Listed by JLL Chicago | Americas Headquarters, JLL - New York City, New York, JLL - Irvine (Orange County), California
$3,759,000
Fulton Bank - Georgetown, DE
Details
Property Type Retail
Sub Type Bank
Square Footage 8,030
Cap Rate 6.7%
NOI $251,862
Occupancy 100%
Tenancy Single
Lease Type Absolute NNN
Lease Expiration 05/31/2039
Remaining Term 13
Rent Bumps Yes
Lease Options Three (3), Five-Year Options
Year Built 1979
Acreage 1.630
Investment Type Net Lease
Tenant Credit Credit Rated
Ground Lease No
Retail | 6.70% CAP | 8,030 SqFt
Marketing description
Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer the opportunity to acquire the fee simple Fulton Bank located at 21035 Dupont Blvd in Georgetown, Delaware (“Property” or “Asset”). Fulton Bank is operating on a 15-year absolute NNN lease with ±13.0 years of primary lease term remaining, 2.25% annual rent escalations, three, five-year renewal options and zero landlord responsibilities.
DE Broker of Record: Blaise Fletcher - DE License #: RB-0020213
Investment highlights
- Absolute NNN lease with ±13.0 years of primary lease term remaining
- Rare 2.25% annual rent escalations
- Fulton Bank carries investment grade credit ratings of 'A' from Morningstar DBRS and 'Baa1' from Moody's
- Exceptional 2025 deposits of $116M, the 2nd highest in Sussex County
- Frontage along Dupont Blvd with accessibility to 38,000+ VPD
- Strong demand characteristics driven by 5-mile AHHI of $86K and 22% population growth since 2010
- Georgetown is experiencing significant growth fueling new housing developments and revitalization to downtown
Listing Contacts
Listed by JLL Chicago | Americas Headquarters, JLL - New York City, New York, JLL - Irvine (Orange County), California
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$251,862.00
$20,988.50/mo
Valuation Metrics
0
DSCR
6.7%
Cap Rate
6.7%
ROI
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