Fifth Third Bank (GL)

1181 East State Road 434, Winter Springs, FL 32708

$3,000,000

Cap Rate 4.33%

$3,250,000

Cap Rate 4.00%

Views: 126 DOM: 182 Updated: 02.29.24 Posted: 04.11.23 Status: Sold 10.10.23

Summary

Price $3,000,000 $3,250,000	Built/Renov 2023	Tenant Fifth Third Bank (GL)
Cap Rate 4.33% 4.00%	Lease Type Abs NNN	Guarantor Corp T and Rated
Size/SF 2,065	Lease Start 07-01-2023	#Units 1,087
Price/SF $1,452.78 $1,573.85	Expiration 07-01-2043	Tenant Type Bank/Financial
NOI $130,000	R. Term 18.3	Ownership Ground Lease
Rent/SF $62.95	Increases 10.0%/5/yrs	Pop 5Mi 142,685
Lot/AC 0.74	Options 4/5yrs/10%	AHHI 5Mi $109,433

Lease Highlights

New 2023 construction which features high-quality materials, distinct Fifth Third design elements, and state-of-the-art bank features
Brand-new 20-year lease with 4 (5-year) options to extend
Lease features 10% rental increases every 5 years throughout the initial term and at each option period
Absolute NNN ground lease features zero landlord responsibilities
Corporate guarantee by Fifth Third Bancorp (NASDAQ: FITB)
Fifth Third Bank is an investment grade tenant (S&P: A-)

Location Description

This newly constructed Fifth Third Bank is strategically located near the signalized, hard corner intersection of State Highway 434 and Tuskawilla Road which sees over 50,000 vehicles passing daily. The site is located within Winter Springs Marketplace, a brand-new retail development consisting of 70k SF of retail including ALDI, Chipotle, Dollar Tree, Crunch Fitness and more. Other nearby major national tenants include Starbucks, Wendy’s, McDonald’s, Publix, UPS, Kumon, Subway, AT&T and many more. Additionally, the site is directly across from Winter Springs High School which has 2,000+ students enrolled and the award winning Central Winds Park. The asset is also surrounded by new residential developments: Tuskawilla Crossings (380 units), Jesup’s Reserve (151 units), Hickory Grove (130 units), The Blake Apartments (280 units) and Seminole Crossing (115 units), further increasing consumer traffic to the site. The 5-mile trade area is supported by over 142,000 residents with an average household income of $109,344. Winter Springs is a city in Seminole County, Florida. The city was originally "North Orlando," but because it was not adjacent to the city of Orlando, the confusion led to the new name "Winter Springs." The city is considered part of the Orlando metropolitan area. Conveniently located less than 30 minutes to the beaches of Florida and World Class theme park attractions, Winter Springs also offers businesses easy access to domestic and global markets via two international airports and the deepwater Port Canaveral-making it easy for you or your business to “get there from here”. The City enjoys a prime location on Central-Florida’s roadway network, with easy access to U.S. 17-92-the commercial corridor for Seminole County-and State Road 417 (Seminole Expressway/Central Florida Greeneway), which links the City to Interstate 95, the Florida Turnpike and the southern United States. State Road 417, also known as Seminole Way, is one of the newest “technology-corridors” in the state. Winter Springs is 11 miles N of Orlando, Florida (center to center) and 87 miles NE of Tampa, Florida.

...

Key Features

New construction
Highway location
Top 100 MSA
Income tax free state
Population increase trend
Brand new lease
Long 20+ yr lease
Absolute NNN
Traded and rated company
Investment grade tenant

...

Links

Fifth Third Bank Wikipedia Fifth Third Bank Wikipedia Winter Springs, Florida Zip Code 32708 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Fifth Third Bank
Guarantor:Corp T and Rated
Company:Fifth Third Bancorp
# Units:1,087
Tenant S&P: A-
Moody’s: Baa1
Stock:NASDAQ: FITB

About Tenant

Fifth Third Bank is a subsidiary of Fifth Third Bancorp, a diversified financial services company. As of December 31, 2022, Fifth Third had $207 billion in assets and operates 1,087 full-service...

