WEST MAIN STREET BOONVILLE, IN 47601

OFFERING MEMORANDUM
224
WEST MAIN STREET
BOONVILLE, IN 47601
Exclusively Listed By:
MIKE JAMES
Senior Director
Net Leased Properties Group
P: 818.212.2755
F: 818.212.2710
[email protected]
License: CA 01869890
THE SQUAW CREEK TRAIN
AREA PHOTO
REPRESENTATIVE PHOTO
TABLE OF CONTENTS
Investment Overview
Tenant Overview
Property Overview
Property Photos
Retail Aerial
Market Overview
Demographics
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SCALES LAKE PARK
OLD NATIONAL BANK | OFFERING MEMORANDUM
MARCUS & MILLICHAP
INVESTMENT
OVERVIEW
INVESTMENT OVERVIEW
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Investment Highlights
Investment Overview
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Marcus and Millichap is pleased to present an Old National Bank Investment opportunity located at
224 West Main Street in Boonville, Indiana. The asset is a free-standing, 18,834-square foot building
situated on a 0.81 acre lot. Old National Bank is currently operating under an absolute triple-net lease
set to expire on December 31 in 2027; however, the current landlord is negotiating a lease extension
with the tenant. Built into the lease are annual CPI increases to provide investors with a hedge against
inflation. In addition to a corporate guaranteed lease with Old National Bank, there are over $83 million
in deposits at this branch with absolutely no landlord responsibilities related to this asset. The property
benefits from its location on Main Street, one of the main east to west thoroughfares in Boonville,
generating 10,480 vehicles per day. The retail corridor of Boonville is also located on main street hosting
retailers such as CVS, McDonalds, AutoZone, Pizza Hut, Taco Bell, Tractor Supply Co. and many more.
Absolute NNN Lease with Zero Landlord Responsibilities
Corporate Guarantee Lease with Over $83 Million in Deposits at this Location
Annual CPI Increases Built into the Lease Protecting Investors from Inflation
Old National Bank Ranked in the Top 100 U.S. Insurance Broker and 10th Largest Bank-Affiliated
Insurance Broker
• Old National Bank was Named to the Prestigious World’s Most Ethical Companies list by the
Ethisphere Institute in 2012, 2013, 2014 and 2015
• Excellent Exposure on Main Street with Traffic Counts of 10,480
• Surrounding Retailers in the Immediate Area include CVS, McDonald’s, AutoZone, Pizza Hut, Taco
Bell, Tractor Supply Co., Goodwill and Many More
OLD NATIONAL BANK | OFFERING MEMORANDUM
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MARCUS & MILLICHAP
REPRESENTATIVE PHOTO
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INVESTMENT OVERVIEW
Investment Summary
Tenant Trade Name
Ownership
Credit Rating (Moody’s)
Years in Business
Number of Locations
Headquarters
Old National Bank
Public
Aa3
31 Years
164+
Evansville, IN
Purchase Price
CAP Rate
Price/SF
GLA
Lot Size
Year Built
Vital Data
Net Operating Income
Lease Type
Lease Term
Lease Commencement
Lease Expiration
Lease Term Remaining
Increases
Options
REPRESENTATIVE PHOTO
$3,426,983
6.00%
$181.96
18,834 SF
0.81 Acres
1980
$205,619.00
Absolute Triple-Net (NNN)
20 Years
12/27/2007
12/31/2027
12 Years
Annual Increases Based
150% of CPI, Not to Exceed
1.50%
Four, Five-Year
MARCUS & MILLICHAP
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TENANT
OVERVIEW
TENANT OVERVIEW
Tenant Profile
Property Name
Property Type
Total GLA
Tenant Trade Name
Headquarters
Number of Locations
Website
Lease Commencement
Lease Expiration Date
Term Remaining on Lease
Lease Type
Roof Maintenance
Structure Maintenance
Original Lease Term
Net Operating Income
Increases
Options
Old National Bank
Net Leased Bank
18,834 SF
Old National Bank
Evansville, IN
164+
www.oldnationalbank.com
12/27/2007
12/31/2027
12 Years
Absolute Triple-Net (NNN)
Tenant Responsibility
Tenant Responsibility
20 Years
$205,619.00
Annual Increases Based 150% of
CPI, Not to Exceed 1.50%
Four, Five-Year
MARCUS & MILLICHAP
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TENANT OVERVIEW
With assets at $11.9 billion, 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. Headquartered
in Evansville, Indiana, Old National Bancorp owns multiple
financial services operations in Indiana, Illinois, Kentucky and
Michigan. The company provides a comprehensive range of
financial services including commercial and retail banking, trust,
brokerage, correspondent banking, and insurance.
