Single Tenant Bank for Sale | The Boulder Group

8/11/2019 Single Tenant Bank for Sale | The Boulder Group

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


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TABLE OF CONTENTS

TABLE OF CONTENTS

I. Executive Summary

Executive Summary

Investment Highlights

Property Overview

II. Location Overview

Photographs

Site Plan

Aerial

Maps

III. Market & Tenant Overview

Demographics

Location Overview

Tenant Prole

NET LEASE INVESTMENT OFFERING

TABLE OF CONTENTS


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The information contained in the following Offering Memorandum is proprietary and strictly condential. 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, unveried 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 veried, 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 takeappropriate measures to verify all of the information set forth herein.

DISCLAIMER

STATEMENT:


DISCLAIMER STATEMENTTABLE OF CONTENTS

DISCLAIMER STATEMENT


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The Boulder Group is pleased to exclusively market for sale a single tenant net leased Bank of Bartlett property

located within an afuent area of the Memphis MSA. The property is strategically located at a heavily trafcked

signalized intersection along a primary thoroughfare. The Bank of Bartlett lease has ve years remaining and expiresNovember 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 trafc 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 afuent with average annual household incomes in excess of $121,000. There

are over 217,000 people living within ve 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 approximatelyone-half mile from the Bank of Bartlett property. The surrounding area is densely concentrated with suburban ofce

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 McDonalds.

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 ofce submarket with over 8.6 million square feet of ofce space.

There are ve 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.

EXECUTIVE

SUMMARY:

EXECUTIVE SUMMARY


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INVESTMENT

HIGHLIGHTS:

Located within the Memphis MSA

1.5% annual rental escalations

No landlord responsibilities

Located at a heavily trafcked signalized intersection

Located along Poplar Avenue, a primary east-west thoroughfare that experiences trafc counts of 37,000 vehiclesper 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)

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

Strong residual value

INVESTMENT HIGHLIGHTS


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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


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SITE PLAN

KIRBYPARKW

AY(25,0

00VPD)

POPLAR AVENUE (37,000 VPD)

N


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AERIAL

N

FORUM OFFICE PARK

GLOBAL HEADQUARTERS

POPLARAVENUE

KIRB

YPARKWAY

37,000VPD

2

5,

00

0VPD

POPLARAVENUE

KIRB

YPARKWAY

37,000VPD

2

5,

00

0VPD


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MAPS


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MAPS


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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-protable organizations. The Bank has grown rapidlyto 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

TENANT

PROFILE:

TENANT PROFILE


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Germantownis 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. Germantowns economy is dominated by the retail andcommercial 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 communitys 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 Moodys and Standard & Poors.

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. Memphisis the youngest of Tennessees major cities.

The citys central location has led to much of its business development. Located on the Mississippi River and

intersected by ve major freight railroads and two Interstate Highways, I-40 and I-55, Memphis is ideally located forcommerce 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 worlds second busiest cargo airport (following Hong Kong), which serves as a primary hub for FedExExpress shipping. Memphis is the home of three Fortune 500 companies: FedEx, AutoZone, and International Paper.

LOCATION

OVERVIEW:

LOCATION OVERVIEW


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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

DEMOGRAPHIC

REPORT:


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666 Dundee Road, Suite 1801Northbrook, IL 60062

www.bouldergroup.com

Randy Blankstein

President

[email protected]

Jimmy GoodmanPartner

[email protected]

Single Tenant Bank for Sale | The Boulder Group

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