Net Lease Burger King For Sale

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Burger King2345 South Pulaski Road

Chicago, IL 60623

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1) Confidentiality&Disclaimer

2) ExecutiveSummary

3) PropertyOverview

4) Aerial

5) SitePlan

6) Maps

7) TenantProfile

8) DemographicComparisonReport

9) LocationOverview

10) ContactInformation

TABLE OF CONTENTS

TABLE OF CONTENTS

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TheinformationcontainedinthefollowingOfferingMemorandumisproprietaryandstrictlyconfidential.ItisintendedtobereviewedonlybythepartyreceivingitfromTheBoulderGroupandshouldnotbemadeavailabletoanyotherpersonorentitywithoutthewrittenconsentofTheBoulderGroup.ThisOfferingMemorandumhasbeenpreparedtoprovidesummary,unverifiedinformationtoprospectivepurchasers,andtoestablishonlyapreliminarylevelofinterestinthesubjectproperty.Theinformationcontainedhereinisnotasubstituteforathoroughduediligenceinvestigation.TheBoulderGrouphasnotmadeanyinvestigation,andmakesnowarrantyorrepresentation.TheinformationcontainedinthisOfferingMemorandumhasbeenobtainedfromsourceswebelievetobereliable;however,TheBoulderGrouphasnotverified,andwillnotverify,anyoftheinformationcontainedherein,norhasTheBoulderGroupconductedanyinvestigationregardingthesemattersandmakesnowarrantyorrepresentationwhatsoeverregardingtheaccuracyorcompletenessoftheinformationprovided.Allpotentialbuyersmusttakeappropriatemeasurestoverifyalloftheinformationsetforthherein.

CONFIDENTIALITY & DISCLAIMER

CONFIDENTITALITY & DISCLAIMER

NET LEASED INVESTMENT OFFERING

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TheBoulderGroupispleasedtomarketforsaleasingletenantBurgerKingpropertylocatedinChicago.The2,980squarefootpropertywasbuiltin2009andislocatedapproximatelysixmilessouthwestofdowntownChicago.ThesubjectpropertybenefitsfromadenseinfilllocationofChicagoandpopulationinexcessofonemillionwithinfivemiles.Thelongtermleasefeaturesrentalescalationseveryfiveyearswiththenextescalationin2014.

ThepropertyislocatedattheintersectionofSouthPulaskiRoadand24thStreet.SouthPulaskihastrafficcountsinexcessof14,500vehiclesperdayandisaprimarynorth-souththoroughfareinChicago.PulaskiRoadhasafullaccessinterchangewithInterstate55oneandone-halfmilessouthoftheproperty.Interstate55experiencestrafficcountsinexcessof172,000vehiclesperday.BurgerKing ispositionedasanoutparceltonewlydevelopedmulti-tenantshoppingcenteranchoredbyAdvanceAutoPartsandDaVitaDialysis(scheduledtoopeninsummer2013).OtherretailersintheimmediateareaincludeWalgreens,CVS,AutoZoneandFifthThirdBank.ThetradeareaisanchoredbynumerousnationalretailersincludingSam’sClub,HomeDepot,Target,Menards,AldiandanAMCmovietheater.

BurgerKing’soriginalleasetermwasfor20yearswithfour5-yearrenewaloptionsandtheleaseexpiresinDecember2029.Thenetoperatingincomeincreasesby5%everyfiveyearsduringtheprimarytermandinrenewaloptions,withthenextescalationinDecember2014.TheguarantorisHeartlandMidwestLLC;awhollyownedsubsidiaryofHeartlandFoodCorp.HeartlandFoodCorp.isthesecondlargestBurgerKingfranchiseeintheUnitedStates.

INVESTMENT HIGHLIGHTS

•LocatedwithintheChicagoMSA

•Longtermleasewith16yearsremaining

•5%rentalescalationin2014andeveryfiveyearsthereafter

•PositionedinadenseinfilllocationofChicago

•Populationinexcessofonemillionwithinfivemilesoftheproperty

•OutparceltoanAdvanceAutoPartsandDaVitaanchoredshoppingcenter

•NearbyretailersincludeSam’sClub,HomeDepot,Target,Menards,AldiandanAMCmovietheater

EXECUTIVE SUMMARY

EXECUTIVE SUMMARY

NET LEASED INVESTMENT OFFERING

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Price: $2,462,686

CapRate: 6.70%

RentSchedule: NOI EscalationDate

$165,000$173,250 12/14/2014$181,913 12/14/2019$191,008 12/14/2024$200,559 12/14/2029(Option1)$210,586 12/14/2034(Option2)$221,116 12/14/2039(Option3)$232,172 12/14/2044(Option4)

