Pinnacle Bank - Spartanburg, SC
Retail | 6.00% CAP | 9,320 SqFt
Marketing description
Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer the opportunity to acquire the fee simple interest in Pinnacle Bank located at 531 East Main Street in Spartanburg, South Carolina (“Property” or “Asset”). Pinnacle is operating on 15-year absolute NNN lease with ±11.8 years of primary lease term remaining, 1.9% annual rent escalations, two, five-year renewal options and zero landlord responsibilities.
SC Broker of Record: Lee Allen - License #: 74245
Investment highlights
Operating on an absolute NNN lease with ±11.8 years of lease term remaining and 1.9% annual rent escalations
Pinnacle Financial Partners is the 2nd largest bank holding company in TN with an investment grade rating (Moody’s” Baa2)
Dominant market position as the only Pinnacle Bank in Spartanburg, featuring a strong $119M deposit base
Prime college town location adjacent to Converse University (1,900+ students) and near Hillcrest Market Place, a top 3% shopping center in South Carolina
Excellent submarket fundamentals with 27% population growth, affluent $98K average household incomes, and high visibility at a signalized intersection with 28,800 VPD
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