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Bank of America Ground Lease, Hopkins, MN

Bank of America Ground Lease

Hopkins, MN

Price $3,600,000
Cap Rate 4.10%
NOI $147,700
Lease Term 15 Years
Lease Type Absolute NNN Ground Lease, with Tenant Responsible for All Taxes, Insurance, and Maintenance, Including Roof, Structure, and Parking Lot
Rental Increases 10% Rental Increases Every Five (5) Years
Year Built 2020
Building Size 4,731 SF
Lot Size .70 Acres (30,362 SF)
Status Available
Lead Broker Information Vincent Aicale
Executive Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

William "Skip" Mellin, CCIM
Senior Director
952.200.7890
william.mellin@cushwake.com

Michael T. Yuras, CCIM
Executive Managing Director
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Ryan Forsyth
Executive Director
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Scott Crowle
Executive Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Investment Highlights

15-YEAR ABSOLUTE NNN GROUND LEASE TO NATIONAL TENANT
» Long-term lease to Bank of America, National Association (NYSE: “BAC”)
» Rated “A+” by Standard & Poor’s and “Aa2” by Moody’s
» Absolute NNN ground lease with no landlord management, providing an ideal investment for an out-of-area investor
» 10 percent rental increases every five years, providing an excellent hedge against inflation

MAJOR NATIONAL TENANT WITH STRONG FINANCIALS
» Bank of America generated $85 billion in revenue in 2020
» Second largest bank in the United States and a component of the S&P 100 and S&P 500
» Bank of America services approximately 10.7 percent of all American bank deposits
» Returned $34 billion of capital to shareholders through common dividends and share repurchases during 2019

IRREPLACEABLE INFILL LOCATION IN DENSELY POPULATED AND AFFLUENT AREA
» High-traffic location near the signalized four-way intersection of Blake Road North and State Route 7 (53,700 AADT)
» Beneficial proximity to highly-trafficked Minnesota thoroughfares, including U.S Route 169 (91,000 AADT)
» 246,226 residents within a five-mile radius, attracting regular traffic to the site
» Average household income of $132,425 within five miles of the location
» Projected 11 percent average annual household income increase within five miles of the site in the next five years, poising Bank of America and Hopkins for concurrent growth

PRIME LOCATION IN THE KNOLLWOOD RETAIL TRADE AREA
» Centrally located within the Knollwood Retail Trade Area, one of the strongest retail trade areas in the Minneapolis–Saint Paul metropolitan area with a high barrier to entry
» Infill location surrounded by a strong mix of national and local retailers, including Target, ALDI, Walgreens, Home Choice, White Castle, Taco Bell, Starbucks, and many more
» Two miles from Methodist Hospital (426 beds, 3,500 employees)
» Surrounded by multiple high-deposit banking institutions, including Minnesota Bank & Trust ($604M deposits) and U.S. Bank ($273M deposits)
» Beneficial proximity to highly attended area schools, including Aquila Elementary School, Eisenhower Elementary School, and Alice Smith Elementary School (combined 1,442 students)
» Surrounded by recreational attractions and community hubs, including Minneapolis Golf Club, Lake Harriet, and Interlachen Country Club
» Gateway to Downtown Minneapolis, the most populous city in the state of Minnesota (population 429,606)



Property Description

The property has an irreplaceable infill location near the signalized four-way intersection of Blake Road North and State Route 7 (53,700 AADT). The location also maintains a beneficial proximity to U.S. Route 169, a major north–south Minnesota thoroughfare, which experiences a high traffic count of 91,000 AADT. The property benefits from its location in a densely populated area, with 246,226 residents living within a five-mile radius of the property. The location also resides in an extremely affluent area, with an average annual household income of $132,425 within five miles of the site. Bank of America and Hopkins are poised for concurrent growth as well, with a projected 11 percent average annual household income increase within five miles of the site in the next five years.

Traffic to the property is aided by its central location within the Knollwood Retail Trade Area, one of the strongest retail trade areas in the Minneapolis-Saint Paul metropolitan area. The site resides near The Shoppes at Knollwood (previously known as Knollwood Mall), a 460,000-SF shopping center featuring major retailers including Kohl’s, TJ Maxx, Old Navy, Chick-fil-A, Panera Bread, Nordstrom Rack, DSW Shoe Warehouse, and Cub Foods. It is surrounded by a strong mix of national and local retailers, including Target, ALDI, Walgreens, Home Choice, White Castle, Taco Bell, Starbucks, and many more. The location is also surrounded by multiple high-deposit banking institutions, including Minnesota Bank & Trust ($604M deposits) and U.S. Bank ($273M deposits). The site is within two miles of Methodist Hospital, one of the largest employers in Hopkins (426 beds, 3,500 employees). Visibility is increased by the site’s location near highly attended schools, including Aquila Elementary School, Eisenhower Elementary School, and Alice Smith Elementary School (combined 1,442 students). The location benefits from being surrounded by recreational attractions and community hubs, including Minneapolis Golf Club, Lake Harriet, and Interlachen Country Club. The site’s location also serves as a common gateway to Downtown Minneapolis, the most populous city in the state of Minnesota (population 429,606).

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