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.
