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Charlotte, NC - Fifth Third Bank

9034 Ardrey Kell Road | Charlotte, NC 28277

$5,875,000

Price

Cap Rate

$235,000

NOI

3,636

± SF Offering GLA

Description

SRS National Net Lease Group is pleased to offer the opportunity to acquire the leased interest (land ownership) in an absolute NNN, corporate signed, investment grade (S&P: A-), Fifth Third Bank investment property located in Charlotte, North Carolina. The tenant, Fifth Third Bank, National Association, recently signed a brand new 20-year lease with 4 (5-year) options to extend, demonstrating their long-term commitment to the site. The lease features 10% rental increases every 5 years throughout the initial term and at the beginning of each option period, growing NOI and hedging against inflation. The lease is signed by the corporate entity and is absolute NNN with zero landlord responsibilities, making it an ideal, management-free investment opportunity for a passive investor. Headquartered in Cincinnati, Ohio, Fifth Third Bank operates more than 1,090 full-service banking centers and 2,383 ATM’s in 10 states.

Location

The subject property is strategically located near the signalized, hard corner intersection of Ardrey Kell Road and Rea Road, averaging a combined 52,000 vehicles passing by daily. The building is equipped with two drive-thru ATM’s and one by-pass lane, providing ease and convenience for customers. The site benefits from excellent visibility via significant street frontage and a large monument sign along Ardrey Kell Road. Additionally, the asset is ideally situated adjacent to Blakeney, a 600,000+ square foot shopping center featuring a variety of strong, quality tenants such as Target, Marshalls, Best Buy, Walgreens, and more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure for the site. Moreover, the asset is within close proximity to several apartment complexes including Camden Stonecrest (306 units), The Preserve at Ballantyne Commons (270 units), and The Apartments at Blakeney (295 units), providing a direct residential consumer base from which to draw. The 5-mile trade area is supported by more than 153,000 residents and 60,700 daytime employees. Residents within 3 miles of the subject property boast an extremely affluent average household income of $160,412.

Documents & Links

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Offering Memorandum

Contact

Matthew Mousavi
Sr Managing Principal & Co-Head of National Net Lease
949.698.1116949.698.1116[email protected]CA #: 01732226
Patrick Luther, CCIM
Sr Managing Principal & Co-Head of National Net Lease
949.698.1115949.698.1115[email protected]CA #: 01912215