OLD NATIONAL BANK | OFFERING MEMORANDUM
REPRESENTATIVE PHOTO
PROPERTY
OVERVIEW
PROPERTY OVERVIEW
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PROPERTY PHOTO
PROPERTY PHOTO
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OLD NATIONAL BANK | OFFERING MEMORANDUM
MARCUS & MILLICHAP
PROPERTY PHOTO
PROPERTY
PHOTO
SITE PLAN
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OLD NATIONAL BANK | OFFERING MEMORANDUM
MARCUS & MILLICHAP
RETAIL AERIAL
LOCATION MAP
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5
2
1
1
4
4
6
4
1
3
5 MI.
10 MI.
2000 Population
9,190
13,656
44,426
2010 Population
8,824
13,441
49,920
2015 Population
8,960
13,683
50,925
2020 Population
8,910
13,754
53,153
2000 Households
3,620
5,259
16,274
2010 Households
3,525
5,232
18,600
2015 Households
3,584
5,332
19,008
2020 Households
3,589
5,386
19,976
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CVS PHARMACY
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TACO BELL
6
SHELL FOOD MART
2.48
2.52
2.65
2
AT&T
2
MCDONALD’S
7
PIZZA CHEF
2,733
3,476
10,943
3
AUTOZONE
3
SUBWAY
8
AMERICAN DINER
4
TRACTOR SUPPLY CO.
4
LONG JOHN SILVER’S
9
SOUTH SIDE BAR
GOODWILL
5
YESTERDAZE
10
ALL AMERICAN
2
4
TRAFFIC COUNTS
West Main Street
RETAIL
5
3
9
3 MI.
2015 Daytime Population
5
5
7
BOONVILLE POPULATION
2015 Avg. Household Size
OLD NATIONAL BANK | OFFERING MEMORANDUM
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3
OLD NATIONAL BANK
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RESTAURANTS
RESTAURANTS
FINANCIAL INSTITUTIONS
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BOONVILLE FEDERAL
SAVINGS BANK
2
BOONVILLE NATIONAL BANK
3
HERITAGE FEDERAL CU
4
PEOPLES TRUST & SAV. BANK
OTHER
10,480 Vehicles per Day
OTHER
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US POST OFFICE
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BOONVILLE CITY MAYOR
2
BOONVILLE HIGH SCHOOL
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WARRICK COUNTY MUSEUM
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WARRICK COUNTY CLERK
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CHAMBER OF COMMERCE
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PUBLIC LIBRARY
MARCUS & MILLICHAP
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MARKET
OVERVIEW
MARKET OVERVIEW
MARKET OVERVIEW
MARCUS & MILLICHAP
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BOONVILLE, INDIANA
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Boonville is a city in Boon Township, Warrick County, Indiana, United States. The city is the county seat of Warrick County. Boonville was founded in 1818 and
named for Jesse Boon, father of Ratliff Boon. A post office has been in operation at Boonville since 1820. Boonville was incorporated in 1858. President Abraham
Lincoln studied law in Boonville. When Abraham Lincoln and his family moved from Kentucky to present-day Spencer County in 1816, their homestead was then
considered to be within Boonville’s Warrick County boundaries. The future president frequently walked to Boonville to borrow books and watch local attorney John
Brackenridge argue cases, thus earning Boonville the distinction of being “where Lincoln learned the law.”
According to the 2010 census, Boonville has a total area of 3.013 square miles, of which 3 square miles (or 99.57%) is land and 0.013 square miles (or 0.43%) is water.
The Boonville Airport is located two nautical miles (2.3 mi) west of the central business district. Boonville also has the Warrick Area Transit System (WATS), a public bus
line which connects with the nearby Metropolitan Evansville Transit System (METS).
