Investment Grade Credit Tenant: BMO Harris Bank (NYSE: BMO | S&P: A+) – 8th Largest Bank in North America ($774B in Assets) – The subject property is leased to BMO Harris Bank. Established in 1882 as Harris Bank, and owned by BMO Financial Group (TSX, NYSE: BMO) since 1984, BMO Harris Bank has grown to become one of the largest banks in the Midwest serving personal, commercial and affluent customers. BMO is the eighth largest bank in North America by assets, with total assets of $774 billion and provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers.
$575 Million in Deposits at this Location (26% Increase since 2016) – 44.2% of Stevens Point Annual Deposit Market Share – Ranked #2 in Wisconsin for Deposit Market Share – The BMO Harris Steven’s Point location reported an astonishing $575,000,000 in annual deposits as of June 2019, which is a 26% increase since June 2016. This BMO location also owns 44% of the total annual deposit market share within Steven’s Point. Finally, BMO Harris Bank is ranked #2 in annual deposits of all FDIC insured banking institutions within the state of Wisconsin (as of June 2019).
New 15-Year Absolute Triple-Net Lease – 3% Annual Rent Escalations – BMO Harris Bank is on a new 15-year Absolute NNN lease (14 years remaining) with 3% annual rent increases in the Primary Term and (3) 5-year Options, providing an investor with a credit tenant and passive income with aggressive rent growth.
Located Along Main Street in Downtown Core – Multiple Drive-Thru Teller Lanes – Close to County/City Offices, Services – The subject property is located along Main Street between Clark St and Center Point Dr, offering outstanding access. This corridor is the main traffic corridor into Downtown Stevens Point, offering a centralized position within Stevens Point’s retail corridor and downtown, within blocks of County offices and services in the trade area. The area offers strong demographics, with over 228,000 people within a 30-mile radius of the subject property with an average household income of $78,000.
Proximity to University of Wisconsin-Stevens Point – Ranked Among Best Colleges in the Nation – The subject property is located close to the University of Wisconson-Stevens Point with an enrollment of 8,150 students and more than 400 faculty and teaching staff. UWSP has consistently been named one of the Top Public Midwestern Universities (U.S. News and World Report), was named to the 2018 Princeton Reveiw Green College Honor Roll, and has completed more research doctorates in the last 10 years than any other UW regional university.
Located in Stevens Point – Heart of Central Wisconsin – Youthful College Population – Headquarters to Delta Dental, Sentry Insurance, AIG – The subject property is located in Stevens Point, WI, which is the county seat of Portage County, in the heart of Central Wisconsin. Stevens Point is the largest city in the county with an estimated population of 26,717.
A number of companies have corporate headquarters in the city, including Delta Dental of Wisconsin, Berkshire Hathaway Travel Protection, Sentry Insurance, and AIG. Associated Bank and Donaldson Company operate regional headquarters in Stevens Point. Other major employers include Canadian National Railway, Donaldson Company, Herrschners, Lands’ End, Ascension St. Michael’s Hospital, Roundy’s Corporation, Trig’s, United Parcel Service, Verso Corporation, Whiting Paper, Copps Food Center, Aspirus Stevens Point Hospital, and Marshfield Clinic Stevens Point.