Bank of America | 10yr NNN | Relo. Branch | Philadelphia, PA
Bank of America | "Mission Critical" Relocation Branch | 10 Year NNN Lease | Drive Thru
Marketing description
CBRE IS PLEASED TO EXCLUSIVELY PRESENT FOR SALE this relocation of an existing Bank of America property now located at 5692 Rising Sun Avenue, Philadelphia, PA. This 11,082 SF asset is secured by a NNN lease with 9 years of remaining term and three (3) five-year renewal options. Due to the strength of the location, Bank of America contractually agreed to 10% rental increases every five years, both throughout the base term and in each option period, offering investors consistent yield growth and long-term income security. The lease is corporately guaranteed by Bank of America, NA, a multinational investment bank and financial services institution with $2.57 trillion in total assets and an “A+” credit rating from Standard & Poor’s, providing investment-grade security.
Investment highlights
INVESTMENT GRADE CREDIT
The subject property’s lease is corporately guaranteed by Bank of America, NA, a multinational investment bank and financial services company with $2.57 trillion in total assets and rated “A+” by Standard & Poor’s.
RELOCATION OF “MISSION CRITICAL” BRANCH
Bank of America was previously located approx. 1 mile away at 6425 Rising Sun Ave in mid-block, older outdated building and no drive-thru but with strong deposit performance over $100M year-over-year. When Rite Aid vacated the subject property, Bank of America didn’t hesitate to relocate into far better real estate at a signalized corner with great visibility, newer construction, and more square footage so they could offer full-service financial solutions such as a licensed Merrill Financial Solutions Advisor and a more convenient banking experience with a double drive thru. Bank of America leases the entire building but does not currently utilize all the space, offering them optionality to expand within the building and raising the probability of lease renewals in the future.
DENSE, INFILL, PHILADELPHIA LOCATION
The property is located roughly 6 miles away from Center City Philadelphia in an extremely dense area with over 45,000 people within a 1-mile radius, 404,000 within 3 miles, and 857,000 within 5 miles, ensuring a strong customer base for banking services.
NEW LONG-TERM LEASE WITH RENTAL INCREASES
Due to the strength of the location Bank of America contractually agreed to 10% rental increases every 5-years throughout the base term and in each option period (3 x 5yr) of the lease, providing consistent yield growth throughout ownership.
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