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Views: 58 DOM: 101 Updated: 11.25.24 Posted: 08.23.24 Status: Active

Summary

Price $3,888,000
Built/Renov 2024
Tenant Fifth Third Bank (GL)
Cap Rate 4.50%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 1,900
Lease Start 11-27-2024
#Units 1,100
Price/SF $2,046.32
Expiration 11-26-2044
Tenant Type Bank/Financial
NOI $175,000
R. Term 19.12
Ownership Ground Lease
Rent/SF $92.11
Increases 10.0%/5/yrs
Pop 5Mi 94,048
Lot/AC 0.92
Options 4/5yrs/10%
AHHI 5Mi $141,498

Lease Highlights

  • Brand new 2024 construction | Drive-thru equipped
  • New 20-year ground lease with 4 (5-year) options to extend
  • The lease features 10% rental increases every 5 years throughout the initial term and option periods
  • Absolute NNN lease | Zero landlord responsibilities
  • Corporate guarantee | Investment grade tenant

Location Description

Fifth Third Bank is strategically located at the signalized, hard corner intersection of FL-54 and Sunlake Boulevard, with access to a substantial combined daily traffic count of 67,824 vehicles. The property is adjacent to a proposed HCA Medical Building and directly across from Sunlake Centre, a Publix-anchored shopping center that ranks in the top 92% of nationwide neighborhood centers,...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Fifth Third Bank
  • Guarantor:Corp T and Rated
  • Company:Fifth Third Bancorp
  • # Units:1,100
  • Tenant S&P: BBB+
  • Moody’s: Baa1
  • Stock: NASDAQ: FITB

About Tenant

Fifth Third Bank, a subsidiary of Fifth Third Bancorp, is a diversified financial services company. As of March 2023, Fifth Third had $171 billion in assets and operated more than 1,100...


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