Fifth Third Bank (GL)

844 Savannah Highway, Charleston, SC 29407

$3,578,947

Cap Rate 4.75%

Views: 105 Updated: 05.14.24 Posted: 09.16.23 Status: Inactive 05.14.24

Summary

Price $3,578,947	Built/Renov 2023	Tenant Fifth Third Bank (GL)
Cap Rate 4.75%	Lease Type Abs NNN	Guarantor Corp T and Rated
Size/SF 1,900	Lease Start 08-16-2023	#Units 1,087
Price/SF $1,883.66	Expiration 08-31-2038	Tenant Type Bank/Financial
NOI $170,000	R. Term 13.8	Ownership Ground Lease
Rent/SF $89.47	Increases 10.0%/5/yrs	Pop 5Mi 134,690
Lot/AC 0.54	Options 3/5yrs/10%	AHHI 5Mi $104,828

Lease Highlights

Brand-new 2023 construction
Fifth Third Bank recently signed a brand-new 15-year lease with 3 (5-year) options to extend
Lease features a 10% rental increase every 5 years throughout the initial term and at the start of each option
Absolute NNN | Zero landlord responsibilities
Corporate guarantee by Fifth Third Bancorp (NASDAQ: FITB)

Location Description

This Fifth Third Bank is strategically positioned along Savannah Highway, which sees approximately 42,600 vehicles passing by daily, and is the primary east-west thoroughfare and retail corridor in Charleston. This location is the second Fifth Third Bank in Charleston, providing limited competition, and has convenient access to I-526. Surrounding tenants include Harris Teeter, Burlington,...

...

Key Features

New construction
Hard corner intersection
Dense retail corridor
Highway location
Top 100 MSA
Strong demographics
Brand new lease
Absolute NNN
Traded and rated company
Investment grade tenant

...

Links

Fifth Third Bank Wikipedia Fifth Third Bank Wikipedia Charleston, South Carolina Zip Code 29407 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 :	8,165	73,056	141,076
2023 Total Population :	7,813	69,843	134,690
2023 Employed Civilian Pop :	4,466	38,166	72,625
2023 Total Businesses :	548	4,110	8,134
2023 Average Household Income :	$ 127,770	$ 104,035	$ 104,828
2023 Total Consumer Spending :	$ 409 M	$ 2962 M	$ 5561 M
2023 Median Age :	41	36	37
2023 Total Households :	3,752	32,694	60,985
2023 Pop Age 25+: Bachelor's Degree :	2,369	16,915	30,797
2023 Average Home Value :	$ 554,516	$ 536,874	$ 531,879

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
US 17	Lyttleton St	2021	36,600	0.36 mi
Saint Andrews Boulevard	Colony Dr	2021	48,900	0.49 mi
Saint Andrews Blvd	Colony Dr	2018	44,300	0.53 mi
Chadwick Drive	Notlee Pl	2021	550	0.54 mi
Parish Road	Elizabeth Ln W	2021	1,250	0.58 mi
Magnolia Road	Barrett Rd	2021	3,700	0.67 mi
Savannah Hwy	Stocker Dr	2019	40,000	0.69 mi
Saint Andrews Blvd	W Harrison Rd	2015	35,700	0.79 mi
Saint Andrews Boulevard	Bike Path	2021	49,800	0.83 mi
Wesley Drive	Fenwick Dr	2021	24,800	0.89 mi

Listing Broker

Connor Shell

STREAM Capital Partners

Contact

56 Listings
8240 Views
11 Sold

Jordan Shtulman

STREAM Capital Partners

Contact

76 Listings
9640 Views
33 Sold

Connor Shell

Connor Shell joined STREAM Capital Partners in 2017 as Managing Director expanding our footprint further into Southern California and bringing 8 years of expertise to this area with a long-standing development and investment history. While at STREAM Capital Partners, Connor has grown his transaction footprint, closing deals with major retail developers and private owners throughout the United States. He has developed and strengthened his relationships with private owners, family offices, inst

...

Jordan Shtulman

Jordan Shtulman is Co-Founder and Managing Principal of STREAM Capital Partners. In 2012, Jordan Shtulman and his partner, Jonathan Wolfe, formed STREAM Capital Partners with the intent to advise institutions, real estate developers, REITs, private equity firms, and business owners on all phases of net leased and sale leaseback properties. Since forming the company, Jordan and Jonathan have led a team of trusted advisors across the country completing over $12 Billion in net leased and sale leas

...

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