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PNC Bank, Holly Springs, NC

PNC Bank

Holly Springs, NC

Price $2,850,000
Cap Rate
NOI
Lease Term 15 years with two (2) years remaining
Lease Type Absolute NNN, with Tenant Responsible for All Taxes, Insurance, and Maintenance, Including Roof, Structure and Parking Lot
Rental Increases 5% Rental Increases in Option Periods
Year Built 2008
Building Size 4,180 SF
Lot Size ±1.00 Acres (43,560 SF)
Status Sold
Lead Broker Information Vincent Aicale
Executive Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

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

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

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

Investment Highlights

ABSOLUTE NNN LEASE TO PNC BANK
» Absolute NNN lease with three (3) five-year option periods
» NNN lease provides an ideal passive investment for an out-of-area investor
» 5% rental increases in option periods, providing a hedge against inflation
» PNC National Bank (NYSE: “PNC”) is rated “A” by S&P
» PNC reports a full year 2019 net income of $5.4 billion

INFILL LOCATION IN DENSELY POPULATED, AFFLUENT, AND GROWING NORTH CAROLINA MARKET
» Located near the signalized four-way intersection of Sunset Lake Road and Holly Springs Road (29,000 AADT)
» 111,265 residents within a five-mile radius of the property
» Site projects to experience a 14 percent population increase within five miles of the property in the next five years
» Supported by an affluent customer base, with an average annual household income of $153,990 within a one-mile radius of the site
» Projected 12 percent average annual household income increase within a one-mile radius of the site in the next five years, poising Holly Springs and PNC Bank for significant concurrent growth

CENTRAL LOCATION NEAR LARGE EMPLOYERS, RETAILERS, AND COMMUNITY HUBS
» Immediately adjacent to Sunset Lake Commons shopping mall, a Harris Teeter-anchored shopping center
» Surrounded by several well-established national retailers, including CVS Pharmacy, Subway, Dollar Tree, Planet Fitness, Jiffy Lube, Smoothie King, and many more
» Beneficial proximity to Holly Springs’ most highly attended schools, including Holly Springs High School, Holly Springs Middle School, and Holly Springs Elementary School (combined 4,084 students)
» Excellent location in a major commuter corridor, with close proximity to several high-density single-family developments
» Gateway to Raleigh, the Capital of North Carolina (population 474,069)


Property Description

SOLD

The property has a high-visibility location near the signalized four-way intersection of Sunset Lake Road and Holly Springs Road, with access to a combined 29,000 vehicles per day near the site. The location resides in a densely populated area, with 111,265 residents living within a five-mile radius of the property. The property also projects to experience a 14 percent population increase within five miles of the property in the next five years. The location is supported by an extremely affluent customer base, with an average annual household income of $153,990 within a one-mile radius of the site. The location is primed to grow along with the surrounding area, with a projected 12 percent average annual household income increase within five miles of the site in the next five years.

The site has been strategically placed immediately adjacent to Sunset Lake Commons shopping mall, a Harris Teeter-anchored shopping center, promoting significant crossover shopping to the site. The property is surrounded by several well-established national retailers, including CVS Pharmacy, Subway, Dollar Tree, Planet Fitness, Jiffy Lube, Smoothie King, and many more. Traffic to the location is increased by its proximity to Holly Springs’ most highly attended schools, including Holly Springs High School, Holly Springs Middle School, and Holly Springs Elementary School (combined 4,084 students). The site maintains an excellent location in a major commuter corridor, with close proximity to several high-density single-family developments. The site also serves as a common gateway to Raleigh, the Capital of North Carolina (population 474,069).

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