total Households

5,760

41,187

105,722

1 Mile

3 Mile

5 Mile

Median Household Income

$100,709

$66,984

$61,570

Average Household Income

$125,567

$89,160

$80,979

Income

NET LEASE INVESTMENT OFFERING

Randy Blankstein
President
847.562.0003
randy@bouldergroup.com

Jimmy Goodman
Partner
847.562.8500
jimmy@bouldergroup.com

666 Dundee Road, Suite 1801


Northbrook, IL 60062
www.bouldergroup.com

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