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Views: 174 DOM: 224 Updated: 09.05.24 Posted: 05.16.24 Status: Active

Summary

Price $2,556,000
Built/Renov 2024
Tenant First National Bank (GL)
Cap Rate 4.50%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 2,778
Lease Start 02-15-2024
#Units 346
Price/SF $920.09
Expiration 02-28-2044
Tenant Type Bank/Financial
NOI $115,000
R. Term 19.2
Ownership Ground Lease
Rent/SF $41.40
Increases 10.0%/5/yrs
Pop 5Mi 169,176
Lot/AC 1.40
Options 4/5yrs/10%
AHHI 5Mi $99,918

Lease Highlights

  • Brand new 2024 construction
  • First Bank National recently executed a brand new 20-year ground lease with 4 (5-year) options to extend
  • The lease features 10% rental escalations throughout the initial term and option periods
  • Absolute NNN | Zero landlord responsibilities
  • Corporate guarantee | Investment grade tenant

Location Description

First National Bank is strategically located at the signaled, hard corner intersection of Ellis Road and Feeney Street, with access to a combined daily traffic count of 23,660 vehicles. The property is a part of the Marketplace at Ellis Crossing development, which features the first Publix in the Durham market, along with Chipotle, Sheetz, Heartland Dental, Lightbridge Academy, and Original...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: First National Bank
  • Guarantor:Corp T and Rated
  • Company:FNB Corporation
  • # Units:346
  • Tenant S&P: BBB-
  • Moody’s: Baa2
  • Stock: NYSE: FNB

About Tenant

FNB Corporation (NYSE: FNB) is a diversified financial services company and the holding company for its largest subsidiary, FIrst National Bank. Through its subsidiary network led by First...


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Listing Broker

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