Net Lease Bank of America For Sale

www.bouldergroup.com

NET LEASED INVESTMENT OFFERINGNET LEASED INVESTMENT OFFERINGNET LEASED INVESTMENT OFFERINGNET LEASED INVESTMENT OFFERING

Bank of America and Massage EnvyBank of America and Massage EnvyBank of America and Massage EnvyBank of America and Massage Envy 3718 N. Southport Avenue3718 N. Southport Avenue3718 N. Southport Avenue3718 N. Southport Avenue

ChicagoChicagoChicagoChicago, IL , IL , IL , IL 60614606146061460614

NET LEASED INVESTMENT OFFERING


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Confidentiality & Disclaimer

Executive Summary

Property Overview

Proforma Analysis

Floor Plan

Aerial

Map

Tenant Profile

Demographic Comparison Report

Location Overview

Contact Information

TABLE OF CONTENTS

TABLE OF CONTENTSTABLE OF CONTENTSTABLE OF CONTENTSTABLE 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.

CONFIDENTIALITY & DISCLAIMER

CONCONCONCONFIDENTIALITY & DISCLAIMERFIDENTIALITY & DISCLAIMERFIDENTIALITY & DISCLAIMERFIDENTIALITY & DISCLAIMER



The Boulder Group is pleased to exclusively market for sale a retail condo tenanted by Bank of America and Massage Envy. Bank of America has operated an ATM location for five years and Massage Envy recently signed a new 10 year lease. Massage Envy is a major spa facility with over 800 locations nationwide. The neighborhood is referred to as Wrigleyville which is part of the Lakeview community of Chicago. Lakeview is the second most populated community in Chicago with high density levels and multiple barriers of entry. The property is located in a residential condo building on Southport Avenue just north of Waveland Avenue in the Southport Corridor. The Southport Corridor is a top tier retail destination for Lakeview residents.

Lakeview is home to a variety of professionals that can access multiple points of public transportation to commute to Downtown Chicago. Wrigleyville is one of the most colorful and culturally vibrant neighborhoods in the city of Chicago; the property is more specifically located with the Southport Corridor. The Southport Corridor has become a popular shopping destination over the past several years, and is home to many national, regional and local retailers with new boutiques and shops. Southport is home to a recently constructed 52,000 square foot Jewel-Osco grocery store which is located just one block south of the subject property. The most recent addition to the Southport Corridor is a brand new Lululemon Athletica store located on Southport Avenue and Addison Street, one block south of the subject property.

Massage Envy recently signed a new 10 year lease estimated to commence October 2012, and Bank of America has recently exercised their first lease renewal option. Bank of America is a publicly traded company on the New York Stock Exchange (BAC), with a market capitalization of $99 Billion. Bank of America is an investment grade rated company with a Standard & Poor’s rating of A-. Massage Envy is a privately owned company with over 800 locations nationwide.

• Located in Chicago’s Lakeview neighborhood within the Southport Corridor

• Bank of America is an investment grade tenant (S&P: A-)

• Over 500,000 people living within three miles of the property

• Massage Envy executed a 10 year lease

• Average household income in excess of $92,000 within one mile of the property

• Rental escalations in the primary term for both tenants

• Bank of America recently exercised its first renewal option

• Located one-half mile west from Wrigley Field, home of the Chicago Cubs

• Southport Corridor has become one of the most popular shopping areas within the Lakeview community

• The property is located just one block north of a 52,000 square foot Jewel-Osco grocery store

INVESTMENT HIGHLIGHTS

EXECUTIVE SUMMARY

EXECUTIVE SUMMARYEXECUTIVE SUMMARYEXECUTIVE SUMMARYEXECUTIVE SUMMARY



Price: $1,699,290

Cap Rate: 7.75%

Net Operating Income: $131,695

Rentable Square Feet: 2,900 SF


Renewal Options: One 5-Year

Lease Commencement Date: January 1, 2007

Lease Expiration Date: December 31, 2016

Tenant: Bank of America

Credit Rating: A-

Lease Type: Modified Gross

Rentable Square Feet: 315 SF

Escalations 3% Annually


Renewal Options: Two 5-Year

Lease Commencement Date: October 1, 2012 (Estimate)