RenewalOptions: Four5-year

LeaseCommencementDate: December14,2009

LeaseExpirationDate: December13,2029

Tenant: BurgerKing

Guarantor: HeartlandMidwestLLC(2ndlargestBurgerKingfranchisee)

YearBuilt: 2009

LeaseType: NNN

RentableSquareFeet: 2,980

LandSize: 17,722SF

PROPERTY OVERVIEW

PROPERTY OVERVIEW

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AERIAL

AERIAL

W. 26TH ROAD14,200 VPD

19,100 VPDW. OGDEN AVENUE

S. C

ICER

O AV

ENUE

43,2

00 V

PD

S. P

ULAS

KI A

VENU

E14

,500

VPD

551 ½ MILE

NET LEASED INVESTMENT OFFERING

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SITE PLAN

SITE PLAN

HAR

DIN

G A

VEN

UE

PULA

SKI R

OAD

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SITE

SITE

MAPS

MAPS

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Burger King (NYSE:BKW)isaglobalchainofhamburgerfastfoodrestaurants.Attheendoffiscalyear2012,BurgerKingoperatedover7,400locationsintheUnitedStatesandover12,900locationsworldwide.BurgerKingprimarilysellshamburgers,cheeseburgers,chicken,frenchfriesandisfamousfortheirsignaturemenuitem,theWhopper.BurgerKingofferscustomerscounterserviceaswellasdrive-thruservice.Asanefforttoenhancecashflowandstrengthenrelationshipswithkeyfranchisees,BurgerKingisworkingtowardsa100%franchisedbusinessmodel.In2012,BurgerKingrefranchised871restaurantsworldwidebringingtheirtotalto97%franchised.

Heartland Midwest LLCisawhollyownedsubsidiaryofHeartlandFoodCorp,BurgerKing’ssecondlargestfranchisee.Heartlandwas founded in2003andoperatesover230 locations in fourMidwest statesandCanada.ThecompanyhasreceivednumerousawardsinresponsetotheirsuccessincludingBurgerKing’s“BrandLeadershipAward”whichispresentedtooneFranchiseeeachyearthathasdemonstratedsuperioroperationsandwhohasdemonstratedaleadershiprolewithintheBurgerKingBrand.HeartlandFoodCorpisheadquarteredinDownersGrove,Illinoisandhasannualrevenuesinexcessof$280million.

Website: www.bk.comNumberofLocations: 12,997StockSymbol: BKW:NYSEMarketCapitalization: $6.8billion

Website: www.heartlandfoodcorp.comNumberofLocations: 230+AnnualRevenue $280million

TENANT PROFILE

TENANT PROFILE

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Population 1-mi 3-mi 5-mi

TotalPopulation 64,332 256,236 1,006,163TotalHouseholds 17,615 100,915 331,419

Income

MedianHouseholdIncome $30,326 $30,456 $36,497AverageHouseholdIncome $41,860 $42,658 $53,433

DEMOGRAPHIC COMPARISON REPORT

DEMOGRAPHIC COMPARISON REPORT

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Chicago isthemostpopulouscityintheMidwesternUnitedStatesandthethirdmostpopulouscityintheUnitedStateswith2,700,000residents.ChicagoisthecountyseatofCookCounty,thesecondlargestcountyintheUnitedStates.TheChicagoMSAisthethirdmostpopulatedmetropolitanareaintheUnitedStateswith9,580,567residents.TheMSAcoversover1,300squaremilesandsixcounties.TheChicagometropolitanareaishometothecorporateheadquartersof57Fortune1000companies,includingBoeing,McDonald’s,Motorola,DiscoverFinancialServicesandUnitedAirlines.Chicagoisamajorhubfor industry,telecommunicationsandinfrastructureandO’Hare

InternationalAirportisthesecondbusiestairportintheworldintermsoftrafficmovement.

ThemetroisalsoamajorfinancialcenterinNorthAmerica,andishometothelargestfuturesexchangeintheUnitedStates,theCMEGroup.ChicagoisthirdintheworldontheGlobalFinancialCentersIndexwhichranksthecompetitivenessoffinancialcentersbasedonpeople,businessenvironment,marketaccess,infrastructureandgeneralcompetitiveness.

www.cityofchicago.org

LOCATION OVERVIEW

LOCATION OVERVIEW

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666DundeeRoad,Suite1801Northbrook,IL60062

Randy BlanksteinPresident847.562.0003rblank@bouldergroup.com

Jimmy GoodmanPartner847.562.8500jimmy@bouldergroup.com

CONTACT INFORMATION

CONTACT INFORMATION