Description
Located in the high class Lincoln Park neighborhood of Downtown Chicago, this offering is for a 30-year corporately guaranteed TCF National Bank absolute NNN ground Lease (NYSE: TCB). The property is located at the signalized intersection of West Fullerton and North Southport. This is an extremely rare opportunity for an investor to own a "fee simple interest" (the land) of 6 adjacent parcels totaling in Lincoln Park (18,750 SF) under a strong 30 year corporate TCF bank ground lease. The initial 30 year lease commenced on 7/15/2003 - There are 10% increases every 5 years throughout the initial term and at each of the four (4) five- year options.
There is non-recourse assumable financing in place requiring an investor to put down $2,483,745. The assumed note will have a balance of $3,016,255 that will be fully paid off in 15 years during year 20 of the initial lease term. This "Zero Cash Flow Deal" allows an investor to own this asset free and clear by 2024. During the final 10 years of the initial term the property will cash flow $4,227,585 with no debt payments.
Wayzata, Minnesota-based TCF (NYSE: TCB), currently with assets of $17.5 billion, is the national financial holding company for two commercial banks, The flagship, TCF National Bank and TCF National Bank Arizona. TCF has 444 banking offices in Minnesota, Illinois, Michigan, Colorado, Wisconsin, Indiana, Arizona and South Dakota. TCF also conducts commercial leasing and equipment finance business in all 50 states and commercial inventory finance business in the U.S. and Canada. TCF is now the 10th largest U.S. Visa® Classic debit card issuer ranked by sales volume.
The subject property is located in the Lincoln Park neighborhood of Chicago, Illinois. The district is one of the more high-class neighborhoods in the city. In 2007, Forbes named the area between Armitage Avenue, Willow Street, Burling Street, and Orchard Street as the most expensive block in Chicago.
The neighborhood contains numerous boutiques, retail stores, bookstores, restaurants and coffee shops including Restoration Hardware, Lululemon Athletica, Rugby Ralph Lauren, Pottery Barn, Barneys New York CO-OP, Betsey Johnson, R.E.I., American Apparel, BCBG, and many more.