NET LEASED INVESTMENT OFFERING
CITGO 2501 Light Road Oswego, IL (Chicago MSA)
www.bouldergroup.com
TABLE OF CONTENTS NET LEASED INVESTMENT OFFERING
TABLE OF CONTENTS
1)
Confidentiality & Disclaimer
2)
Executive Summary
3)
Property Overview
4)
Aerial
5)
Site Plan
6)
Maps
7)
Tenant Profile
8)
Demographic Comparison Report
9)
Location Overview
10)
Contact Information
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CONFIDENTITALITY & DISCLAIMER NET LEASED INVESTMENT OFFERING
CONFIDENTIALITY & DISCLAIMER 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.
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EXECUTIVE SUMMARY NET LEASED INVESTMENT OFFERING
EXECUTIVE SUMMARY The Boulder Group is pleased to exclusively market for sale a single tenant net leased CITGO property located in the Chicago MSA. The property was originally constructed in 1999 on a 1.39 acre parcel. The gas station property features 14 gas pumps and a convenience store. The property is benefitted from being located immediately south from a large Caterpillar manufacturing plant that employs approximately 2,500 people. The lease commenced February 2004 and includes annual rental escalations of 1.75%. There are approximately 10 years remaining in the primary term of the lease. The subject property is located along Light Road (Illinois Route 31). Illinois Route 31 has access to both Highway 30 (25,000 VPD) and Interstate 88 to the north. Interstate 88 experiences traffic counts in excess of 75,000 vehicles per day. There are approximately 60,000 people living within a three mile radius earning average household incomes in excess of $77,000 annually. The CITGO property is located just south from a Caterpillar plant that employs 2,500 people. Caterpillar is the largest employer within the area and has operated at this facility since 1958. CITGO’s original lease term is for 20 years with four 5-year renewal options and the lease expires in February 2024. The lease features annual rental escalations of 1.75% throughout the primary term. The guarantor is GasMart USA, a privately held corporation that operates 108 locations in seven states.
INVESTMENT HIGHLIGHTS • Located within the Chicago MSA • 1.75% annual rental escalations • Long term lease with 10 years remaining • No landlord responsibilities • Located just south from a Caterpillar plant that employs 2,500 people • Only gas station within a two mile radius • There are approximately 60,000 people living within a three mile radius earning average household incomes in excess of $77,000 annually
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PROPERTY OVERVIEW NET LEASED INVESTMENT OFFERING
PROPERTY OVERVIEW
Price:
$3,594,594
Cap Rate:
8.75%
Net Operating Income:
$314,531
Rental Escalations:
1.75% Annually
Renewal Options:
Four 5-year
Lease Commencement Date:
February 11, 2004
Lease Expiration Date:
February 29, 2024
Tenant:
CITGO
Guarantor:
GasMart USA
Year Built:
1998
Lease Type:
NNN
Rentable Square Feet:
9,262 (combination of building and canopy)
Land Acreage:
1.39 acres
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AERIAL NET LEASED INVESTMENT OFFERING
AERIAL
SOUTH LAKE STREET (ILLINOIS RTE 31)
N
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SITE PLAN NET LEASED INVESTMENT OFFERING
SITE PLAN
LIGHT RO AD
N Gas Dispensers
US HIGHWAY 31
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MAPS NET LEASED INVESTMENT OFFERING
MAPS
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TENANT PROFILE NET LEASED INVESTMENT OFFERING
TENANT PROFILE Citgo Petroleum Corporation (or CITGO) American refiner, transporter and marketer of transportation fuels, lubricants, petrochemicals and other industrial products. The company is owned by PDV America, Inc., an indirect wholly owned subsidiary of Petróleos de Venezuela, S.A., the national oil company of Venezuela. The company has its headquarters in the Energy Corridor area of Houston, Texas. www.citgo.com
GasMart USA was founded in 1995 and completed construction on its first store in early 1996. During 2012 GasMart expanded it’s operations to include 2 Kansas Turnpike locations and an additional 37 sites located in Kansas and Missouri. Today, GasMart USA has 108 locations in seven states throughout the Midwest. They are headquartered in suburban Kansas City and are privately held. www.gasmartusa.com
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DEMOGRAPHIC COMPARISON REPORT NET LEASED INVESTMENT OFFERING
DEMOGRAPHIC COMPARISON REPORT
Population Total Population Total Households
1-mi
3-mi
5-mi
8,857 3,087
58,027 19,295
160,068 50,296
$75,759 $85,681
$77,671 $90,678
$62,028 $77,634
Income Median Household Income Average Household Income
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LOCATION OVERVIEW NET LEASED INVESTMENT OFFERING
LOCATION OVERVIEW Oswego is a village in Kendall County, Illinois that as of the 2010 census had a population of 30,355. The population has more than doubled since the 2000 census. Oswego is the largest municipality located within Kendall County. Oswego is located approximately 45 miles southwest from downtown Chicago. The community is striving to keep its small town character and it remains a great place to raise a family. Many new residents cite the high quality schools as the reason they moved to Oswego. Community Unit District 308 has an excellent reputation in the Chicagoland area and has maintained its high standards, even as enrollment has increased. Oswego is also home to a large Caterpillar plant. www.oswegoil.org
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, 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 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
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CONTACT INFORMATION NET LEASED INVESTMENT OFFERING
CONTACT INFORMATION
666 Dundee Road, Suite 1801 Northbrook, IL 60062 Randy Blankstein President 847.562.0003 randy@bouldergroup.com
Jimmy Goodman Partner 847.562.8500 jimmy@bouldergroup.com
www.bouldergroup.com