Single Tenant / $48 Million
Bid Deadline 1/24/2003
Marcus & Millichap is pleased to announce for sale through a bid offering a Class A office property that is absolute bond net leased to Commonwealth Edison Company (Standard & Poors: A-) for 15 years in Oak Brook Terrace, IL (Chicago Metro Area).
The Property only requires 9% down and assumption of the existing non-recourse debt. There are no assumption fees and closings costs are minimal.
The offering presents a unique opportunity seldom seen in today's competitive net leased market:
- 9% down;
- 17.3% Return Year 1;
- Investor can recaputre entire down payment in first 6.5 years of ownership;
- Ideal exchange property for investors in a 1031 tax deferred exchange with a large debt relief liability and little equity to trade;
- Ideal passive loss vehicle that can be used to shelter cash flow from older, fully depreciated properties;
- Investor can recapture entire down paymentin just 6.5 years through tax savings;
- 15year Absolute Bond NNN Lease with absolutely no management responsibility;
- Non-recourse debt;
- The high leverage accompanied with this offering also offers an ideal opportunity for an investor to establish a property trust for a family member with a minimum cash outlay.
Address: 3 Lincoln Center, Oak Brook Terrace, IL (Suburb of Chicago)
Size: 176,000 Net Rental Square Feet of Class A Office Space + 2
Story / 73,000 Sq.Ft. Parking Garage Net Leased to Commonwealth Edison
OFFERS ARE DUE NO LATER THAN FRIDAY, JANUARY 24TH, 2003. NOTE: PLEASE BE ADVISED THAT THE SELLER RESERVES THE RIGHT TO REMOVE THE PROPERTY FROM THE MARKET SHOULD THE SELLER RECEIVE AN ACCEPTABLE OFFER PRIOR TO THE BID DEADLINE. THEREFORE, THERE IS NO ADVANTAGE IN WATING UNTIL THE EXPIRATION OF THE BID OFFERING.
Please contact John A. Glass @ Marcus & Millichap in order to receive a full marketing package on this offering.
PLEASE NOTE THE FOLLOWING: (1) THE DEBT MUST ASSUMED AND CANNOT BE PRE-PAID; (2)THERE IS NO CASH FLOW ON THE PROPERTY DURING THE PRIMARY TERM. OVERALL RETURN PROJECTION IS BASED ON TAX SAVINGS GENERATED THROUGH EXCESS PASSIVE LOSSES AND PRINCIPAL REDUCTION. DETAILS ARE PROVIDED IN THE FULL MARKETING PACKAGE.
John Glass /Director NRG
Marcus & Millichap
750 Battery, #500, SF, CA 94111
Tel: 415-391-9280 xt. 310