Fifth Third Bank (GL)

1306 North Main Street, Summerville, SC 29483

$4,842,000

Cap Rate 4.75%

Views: 55 DOM: 87 Updated: 08.31.24 Posted: 07.23.24 Status: Active

Summary

Price $4,842,000	Built/Renov 2013/2024	Tenant Fifth Third Bank (GL)
Cap Rate 4.75%	Lease Type Abs NNN	Guarantor Corp T and Rated
Size/SF 2,400	Lease Start 08-15-2024	#Units 1,100
Price/SF $2,017.50	Expiration 08-31-2044	Tenant Type Bank/Financial
NOI $230,000	R. Term 19.10	Ownership Ground Lease
Rent/SF $95.83	Increases 8.0%/5/yrs	Pop 5Mi 131,362
Lot/AC 0.53	Options 4/5yrs/8%	AHHI 5Mi $96,978

David Hoppe

Atlantic Capital Partners

Contact

Lease Highlights

Brand-new 20-year ground lease with 4 (5-year) options to extend
The lease features 8% rental escalations throughout the initial term and option periods
Absolute NNN lease | Zero landlord responsibilities
Corporate guarantee | Investment grade tenant

Location Description

Fifth Third Bank is strategically located on North Main Street and Azalea Square, with access to a substantial combined daily traffic count of 56,400 vehicles. The property serves as the main entrance to Azalea Square Shopping Center, a power center housing well-known national tenants such as Target, Kohl’s, T.J. Maxx, and Best Buy. The 5-mile trade area is supported by a population of 131,362...

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Key Features

Signalized intersection
Recent renovation
Dense retail corridor
Near major nationals
Top 100 MSA
Strong demographics
Brand new lease
Long 20+ yr lease
Traded and rated company
Investment grade tenant

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Links

Fifth Third Bank Wikipedia Fifth Third Bank Wikipedia Summerville, South Carolina Zip Code 29483 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:1,100
Tenant S&P: BBB+
Moody’s: Baa1
Stock: NASDAQ: FITB

About Tenant

Fifth Third Bank, a subsidiary of Fifth Third Bancorp, is a diversified financial services company. As of March 2023, Fifth Third had $171 billion in assets and operated more than 1,100...

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Listing Broker

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