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Views: 112 DOM: 303 Updated: 11.05.24 Posted: 01.23.24 Status: Active

Summary

Price $1,043,478
Built/Renov 1976
Tenant Webster Bank
Cap Rate 5.75%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 2,388
Lease Start 10-01-1976
#Units 198
Price/SF $436.97
Expiration 10-31-2034
Tenant Type Bank/Financial
NOI $60,000
R. Term 9.11
Ownership Fee Simple
Rent/SF $25.13
Increases 2.0%/1/yrs
Pop 5Mi 48,732
Lot/AC 0.61
Options 2/5yrs/2%
AHHI 5Mi $124,087

Lease Highlights

  • Webster Bank has been operating in this location since 1999
  • Webster Bank has strong branch deposits of $105,858,000 as of June 2024
  • The tenant has 9+ years remaining on the current lease term with 1 (5-year) option to extend
  • Lease features annual rent increases of 2% throughout their primary lease term and renewal options
  • Absolute NNN lease | Zero landlord responsibilities
  • Corporate guaranteed lease

Location Description

Webster Bank is strategically located on Poquonock Avenue/CT Route 75, boasting excellent visibility and frontage. The property is situated near the signalized intersection with the on-off ramp of CT Route 20, providing access to a significant daily traffic volume of 55,700 vehicles (Bradley International Airport Connector). Just 1.5 miles from Bradley International Airport, the second largest...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Webster Bank
  • Guarantor:Corp T and Rated
  • Company:Webster Financial Corporation
  • # Units:198
  • Tenant S&P: BBB
  • Moody’s: Baa2
  • Stock: NYSE: WBS

About Tenant

Webster Financial Corporation (NYSE: WBS) is a regional financial services company with over $70B in assets. The company operates in three differentiated lines of business: Commercial Banking,...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 2,217 22,731 46,556
2023 Total Population : 2,226 22,747 46,711
2023 Employed Civilian Pop : 1,308 12,603 25,127
2023 Total Businesses : 181 1,115 2,951
2023 Average Household Income : $ 108,150 $ 119,658 $ 119,636
2023 Total Consumer Spending : $ 93 M $ 971 M $ 2009 M
2023 Median Age : 48 46 46
2023 Total Households : 1,019 9,604 19,815
2023 Pop Age 25+: Bachelor's Degree : 377 3,809 8,333
2023 Average Home Value : $ 267,509 $ 294,987 $ 310,812
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Poquonock Ave High St 2012 8,700 0.03 mi
Poquonock Ave Bradley International Airport Con 2012 14,000 0.08 mi
Bradley International Airport Con TpkeRd 2012 39,300 0.15 mi
Turnpike Rd Bradley International Airport Con 2010 23,000 0.26 mi
Bradley International Airport Con Poquonock Ave 2012 39,200 0.29 mi
Poquonock Ave Rainbow Rd 2012 6,300 0.33 mi
Rainbow Rd Poquonock Ave 2010 1,900 0.35 mi
Turnpike Rd Loten Dr 2012 22,900 0.48 mi
Poquonock Ave Rainbow Rd 2012 8,300 0.49 mi
Bradley International Airport Con Hamilton Rd 2005 31,400 0.50 mi

Listing Broker

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