Midwest Single Tenant NNN Office Building
Single tenant office building in the central business district the Downtown market of a Major Midwest City.
Tenant has a S&P shadow rating of "A-".
Approximately 381,000 sf building.
The property has been occupied by the larges medical insurance company in the state since 1939 and was their corporate headquarters and still is.
Originally a 20-Year, Absolute NNN bondable lease with four 5 year options.
The lease has 5 years left to run on it and the tenant must give 18 months notice to renew or not renew.
The property has a CMBS loan that is coming due on Jan. 1, 2016 so they either have to refinance the building or sell it.
MAI appraisal which was done for a lender at $69 million.
Standby financing is available for this property with 75% LTV of appraised value, 4.18% interest for 5 years, 25 year amort.
Price will be fovorable for a cash buyer with closing by year end.
There is a $500,000 to $600,000 fee charged by the lender to pay off this loan.
This is an off market deal - Buyer responsible for 1.00% brokerage fee.
This is a Confidential, Deliverable Off-Market Property. This property is located in the Midwest. The State shown is representative only. The Actual location will be provided to qualified buyers. Located in one of the following States: Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota, Wisconsin.
S&P Shadow Rating of "A-".
The information contained herein contains confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient will be prohibited. The information contained herein has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about the accuracy or completeness of the information. As a buyer, it is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this property to you depends on factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. We have no knowledge of this offering other than the information received from Seller or their representatives. We are neither your agent or an agent for the seller. We will not participate in the negotiation of the purchase price or attend the showing of this property. As a buyer, you will be required to indemnify us and hold us harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this property.