...

Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	7,416	48,062	145,932
2023 Total Population :	6,961	47,465	143,839
2023 Employed Civilian Pop :	4,467	27,227	79,434
2023 Total Businesses :	257	1,389	5,851
2023 Average Household Income :	$ 127,817	$ 120,905	$ 103,514
2023 Total Consumer Spending :	$ 313 M	$ 1874 M	$ 4852 M
2023 Median Age :	41	44	41
2023 Total Households :	2,901	18,228	54,619
2023 Pop Age 25+: Bachelor's Degree :	1,951	11,739	30,827
2023 Average Home Value :	$ 426,396	$ 405,383	$ 377,613

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
		2012	32,000	0.11 mi
		2012	23,500	0.17 mi
State Rte 434 W	State Rd 434 E	2012	23,550	0.35 mi
FL 419;FL 434	State Hwy434 W	2021	27,500	0.50 mi
Tuskawilla Rd	Milky Way	2012	18,046	0.51 mi
State Rd 434 E	Wagner Pt	2010	34,746	0.81 mi
FL 419;FL 434	Wagner Pt	2021	34,000	0.89 mi
State Rte 434 W	Tuscora Dr	2010	22,798	0.98 mi
Tuskawilla Rd	Baytree Ct	2012	18,370	1.08 mi
Tennis Ct	Stone Gable Cir	2012	34,682	1.31 mi

Listing Broker

Patrick Nutt

SRS National Net Lease Group

Contact

262 Listings
38918 Views
110 Sold

William Wamble

SRS National Net Lease Group

Contact

186 Listings
30608 Views
63 Sold

Patrick Nutt

Patrick Nutt joined SRS as executive vice president for the National Net Lease Group and market leader in the Fort Lauderdale office in 2019. He leads the Fort Lauderdale office where he is tasked with recruiting and expansion efforts in the region and elevating the SRS brand throughout Florida. Additionally, Patrick Co-heads the National Net Lease Group for SRS, a group of 50 investment sales professionals who in 2020 managed over 500 transactions with an aggregate value of nearly $2 Billion

...

William Wamble

Will Wamble joined SRS in early 2019 and specializes in the advisory and sale of net leased properties, specifically in the Southeast. With more than $350M worth of transactional experience in his career, Will prides himself on valuing hard work and dedication to his clients. Will emphasizes collaboration and putting the best team together to find creative solutions to getting transactions completed. He started his commercial real estate career in 2013 with Marcus & Millichap where he focus

...

Disclaimer & Confidentiality

All information, content, data, and other materials on this Platform (“Content”) is made available to you on an “AS IS” basis without warranties of any kind, express or implied. All such Content is made available for informational purposes only and should not be relied on by you for any purpose. Content may contain errors, may be inaccurate or incomplete and/or, due to changing circumstances or other causes, may change or ultimately prove to be inaccurate or incomplete. Other than as set forth in our Terms of Service we do not have any control over your use of our Services or any Content. You should not use any such Services or any Content without validating the results through independent research, obtaining up-to-date information, and considering all relevant facts and circumstances, including your specific situation (financial or otherwise). We do not recommend, guarantee, or represent that the Services or any Content will predict the future performance of real estate assets or other assets of any kind. Moreover, we do not warrant the performance or results that may be obtained by using any of the foregoing. WE ARE NOT ENGAGED IN RENDERING TAX, LEGAL, INVESTMENT, FINANCIAL OR RISK MANAGEMENT ADVICE, AND THE RESULTS OF USE OF OUR SERVICES AND ANY CONTENT MUST NOT BE REGARDED OR REPRESENTED AS CONSTITUTING SUCH ADVICE. WE DO NOT MAKE ANY REPRESENTATIONS OR WARRANTIES REGARDING THE ACCURACY OF ANY CONTENT AND/OR PROJECTIONS GENERATED BY THE SERVICES OR ANY CONTENT