Lease Expiration Date: September 31, 2022

Tenant: Massage Envy Spa

Lease Type: NNN

Rentable Square Feet: 2,585 SF

Rent Schedule: NOI Escalation Date

$ 98,600

$ 110,925 10/1/2017

$ 124,787 10/1/2022 Option 1

$ 140,389 10/1/2027 Option 2

PROPERTY OVERVIEW

PROPERTY OVERVIEWPROPERTY OVERVIEWPROPERTY OVERVIEWPROPERTY OVERVIEW

PROPERTY OVERVIEW

MASSAGE ENVY OVERVIEW:

BANK OF AMERICA OVERVIEW:



January 2013 January 2013 January 2013 January 2013 ---- December 2013December 2013December 2013December 2013

Income

Bank of America

$ 35,821

Massage Envy

$ 98,600

Total Income

$ 134,421

Recoveries

CAM

$ 1,872

Taxes

$ 17,828

Insurance

$ 2,674

Total Recoveries

$ 22,374

Effective Gross Income

$ 156,795

Expenses

CAM

$ 2,100

Taxes

$ 20,000

Insurance

$ 3,000

Total Expenses

$ 25,100

Net Operating Income

$ 131,695

PROFORMA ANALYSIS

PROFORMA ANALYSISPROFORMA ANALYSISPROFORMA ANALYSISPROFORMA ANALYSIS



FLOOR PLAN

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AERIALAERIALAERIALAERIAL

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MAP

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Website: www.bankofamerica.com

Number of Locations: 2,691

Stock Symbol: BAC : NYSE

Standard & Poor’s Rating: A-

Market Capitalization: $99 Billion

Website: www.massageenvy.com

Number of Locations: 800 +

Bank of America CorporationBank of America CorporationBank of America CorporationBank of America Corporation (NYSE: BAC) is a multinational banking and financial services corporations. Bank of America is a financial institution, serving individual consumers, small and middle market businesses, corporations and governments with a range of banking, investing, asset management and other financial and risk management products and services. Bank of America is the fourth largest bank in the United States ranked by market capitalization. Bank of America, through its clients, serves more than 150 countries. In April 2011, the Company merged its corporate and investment banking divisions. On September 29, 2011, the Company ceased to be a substantial holder in Bow Energy Limited. In 2011 Bank of America is ranked 9th on the Fortune 500.

TENANT PROFILE

TENANT PROFILETENANT PROFILETENANT PROFILETENANT PROFILE

Massage EnvyMassage EnvyMassage EnvyMassage Envy is a national leader of affordable massage and spa services. Massage envy was launched nearly a decade ago to create a completely new category in the wellness industry. In 2009 Massage Envy opened their first Massage Envy Spa. The Massage Envy Spa features healthy skin facials and other health spa services. Today, Massage Envy has over 700 Massage Envy and Massage Envy Spa locations nationwide. To date, Massage Envy has been in business for nearly a decade servicing over one million clients monthly.



PopulationPopulationPopulationPopulation 1111----mi.mi.mi.mi. 2222----mimimimi 3333----mimimimi

Total Population 74,703 258,364 501,853 Total Households 40,245 135,766 234,588

IncomeIncomeIncomeIncome

Median Household Income $67,986 $60,433 $58,205 Average Household Income $92,667 $83,078 $81,059

DEMOGRAPHIC COMPARISON REPORT

DEMOGRAPHIC COMPARISON REPORTDEMOGRAPHIC COMPARISON REPORTDEMOGRAPHIC COMPARISON REPORTDEMOGRAPHIC COMPARISON REPORT

LakeviewLakeviewLakeviewLakeview is a North Side neighborhood of the City of Chicago, Illinois and is bordered by West Diversey Parkway on the south, West Irving Park Road on the north, North Ravenswood Avenue on the west, and the shore of Lake Michigan on the east. The Lakeview populatiareas and has the highest population density.

Lakeview is unofficially divided into smaller neighborhood enclaves: Lakeview East, West Lakeview and Wrigleyville. Lakeview is most recognized naCorridor is located within the Lakeview Community. The Southport Corridor is located just oneWrigley Field. Southport has seen large retail growth over the past severanational, regional and local retailers. Many of these retailers have relocated to the Southport Corridor from areas such as Old Town and from Michigan Avenue.

Wrigleyville features low-rise brick buildings and houses, soField where people can purchase seats to watch baseball games without having to pay Major League Baseball ticket prices. Wrigleyville bars and restaurants (particularly on North Clark Street) feature the ssports-oriented themes. Wrigleyville is also home to the Metro Chicago Theater which is a concert hall at 3730 N. Clark Street in Chicago, Illinois that plays host to a variety of local, regional and national emerging bands and musicians.