OLD NATIONAL BANK | OFFERING MEMORANDUM
MARCUS & MILLICHAP
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MARKET OVERVIEW
Evansville, IN-KY Metropolitan Statisical Area
EVANSVILLE MSA TOP EMPLOYERS
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OLD NATIONAL BANK | OFFERING MEMORANDUM
EMPLOYER
DEACONESS HOSPITAL
ST. MARY’S MEDICAL CENTER
EVANSVILLE VANDERBURGH SCHOOL CORP.
UNIVERSITY OF SOUTHERN INDIANA
BERRY PLASTICS
SKANSKA | INDUSTRIAL CONTRACTORS
T.J. MAXX
KOCH ENTERPRISES, INC.
VECTREN CORPORATION
SPRINGLEAF FINANCIAL SERVICES
MARKET OVERVIEW
# OF EMPLOYEES
5,600
3,638
3,214
2,895
2,699
2,425
1,500
1,409
1,200
1,160
MARCUS & MILLICHAP
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AREA PHOTO
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AREA PHOTO
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MARKET OVERVIEW
WARRICK COUNTY COURTHOUSE
OLD NATIONAL BANK | OFFERING MEMORANDUM
SCALES LAKE PARK
MARCUS & MILLICHAP
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BOONVILLE
INDIANA
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MARKET OVERVIEW
OLD NATIONAL BANK | OFFERING MEMORANDUM
MARCUS & MILLICHAP
South side of Boonville
Public Square Historic
District in early 1900’s
History in Boonville, Indiana
MARKET OVERVIEW
Boonville Public Square Historic District is currently listed
in the National Register of Historical Places.
ABRAHAM LINCOLN
While living with his father on a farm about seventeen miles from here
came often to Boonville to hear court trials and to borrow books from
John A. Brackenridge. From this corner Abraham Lincoln traveled north
by ox-team on the old Boonville-Petersburg-Vincennes road when
emigrating to Illinios in 1830.
JAMES A. HEMENWAY
Who through hard work, practical genius, and American opportunity,
rose to positions of high honor and responsibility in both houses of
Congress. His distinguished service to the state of Indiana was an
important contribution to American ideals of good government. In
appreciation of his qualities and service this memorial is erected by his
many friends and a grateful community.
Boonville Public
Square Historic District in
early 1900’s
WARRICK COUNTY MUSEUM
The Warrick County Museum was organized in 1976 for the purpose
of collecting and preserving the heritage of the county. It opened
December 4, 1977. The museum is located in the old Ella Williams School
The building was constructed in 1901 and was dedicated to Miss Ella
Williams in 1921. It served as an elementary school until its closing in
1976.
The museum currently offers schools and organizations interactive
programs on pioneer living and the history of Warrick County and its
citizens. The museum offers community groups the use of their meeting
facilities and space to display projects for public viewing.
OLD NATIONAL BANK | OFFERING MEMORANDUM
MARCUS & MILLICHAP
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DEMOGRAPHICS
DEMOGRAPHICS
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DEMOGRAPHICS
OLD NATIONAL BANK | OFFERING MEMORANDUM
Demographic Analysis
Income
POPULATION
3 MI.
5 MI.
10 MI.
2000 Population
2010 Population
2015 Population
2020 Population
9,190
8,824
8,960
8,910
13,656
13,441
13,683
13,754
44,426
49,920
50,925
53,153
2000 Households
2010 Households
2015 Households
2020 Households
3,620
3,525
3,584
3,589
5,259
5,232
5,332
5,386
16,274
18,600
19,008
19,976
2000 Owner Occupied Housing Units
2000 Renter Occupied Housing Units
2000 Vacant
71.79%
21.92%
6.30%
73.81%
19.64%
6.55%
79.29%
15.38%
5.32%
2015 Owner Occupied Housing Units
2015 Renter Occupied Housing Units
2015 Vacant
76.45%
23.55%
10.04%
79.05%
20.95%
10.59%
80.84%
19.16%
7.40%
2020 Owner Occupied Housing Units
2020 Renter Occupied Housing Units
2020 Vacant
76.43%
23.57%
10.44%
79.10%
20.90%
11.01%
80.69%
19.31%
7.55%
2015 Median Household Income
2015 Per Capita Income
2015 Average Household Income
$43,878
$23,602
$58,416
$46,569
$24,641
$62,764
$64,376
$30,750
$82,094
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Employment
In 2014, there are 10,942 employees in Boonville, this is also known as the daytime
population. The 2000 Census revealed that 58.11% of employees are employed in whitecollar occupations and 41.43% are employeed in blue-collar occupations. In 2015,
unemployment in this area is 6.47%. In 2000, the average time traveled to work was 24.6
minutes.
