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PNC Bank, Wake Forest, NC

PNC Bank

Wake Forest, NC

Price $3,540,000
Cap Rate 7.50%
NOI $265,483
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 2007
Building Size 4,172 SF
Lot Size 1.40 Acres (60,984 SF)
Status Available
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
Managing 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 investment with no landlord responsibilities
» 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
» Combined 40,000 AADT at the nearby signalized four-way intersection of Rogers Road and Heritage Lake Road
» 111,244 residents within a five-mile radius of the property
» Supported by an affluent customer base, with an average annual household income of $122,290 within a one-mile radius of the site
» Projected 12 percent AAHI increase within a one-mile radius of the site in the next five years, poising Wake Forest and PNC Bank for significant concurrent growth

CENTRAL LOCATION NEAR LARGE EMPLOYERS, RETAILERS, AND COMMUNITY HUBS
» Located within three miles of 12 major shopping centers in a major Wake Forest retail corridor
» Surrounded by several well-established national retailers, including ALDI, McDonald’s, Walgreens, Harris Teeter, Publix, Chick-fil-A, Sheetz, Culver’s, First Watch, Texas Roadhouse, and many more
» Less than one mile from Heritage High School (2,000 students)
» Less than 30 minutes from Downtown Raleigh, the capital of North Carolina (population 474,069)
» Beneficial proximity to local community hubs and recreational areas, including Smith Creek Soccer Center and Heritage Golf Course



Property Description

The property is near the signalized hard-corner of the four-way intersection of Rogers Road and Forestville Road, with visibility and access to a combined 40,000 vehicles per day in front of the site. The location resides in a densely populated area, with 111,244 residents living within a five mile radius of the property. The location is also supported by an affluent customer base, with an average annual household income of $122,290 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 one mile of the site in the next five years.

The property maintains high-visibility with its location within three miles of 12 major shopping centers, promoting crossover shopping to the location. The site is surrounded by several well established local and national retailers, including ALDI, Publix, Walgreens, McDonald’s, Harris Teeter, Chick-fil-A, Sheetz, Culver’s, First Watch, Texas Roadhouse, and many more. The location also resides less than one mile from Heritage High School (2,000 students) and is within a 30-minute drive of Downtown Raleigh, the capital of North Carolina (population 474,069). The site also maintains a beneficial proximity to local community hubs and recreational areas, including Smith Creek Soccer Center and Heritage Golf Course.

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