Strong Deposits – Citizens Equity First Credit Union or CEFCU has strong average annual deposits, confirming profitability and providing an investor with limited future vacancy risk (Source: Sageworks).
Successful Operating History – Commitment to Site – The tenant has operated successfully at this location for 25 years and has exercised two lease extensions. The last extension exercised was for an additional 20 years.
Long Term Absolute Net Ground Lease – Excellent Rent Growth – The absolute Triple-Net (NNN) ground lease features 3% annual rent increase in the primary term (13 years remaining) which includes the (4) 5-year option periods. The absolute net ground lease provides an investor with zero landlord responsibilities.
Dominant Market Share – CEFCU’s market share within the Peoria MSA (inclusive of both banks and credit unions based on the number of total branches and total deposits), is equal to 27% of the market. In Peoria County, CEFCU controls a market leading 33% of the deposit market share. The next closest is PNC Bank at 14% (Source: Sageworks).
Adjacent to New Kroger Marketplace – The subject property is across the street from Evergreen Square center, which has plans for a new 124,000 square foot Kroger Marketplace, as well as new retail stores.
Ideal Demographics – There are nearly 127,000 people within a 5-mile radius of the subject property with an average household income over $64,000.