Ground Lease TCF Bank for sale in Minneapolis MSA

1. NET LEASED INVESTMENT OFFERING
TCF Bank Ground Lease (Investment Grade)
6501 Richfield Parkway
Richfield, MN 55423 (Minneapolis MSA)
www.bouldergroup.com

2. TABLE OF CONTENTS
NET LEASED INVESTMENT OFFERING
TABLE OF CONTENTS
1) Confidentiality & Disclaimer
2) Executive Summary
3) Property Overview
4) Site Plan
5) Aerial
6) Map
7) Tenant Profile
8) Demographic Comparison Report
9) Location Overview
10) Contact Information
www.bouldergroup.com

3. CONFIDENTIALITY & DISCLAIMER
NET LEASED INVESTMENT OFFERING
CONFIDENTIALITY
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.
www.bouldergroup.com

4. EXECUTIVE SUMMARY
NET LEASED INVESTMENT OFFERING
EXECUTIVE SUMMARY
The Boulder Group is pleased to exclusively market for sale a single tenant TCF Bank ground lease located within the
Minneapolis MSA. TCF Bank is an investment grade company with a Standard & Poor’s Rating of BBB-. The TCF Bank is
located on a 1.01 acre parcel as an outlot to a Super Target and Home Depot anchored shopping center. The lease
features 10% rental escalations every five years with the next escalation in 2017. This is a proven location for TCF bank as
evidenced by its well above average deposits for a bank branch.
The property is located in Cedar Point Commons Shopping Center, a 350,000 square foot retail center anchored by Super
Target and Home Depot. Cedar Point Commons is located off Highway 77 (66,000 VPD) at the intersection of 66th Street
and Richfield Parkway. 66th Street has a full access interchange with Highway 77 less than ¼ mile from the property.
Constant traffic is abundant along Highway 77 as the Mall of America is located approximately two miles south of Cedar
Point Commons along Highway 77. Additionally, there is a IKEA adjacent to the Mall of America. The property is located in a
dense area with over 300,000 people living within five miles of the property. There are high barriers to entry in the area as
the land directly across Highway 77 is used for the Minneapolis/St. Paul International Airport.
TCF Bank’s original ground lease term was for 20 years with four 5-year renewal options and the lease expires in October
2027. The net operating income increases by 10% every five years during the primary term as well as the option periods.
TCF Bank is a publicly traded company on the New York Stock Exchange (TCB), with a market capitalization of $2 billion.
TCF Bank is an investment grade rated company with a Standard & Poor’s rating of BBB-.
INVESTMENT HIGHLIGHTS
• Investment grade rated company (S&P: BBB-)
• Located within the Minneapolis MSA
• Long term ground lease
• Superior bank branch deposits
• No landlord responsibilities
• 10% rental escalations every five years (Next escalation in
2017)
• Located as an outparcel to a Super Target and Home Depot
• Located off Highway 77 Interchange (66,000 VPD)
• Two miles from the Mall of America and an IKEA
• Over 300,000 people living within five miles of the property
www.bouldergroup.com

5. PROPERTY OVERVIEW
NET LEASED INVESTMENT OFFERING
PROPERTY OVERVIEW
Price: $2,946,428
Cap Rate: 5.60%
Rent Schedule: NOI Escalation Date
$ 165,000
$ 181,500 11/1/2017
$ 199,650 11/1/2022
$ 219,615 11/1/2027 (Option 1)
$ 241,577 11/1/2032 (Option 2)
$ 265,734 11/1/2037 (Option 3)
$ 292,308 11/1/2042 (Option 4)
Renewal Options: Four 5-Year
Renewal Rate: 10% each option period
Lease Commencement Date: October 16, 2007
Lease Expiration Date: October 31, 2027
Tenant: TCF Bank
Credit Rating: BBB- (Standard and Poor’s)
Year Built 2007
Lease Type: Ground Lease – NNN*
Rentable Square Feet: 4,500 SF
Land Size: 1.01 Acres
* Should structural repairs be required during the last three years of the Tenant's primary term or
any renewal term, Tenant shall not be required to make such structural repairs should Tenant deliver
to Landlord a written waiver of all rights to renew the Lease beyond the term in effect.
www.bouldergroup.com

6. SITE PLAN
NET LEASED INVESTMENT OFFERING
PLAN
SITE PLAN
www.bouldergroup.com

7. AERIAL
NET LEASED INVESTMENT OFFERING
AERIAL
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8. MAP
NET LEASED INVESTMENT OFFERING
MAP
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9. TENANT PROFILE
NET LEASED INVESTMENT OFFERING
TENANT PROFILE
TCF is a Wayzata, Minnesota‐based national bank holding company with $17.8 billion in total assets as of March 31,
2012. TCF has over 430 branches in Minnesota, Illinois, Michigan, Colorado, Wisconsin, Indiana, Arizona, and South
Dakota, providing retail and commercial banking services. TCF also has business lines in commercial leasing and
equipment finance, including leverage lending in all 50 states, commercial inventory finance business in the U.S. and
Canada, and indirect auto finance business in over 30 states. They are the 11th largest VISA Classic debit card
issuer in the U.S. by sales volume.
Website: www.tcfbank.com
Number of Locations: 430+
Stock Symbol: TCB : NYSE
Standard & Poor’s Rating: BBB-
Market Capitalization: $2 billion
www.bouldergroup.com

10. DEMOGRAPHIC COMPARISON REPORT
NET LEASED INVESTMENT OFFERING
DEMOGRAPHIC COMPARISON REPORT
Population 3-mi. 5-mi 7-mi
Total Population 98,609 303,180 586,475
Total Households 41,304 129,123 254,769
Income
Median Household Income $53,756 $51,126 $50,403
Average Household Income $69,602 $70,132 $72,149
www.bouldergroup.com

11. LOCATION OVERVIEW
NET LEASED INVESTMENT OFFERING
LOCATION OVERVIEW
Richfield is located in Hennepin County, Minnesota, approximately 8 miles south of
Downtown Minneapolis. Richfield has a population of over 35,000. Best Buy is the
city’s largest employer and its corporate headquarters is located in Richfield. Other
largest employers in Richfield include US Bank, Richfield Public Schools and Target.
Hennepin County is the most populous county in the state of Minnesota. One in every
five Minnesotans lives in Hennepin County. At the time of the 2010 U.S. Census,
Hennepin County had a population of 1,152,425.
www.ci.richfield.mn.us
Minneapolis-St. Paul is the most populous urban area in Minnesota is nicknamed the
Minneapolis-
“Twin Cities”. Minneapolis is the most populous city in Minnesota and St. Paul serves
as the state’s capital. The Minneapolis St. Paul MSA is the 16th largest in the United
Minneapolis-St.
States with a total population of 3,317,308. The Minneapolis
Minneapolis-St. Paul area is home to
19 of the 20 Fortune 500 headquarters (Target, 3M and General Mills) located within
(Target,
Minnesota and has the second largest economy in the Midwest only behind Chicago.
The largest companies in Minneapolis include Target, US Bank, Xcel Energy,
Ameriprise Financial and Thrivent Financial.
www.ci.minneapolis.mn.us
www.bouldergroup.com

12. CONTACT INFORMATION
NET LEASED INVESTMENT OFFERING
CONTACT INFORMATION
666 Dundee Road Suite 1801
Northbrook, IL 60062
Randy Blankstein Jimmy Goodman
President Partner
847.562.0003 847.562.8500
rblank@bouldergroup.com jimmy@bouldergroup.com
www.bouldergroup.com