commercial investment real estate · purchase price $4,170,720 noi $312,804 ($17.57 / sf) cap rate...

CIRE PartnersCOMMERCIAL INVESTMENT REAL ESTATE

Investment Offering - Single Tenant Net Lease 2 East Locust Street | Harrisburg, IL 62946

For more information contact: Andrew Slade, Executive Vice President (858) 367-5902

Confidentiality & Disclaimer The information contained in the following Offering Memorandum is proprietary and strictly confidential. It is intended only to be reviewed by the party receiving it from CIRE Brokerage Services Inc. dba CIRE Partners (hereafter “CIRE Partners”) and should not be made available to any other person or entity without the written consent of CIRE Partners. 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. CIRE Partners 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 regulators, 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 Offering Memorandum has been obtained from sources we believe to be reliable; however, CIRE Partners has not verified, and will not verify, any of the information contained herein, nor has CIRE Partners conducted any investigation regarding theses 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. This is not an appraisal. Please consult your CIRE Partners agent for more details. The information contained herein was obtained from sources believed reliable, however, CIRE Partners makes no guaranties, warranties or representations as to the completeness thereof. This document has been prepared by CIRE Partners for advertising and general information only. CIRE Partners excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from.


For more information contact:Andrew SladeExecutive Vice President(858) 367-5902 [email protected] LIC# 01746250

Investment Offering - Single Tenant Net Lease 2 East Locust Street | Harrisburg, IL 62946

Exclusively Listed in Association with: Coninental Real Estate Group Illinois License #478025092

CIRE Partners is pleased to exclusively offer for sale a single tenant Absolute NNN leased bank located in Harrisburg Illinois. The investment contains a corporately guaranteed lease from an investment grade tenant, First Mid Illinois Bank & Trust and Old National Bank (Aa3 Moody’s Credit Rating). The current lease term runs until 2023 and has four, five year option periods with annual rent increases of 150% of CPI caped at 1.50% throughout the remaining lease term and option periods. This property was built in 1996 in a pride of ownership fashion meant to match the local architecture. Two additional lots are also included in the sale they are currently being used for excess parking.

Harrisburg serves as the county seat for Saline County and is home to over 11,256 residents. Harrisburg is the major commercial and retail hub for the county with the largest concentration of shopping centers, restaurants and stores in the area. Most recently, both a Walgreens store and a Wal-Mart Supercenter opened less than one mile from the property. Harrisburg is proud of the continued investment and economic improvement in the city, in the last two years over $20 million dollars of new investments have been made. Harrisburg is serviced by US State Routes 13 and 45 and is located less than 62 miles west of Evansville, Indiana. Evansville is the headquarters for Old National Bancorp and home to over 120,000 residents.

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2 E Locust Street | Harrisburg, IL 62946

*Representative Photo

executive summary

property snapshot

2 E Locust Street | Harrisburg, IL 62946First Mid-Illinois Bank & TrustBuilt in 1996Single Tenant Net Leased - RetailFee Simple Ownership (Land & Building)

pricing summaryPurchase Price $4,230,000CAP Rate 7.50%NOI $317,497Years Remaining ±4 Years Remaining

Purchase Price $4,170,720NOI $312,804 ($17.57 / SF)CAP Rate 7.50%Address 2 East Locust Street | Harrisburg, IL 62946Building Size ±17,800 SF Lease Term Remaining ±4 Years RemainingLease Expiration 10/31/2023Renewal Options Four (4) - 5 Year OptionsLease Type Absolute NNNGuarantor Old National Bank*Landlord Responsibilities NoneAnnual Increases 150% of CPI (Capped at 1.5% per year)

investment highlights• ±17,800 square foot multi-story office and retail building leased to First Mid-

Illinois Bank & Trust.• Annual Absolute NNN rent of $317,497 or $17.84 per sq. ft.• Current lease term expires on 10/31/2023. • Four additional 5-year options to extend the lease. Base rent and renewal options

increase annually at 150% of CPI, capped at 1.5% per year.• Parcel size of approximately 1 acre on 3 separate parcels.• First Mid-Illinois acquired this branch and 11 others in September of 2015 from

Old National Bank. • Deposit base as of June 2017 - $69.3 Million.

2018 demographics1 mile 3 miles 5 miles

total population 5,310 9,770 11,256

total households 2,194 4,046 4,635

average household income $45,182 $50,043 $51,847

Year Annual Rent* Monthly Rent Monthly ($/SF)

11/01/2018 - 10/31/2023 $317,497 $26,458 $17.84 / SF

property descriptionpage 4


investment overview



location map



property aeriallocation aerial

East Side Elementary School

S Commercial Street

Harrisburg Fire Department

Harrisburg, ILHarrisburg, IL serves as the county seat for Saline County and is home to over 9,600 residents. Harrisburg is the major commercial and retail hub for the county with the largest concentration of shopping centers, restaurants and stores in the area. Most recently, both a Walgreens store and a Wal-Mart Supercenter opened less than one mile from the property. Harrisburg is serviced by US State Routes 13 and 45 and is located less than 62 miles west of Evansville, Indiana. Evansville is the headquarters for Old National Bancorp and home to over 120,000 residents.

