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25451593
29222454

600 Dick Road, Cheektowaga, NY 14225

DC
OH 009003618
Cooper Commercial Investment Group
BH
OH SAL.2006007277
Cooper Commercial Investment Group
Listed by Cooper Commercial Investment Group
$1,953,000
316 days on market
Updated 48 days ago

Bank of America

Details
Property Type Retail
Sub Type Bank
Square Footage 3,500
Cap Rate 6.00%
NOI $117,128
Tenancy Single
Brand/Tenant Bank of America
Lease Type NNN
Lease Expiration 01/30/2034
Remaining Term 8.7
Year Built 1971
Year Renovated 2025
Acreage 0.630
Lease Commencement 01/31/2017

Absolute NNN Bank of America (S&P A-) | Early Lease Extension & Tenant Self-Funded Complete Remodel

Marketing description

Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 69 million consumer and small business clients with approximately 3,700 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 59 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock is listed on the NYSE: BAC.

LOCATION OVERVIEW:

Cheektowaga is located in Erie County, New York. The town is in the north-central part of the county and is an inner ring suburb of Buffalo. It is the second-largest Buffalo suburb and known for being home to the Buffalo Niagara International Airport (2 miles), Erie County's principal airport. The featured property is positioned along Dick Road, connects to Route 33, just south of the airport and also just 2 miles east of I-90, one of the major north-south routes through the Buffalo region.

Cheektowaga is also home to the Walden Galleria, the Buffalo-Niagara region’s premier shopping, dining, and entertainment center. The 1,600,000 S.F. Walden Galleria offers two levels of premium retail brands. From shopping staples such as DSW, Macy’s, Old Navy, Dick’s Sporting Goods, and H&M to unique retailers not found anywhere in the market including ZARA, lululemon, J. Crew, Lord & Taylor, Pandora, Sephora, and Free People. The shopping destination has the largest selection of brands in Western New York and offers a Regal Cinemas multiplex. In addition, Cheektowaga is home to SUNY Empire State College, with 10,425 students and over 1,300 academic staff members and Villa Maria College, a private catholic college that has 550 students and approximately 250 academic staff members.

Being part of the Buffalo MSA (10 miles to Downtown Buffalo), the employment sector holds a broad range of industries. Some of the largest employers in the area include Kaleida Health (8,194 employees), Catholic Health System (7,368 employees), M&T Bank (7,013 employees), Roswell Park Institute (3,239 employees), Geico Insurance (3,200 employees) and one of the top attractions for tourism, the Seneca Niagara Casino & Hotel (25 miles), employing over 3,000. There are over 35 companies in the region that boast more than 1,000 employees, adding a built-in employment base and residents to the area. Furthermore, The University of Buffalo is also only a short distance away (7.5 miles) with 31,500 students and over 3,000 employees to supply students and residents to the area. Niagara University (26 miles north) has approximately 4,200 students with 607 employees and Niagara County Community College (21 miles) enrolls approximately 5,050 with a staff of 650.

The City of Niagara Falls is just 24 miles from the featured property and has six highways that all pass through the city. Additionally, two international bridges connect the city to Niagara Falls, Ontario. The Peace Bridge connects to Canada in Buffalo, while the Rainbow Bridge connects with passenger and pedestrian traffic, while overlooking the Falls. The Whirlpool Rapids Bridge serves local and business traffic. The city is a major gateway for commerce and travel across the Canada–United States border. The recently expanded Niagara Falls International Airport (19.5 miles north) serves the regions as well and offers many cross-border travelers.

Niagara Falls' main industry is tourism. An estimated ten million people visit the city and falls each year, and the waterfall is considered one of the United States' top ten tourist destinations. Niagara Falls has been a destination for world explorers, honeymooners and daredevils alike, all trying to get as close as possible to the American, Horseshoe and Bridal Veil Falls to create mist-covered memories to last a lifetime. Open year-round, 24 hours a day, 7 days a week; Niagara Falls State Park offers a nightly illumination of the Falls, along with seasonal fireworks. Niagara Falls State Park is the oldest state park in America, established in 1885 at the Niagara Reservation. Shopping is another great adventure for tourists. Ten minutes from Niagara Falls, the newly expanded Fashion Outlets of Niagara Falls rates as a Top 10 American Mall. Fashion Outlets of Niagara Falls USA is the premier outlet shopping destination for Western New York and Ontario. Many people that live in Canada cross the border for the shopping/retail destinations in the Buffalo and Niagara Falls areas. The shopping complex is one of the nation’s largest indoor outlet centers and is home to stores not found anywhere else in the Buffalo-Niagara region.


Investment highlights

  • Ideal, Zero Management Asset for Passive Investor: Absolute NNN Lease with Investment Grade Credit Bank of America (NYSE: BAC/S&P A-/Moody’s A1)

  • Strong Deposits Reported: Established Location with 8.75 Yrs. of Term Remaining and Multiple Renewals Since 1972

  • Low Price Point, No Management Responsibilities: Tenant Handles ALL Expenses Directly

  • Early Lease Extension with Rental Increase and Extensions, Proving Commitment and Success to the Location

  • Bank of America: One of the World’s Leading Financial Institutions with Unmatched Convenience in the United States, Serving Approx. 69 Million Consumer and Small Business Clients with Approx. 3,700 Retail Financial Centers

  • Just Completed, Complete Tenant Self-Funded ($750,000) Complete Modern Interior Renovation and Design, Further Strengthening the Commitment to the Location

  • Strong Demographics in Buffalo’s 2nd Largest Suburb: Average Household Incomes Over $91,700 and High Population Density of 258,865+ Residents Within 5-Miles

  • Prominent, High Traffic (Approx. 40k Vehicles Per Day), Corner Location Directly Across From Wegman’s Grocery

  • Direct Route to Downtown Buffalo (10 Miles) from Eastern Suburbs: Corner Location at Dick Road and George Urban Blvd. with High Visibility Pylon Signage, Double Lane Drive-Thru and Easy Access to Route-33 and I-90

  • 1.5 Miles to Buffalo’s Premier Shopping Destination, Walden Galleria: 1,600,000 S.F. of Premium Retailers/Restaurants and Entertainment: Lego Store, Dave & Busters, Regal 4DX Cinemas, Apple, lululemon, Urban Outfitters and Hundreds More

  • Immediate Vicinity of Buffalo-Niagara International Airport (2 Miles) and 7.5 Miles to The University of Buffalo with 31,500 Students and Over 3,000 Employees

  • Cheektowaga is Home to SUNY Empire State College (10,425 Students and Over 1,300 Academic Staff) and Villa Maria College (550 Students and Approximately 250 Academic Staff)

  • Heavy Concentration of Major Employers Positioned 10 Miles to Downtown Buffalo & 25 Miles to Niagara Falls: Kaleida Health (8,194 Employees), Catholic Health System (7,368 Employees), M&T Bank Corporate (7,013 Employees), Roswell Park Institute (3,239 Employees), Geico Insurance (3,200 Employees) and One of the Top Attractions for Tourism, the Seneca Niagara Casino & Hotel (25 Miles), Employing Over 3,000

Listing Contacts

DC
OH 009003618
Cooper Commercial Investment Group
BH
OH SAL.2006007277
Cooper Commercial Investment Group
Listed by Cooper Commercial Investment Group

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Loan Amount
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Annual Cash Flow
$117,128.00
$9,760.67/mo

Valuation Metrics

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6%
Cap Rate
6%
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