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Fifth Third Bank (GL)

22850 FL-54, Lutz, FL 33549

$4,775,000

Cap Rate 4.50%

$5,375,000

Cap Rate 4.00%

Views: 164 DOM: 310 Updated: 10.23.23 Posted: 11.21.22 Status: Sold 09.27.23

Summary

Price $4,775,000 $5,375,000
Built/Renov 1991/2022
Tenant Fifth Third Bank (GL)
Cap Rate 4.50% 4.00%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 5,688
Lease Start 12-01-2022
#Units 1,087
Price/SF $839.49 $944.97
Expiration 12-01-2042
Tenant Type Bank/Financial
NOI $215,000
R. Term 17.8
Ownership Ground Lease
Rent/SF $37.80
Increases 10.0%/5/yrs
Pop 5Mi 107,834
Lot/AC 0.85
Options 4/5yrs/10%
AHHI 5Mi $129,040

Patrick Nutt
SRS National Net Lease Group
Contact

William Wamble
SRS National Net Lease Group
Contact

Lease Highlights

  • Brand new 20-year lease with 4 (5-year) options to extend
  • The ground lease features 10% rental increases every 5 years and at the beginning of each option period
  • Brand new roof and remodel which features high-quality materials, distinct Fifth Third design elements, and state-of-the-art bank features
  • Equipped with a drive-thru ATM and additional lanes, providing ease and convenience for costumers

Location Description

Fifth Third Bank is strategically located at the signalized, hard corner intersection of FL-54 and Collier Parkway with a combined 95,300 vehicles passing by daily. Surrounded by national/credit tenants such as Publix, Esporta Fitness, Crunch Fitness, Lowe’s, Belk, Ross, Marshalls, Big Lots, and more. The asset is across from Collier Commons, a 173,000+ SF Publix anchored shopping center and...

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Key Features

  • Signalized intersection

  • Recent renovation

  • New roof

  • High traffic 50M+ VPD

  • Top 100 MSA

  • Income tax free state

  • Brand new lease

  • Long 15+ yr lease

  • Absolute NNN

  • Investment grade tenant

    • ...

Links

Fifth Third Bank Wikipedia Fifth Third Bank Wikipedia Lutz, Florida Zip Code 33549 Broker Site Page

Maps

  • 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...


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Demographics

  1 Miles 3 Miles 5 Miles
2027 Total Population : 6,795 44,890 113,310
2022 Total Population : 6,401 42,916 107,834
2022 Employed Civilian Pop : 3,395 23,287 58,705
2022 Total Businesses : 512 1,801 3,878
2022 Average Household Income : $ 106,157 $ 119,903 $ 129,040
2022 Total Consumer Spending : $ 238 M $ 1681 M $ 4253 M
2022 Median Age : 43 42 40
2022 Total Households : 2,687 16,640 39,032
2022 Pop Age 25+: Bachelor's Degree : 1,324 8,663 22,947
2022 Average Home Value : $ 306,055 $ 337,098 $ 355,335
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Collier Pkwy Hwy 54 2010 17,692 0.10 mi
Collier Pkwy Old Collier Pkwy 2010 25,833 0.16 mi
Collier Pkwy Old Collier Rd 2011 13,500 0.60 mi
Livingston Avenue Oakside Blvd 2020 6,800 0.74 mi
Collier Pkwy Sonoma Ln 2004 10,322 0.78 mi
State Hwy 54 Canoe Dr 2011 57,500 0.88 mi
AL 55 Via Bella Blvd 2020 69,500 0.88 mi
AL 55 Daiquiri Ln 2020 62,500 0.92 mi
E County Line Rd Dolores Ann Ct 2011 9,997 1.08 mi
State Hwy 54 Daiquiri Ln 2003 29,000 1.10 mi

Listing Broker

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