Housing
In 2000, there were 13,629 owner occupied housing units in your area and there were
2,644 renter occupied housing units with a median rent of $379.
Race & Ethnicity
The current year racial makeup is as follows: 94.80% White, 1.24% Black, 0.03% Native
American and 1.70% Asian/Pacific Islander. Compare these to Entire US averages
which are: 71.60% White, 12.70% Black, 0.18% Native American and 5.02% Asian/Pacific
Islander. People of Hispanic origin make up 1.75% of the current year population.
MARCUS & MILLICHAP
Marcus & Millichap hereby advises all prospective purchasers of Net Leased property as follows:
A35
DEMOGRAPHICS
The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, Marcus & Millichap has not and will not verify any
of this information, nor has Marcus & Millichap conducted any investigation regarding these matters. Marcus & Millichap makes no guarantee, warranty or representation
whatsoever about the accuracy or completeness of any information provided.
As the Buyer of a net leased property, it is the Buyer’s responsibility to independently confirm the accuracy and completeness of all material information before completing
any purchase. This Marketing Brochure is not a substitute for your thorough due diligence investigation of this investment opportunity. Marcus & Millichap expressly denies
any obligation to conduct a due diligence examination of this Property for Buyer.
Any projections, opinions, assumptions or estimates used in this Marketing Brochure are for example only and do not represent the current or future performance of this
property. The value of a net leased property to you depends on factors that should be evaluated by you and your tax, financial and legal advisors.
Buyer and Buyer’s tax, financial, legal, and construction advisors should conduct a careful, independent investigation of any net leased property to determine to your
satisfaction with the suitability of the property for your needs.
Like all real estate investments, this investment carries significant risks. Buyer and Buyer’s legal and financial advisors must request and carefully review all legal and
financial documents related to the property and tenant. While the tenant’s past performance at this or other locations is an important consideration, it is not a guarantee of
future success. Similarly, the lease rate for some properties, including newly-constructed facilities or newly-acquired locations, may be set based on a tenant’s projected
sales with little or no record of actual performance, or comparable rents for the area. Returns are not guaranteed; the tenant and any guarantors may fail to pay the lease
rent or property taxes, or may fail to comply with other material terms of the lease; cash flow may be interrupted in part or in whole due to market, economic, environmental
or other conditions. Regardless of tenant history and lease guarantees, Buyer is responsible for conducting his/her own investigation of all matters affecting the intrinsic value
of the property and the value of any long-term lease, including the likelihood of locating a replacement tenant if the current tenant should default or abandon the property,
and the lease terms that Buyer may be able to negotiate with a potential replacement tenant considering the location of the property, and Buyer’s legal ability to make
alternate use of the property.
By accepting this Marketing Brochure you agree to release Marcus & Millichap Real Estate Investment Services and hold it harmless from any kind of claim, cost, expense,
or liability arising out of your investigation and/or purchase of this net leased property.
CONFIDENTIALITY AND DISCLAIMER
The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus
& Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure 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. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with
respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and
improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the
improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property.
The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not
verify, any of the information contained herein, nor has Marcus & Millichap 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.
NON-ENDORSEMENT NOTICE
Marcus & Millichap Real Estate Investment Services, Inc. (“M&M”) is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this
marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation
of M&M, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of M&M, and is solely included for the purpose of providing tenant lessee
information about this listing to prospective customers.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
OLD NATIONAL BANK | OFFERING MEMORANDUM
Josh Caruana | Marcus & Millichap | 600 East 96th Street Suite 500 Indianapolis, IN 46240 | PB20803582
Exclusively Listed By:
MIKE JAMES
Senior Director
Net Leased Properties Group
P: 818.212.2755
F: 818.212.2710
[email protected]
License: CA 01869890