The City of Harrisburg is known as the Gateway to the Shawnee National Forest, and has the honor of being the home of the Harrisburg Bulldogs! Whether you are passing through on business or vacation, or have lived here in the “Burg” for years, they welcome visitors from everywhere. Harrisburg is located in Saline County and is the County Seat. They have several nearby attractions families to enjoy. Their home town atmosphere sets the tone for a relaxing evening. Families can enjoy one of the several restaurants for a nice dinner before taking in a movie at their new Showplace Cinema Theatre. If you are interested in historical sites, the Saline County Area Historical Museum is comprised of a three story pauper home, a one room school building, log cabin and a beautiful church. The museum has many hidden treasurers within these buildings. Wildlife and fishing areas are always another option. They have several areas close by for camping, hiking, boating or just for afternoon picnics. The Garden of the Gods is a truly amazing part of the Shawnee National Forest. If you visit Harrisburg in late July, bring your family out to the County Fair that is hosted in the City.

Their City takes great pride in their citizens. They have a community of caring, compassionate people. Southeastern Illinois College is located just east of Harrisburg with John A. Logan located west of Harrisburg. Besides these two Junior Colleges, Southern Illinois University (SIU-C) is situated close enough to be an easy commute. They take pride in our students, scholars, athletes and musicians. They have trophies, certificates and other awards proclaiming how hard they work to meet their goals and accomplishments in the class rooms, on the field, court, stage or parade. Harrisburg has small town values where manners and respect are still more common than not.

market informationpage 7


market overview

tenant profilespage 8


tenant profileFirst Mid-Illinois Bancshares, Inc. is the parent company of First Mid Bank & Trust, N.A.; First Bank & Trust, IL; First Mid Wealth Management Co.; and First Mid Insurance Group. The bank was first chartered in 1865 and has since grown into a $3.4 billion community-focused organization headquartered in Mattoon, Illinois, that provides financial services through a network of 59 banking centers in 42 Illinois and Missouri communities and a loan production office in the greater Indianapolis area. Their talented team is comprised of more than 700 men and women who take great pride in First Mid Bank and the Company, their work and their ability to serve our customers.

Their Mission is to fulfill the financial needs of our communities with exceptional personal service, professionalism and integrity, and deliver meaningful value and results for customers and shareholders. Their stock is traded in the NASDAQ under the symbol "FMBH". Their Vision is to be a nimble, community banking team committed to quality and growth for the benefit of all our stakeholders.

First Mid-Illinois Bank & Trust is headquartered in Mattoon and is the 15th largest bank in the state of Illinois. It is also the 329th largest bank in the nation.

Year Founded 1865

Headquarters Mattoon, IL

Website www.firstmid.com

Total Locations ±59 Locations

Total Employees ±700 Employees

Total Assets $2.84 Billion

tenant profilespage 9


tenant profileThe Portfolio is bond-leased to Old National Bank, a top 100 ranked banking company in the United States and dominant institution in markets throughout Indiana, southeastern Illinois, western Kentucky, and southwestern Michigan. Old National Bank has developed its business on the foundation of community banking, building long-term, highly valued partnerships with its clients. The Bank’s unfailing commitment to its core strategy has led it to become the largest financial services holding company in its home state of Indiana as well as demonstrating the top three market share in 13 of the bank’s primary markets. Old National Bank currently holds an Aa3 credit rating (Moody’s).

Headquartered in Evansville, Indiana, Old National Bank boasts a market capitalization of $2.44 billion (6/2015), over $10.8 billion in deposits, and $14.9 billion in total assets. Not only does the offering benefit from the high investment grade credit rating of the Tenant, but Old National Bancorp, the Parent company, also serves as the unconditional guarantor under the Lease. The guaranty further enhances the credit profile and security of the offering, an added benefit not commonly found in traditional bank branch leases. Old National Bank is Indiana’s largest bank with $6.5 billion in statewide deposits and the branches included in the Portfolio have over $379 million in total deposits.

A majority of the Old National Portfolio bank branches are situated along primary commercial corridors and feature excellent visibility and access. Many of the branches are located on hard corners proximate to bustling shopping centers or within dense residential communities. Within five miles of each branch, the average annual household incomes are nearly $60,000. Indiana is consistently ranked as one of the ten lowest cost states to live in the United States, which helps attract business to the state and increases individuals’ purchasing power.

Furthermore, the majority of the county unemployment rates are well below the state and national average rates, reflecting the superior employment conditions within the local markets. The Old National Bank Portfolio will be transferred free and clear of debt. Investors will be able to capitalize on today’s attractive debt markets and secure highly aggressive and favorable financing.

Year Founded 1834

Headquarters Evansville, Indiana

Website www.oldnational.com

Total Locations ±200 Locations

Total Employees ±2,652 Employees

Total Assets $14.9 Billion

Moody's Rating Aa3


CIRE Partners | 530 B Street, Suite 2050 | San Diego, CA 92101 | www.CIREpartners.com

commercial investment real estate · purchase price $4,170,720 noi $312,804 ($17.57 / sf) cap rate...

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