The metro is also 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 cgeneral competitiveness.

www.cityofchicago.com



LOCATION OVERVIEWLOCATION OVERVIEWLOCATION OVERVIEWLOCATION OVERVIEW

is a North Side neighborhood of the City of Chicago, Illinois and is bordered by West Diversey Parkway on the south, West Irving Park Road on the north, North Ravenswood Avenue on the west, and the shore of Lake Michigan on the east. The Lakeview population is the second largest of the seventyareas and has the highest population density.

Lakeview is unofficially divided into smaller neighborhood enclaves: Lakeview East, West Lakeview and Wrigleyville. Lakeview is most recognized nationwide as home to Wrigley Field and its Chicago Cubs. The Southport Corridor is located within the Lakeview Community. The Southport Corridor is located just oneWrigley Field. Southport has seen large retail growth over the past severanational, regional and local retailers. Many of these retailers have relocated to the Southport Corridor from areas such as Old Town and from Michigan Avenue.

rise brick buildings and houses, soField where people can purchase seats to watch baseball games without having to pay Major League Baseball ticket prices. Wrigleyville bars and restaurants (particularly on North Clark Street) feature the s

oriented themes. Wrigleyville is also home to the Metro Chicago Theater which is a concert hall at 3730 N. Clark Street in Chicago, Illinois that plays host to a variety of local, regional and national emerging bands and

The metro is also 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.

Chicago Chicago Chicago 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

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

companies, including Boeing, McDonald's, Motorola, Discover Financial Services and

United Airlines. Chicago is a major hub for industry, telecommunications and

infrastructure and O'Hare International Airport is the second busiest airport in the



LOCATION OVERVIEW

LOCATION OVERVIEWLOCATION OVERVIEWLOCATION OVERVIEWLOCATION OVERVIEW

is a North Side neighborhood of the City of Chicago, Illinois and is bordered by West Diversey Parkway on the south, West Irving Park Road on the north, North Ravenswood Avenue on the west, and the shore of Lake

on is the second largest of the seventy-seven Chicago community

Lakeview is unofficially divided into smaller neighborhood enclaves: Lakeview East, West Lakeview and tionwide as home to Wrigley Field and its Chicago Cubs. The Southport

Corridor is located within the Lakeview Community. The Southport Corridor is located just oneWrigley Field. Southport has seen large retail growth over the past several years and is now home to numerous national, regional and local retailers. Many of these retailers have relocated to the Southport Corridor from areas

rise brick buildings and houses, some with rooftop bleachers are looking over Wrigley Field where people can purchase seats to watch baseball games without having to pay Major League Baseball ticket prices. Wrigleyville bars and restaurants (particularly on North Clark Street) feature the s


The metro is also 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

enters based on people, business environment, market access, infrastructure and

is the most populous city in the Midwestern United States and the third most


seat of Cook County, the second largest county in the United States. The Chicago MSA



metropolitan area is home to the corporate headquarters of 57 Fortune




LOCATION OVERVIEW

is a North Side neighborhood of the City of Chicago, Illinois and is bordered by West Diversey Parkway on the south, West Irving Park Road on the north, North Ravenswood Avenue on the west, and the shore of Lake

seven Chicago community

Lakeview is unofficially divided into smaller neighborhood enclaves: Lakeview East, West Lakeview and tionwide as home to Wrigley Field and its Chicago Cubs. The Southport

Corridor is located within the Lakeview Community. The Southport Corridor is located just one-half mile west of l years and is now home to numerous

national, regional and local retailers. Many of these retailers have relocated to the Southport Corridor from areas

me with rooftop bleachers are looking over Wrigley Field where people can purchase seats to watch baseball games without having to pay Major League Baseball ticket prices. Wrigleyville bars and restaurants (particularly on North Clark Street) feature the sports culture with


The metro is also 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

enters based on people, business environment, market access, infrastructure and

is the most populous city in the Midwestern United States and the third most


States. The Chicago MSA



metropolitan area is home to the corporate headquarters of 57 Fortune 1000






666 Dundee Road Suite 1801 Northbrook, IL 60062

Randy Blankstein President 847.562.0003 [email protected]

Jimmy Goodman Partner 847.562.8500 [email protected]

CONTACT INFORMATION

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Net Lease Bank of America For Sale

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