PNC Bank

Highlights:

• New 15 Year NNN Lease with PNC Bank in Atlanta MSA
• Densely Populated Atlanta Suburb: 200,000+ Residents with 5 Miles
• Some of the Most Affluent Demographics in the Southeast: $216,000+ Household Incomes
• Excellent Visibility on a Publix Outparcel: 49,000 VPD in front of the site
• Oversize Lot Allowing For Future Optionality: 2.1 Acres
• Fee Simple Ownership Allowing For Depreciation - Rare For a Bank Asset
• PNC is the 7th Largest Bank With $575B in Assets and 2,300+ Branches
• Continuous 10% Rental Increases Every 5 Years Throughout the Lease and Option Periods
• Investment Grade Guarantee : A/Stable Rated by S&P 500

Description:

Franklin Street is pleased to present this newly renovated PNC Bank in Alpharetta, Georgia. Alpharetta is a northern suburb in the Atlanta MSA and Alpharetta, often dubbed the "Technology City of the South," home to over 900 technology companies, including heavy concentrations of fintech, cybersecurity, and software development firms. This leads to a really affluent population and home prices ranging from $650,000 - $4,000,000 in the immediate area. PNC Bank has been heavily focused on growth in Atlanta with plans to open 25+ branches over the next 2 years in the market. PNC Bank signed a new 15 year lease commencing in the fall that offers rare fee simple interest for a bank leased asset. The location is a corner parcel at a lighted intersection, in front of strong performing Publix anchored center. Publix attracts 1 million annual visitors to the site and $42M in annual sales, per Placer.AI. The location off Old Milton Parkway is a major east west connector off GA Hwy 400, which leads into Atlanta. Just west of the site is Avalon, the metro's premium mixed use development anchored by Whole Foods, AMC, Apple, Arhaus, Crate & Barrel, West Elm, The Container Store, Pottery Barn, along with many high performing restaurants. This intersection is an established banking corridor with very strong deposits: Wells Fargo ($242M), Chase ($143M), Truist ($95M), and Fifth Third coming soon, all within a block of each other for the affluent customers in the surrounding neighborhoods.

Alpharetta, Georgia was selected by Forbes.com as the Number 1 best place to move in their article “America’s 25 Best Places To Move". Additionally, Southern Living Magazine named Alpharetta one of the South’s Friendliest Cities in 2018. Alpharetta is located in northern Fulton County in a constantly and steadily growing affluent area with a unique blend of excellent schools, incredible job opportunities, great shopping and cultural events and abundant green space. Alpharetta has it all! It is a family-friendly destination with award-winning parks, hiking and biking trails, arboretums and plenty of free activities; 250+ shops in five distinct shopping districts with eclectic boutiques, luxury brands and renowned retail stores; and more than 200 dining options with locally-owned and chef-driven restaurants to delight every imaginable culinary preference. Alpharetta also has a flourishing music scene which includes the award-winning, 12,000-seat Verizon Amphitheatre drawing mainstream performers; Matilda’s showcasing folk, country and blues; The Velvet Note, where you can find the best in jazz; and Chukkar Farm with singer-songwriters from around the Southeast. There is never a dull moment to spare when Main Event Entertainment, Topgolf, Urban Escape Games, Dave & Buster’s, Motorcycle Safety Foundation, YMCA ropes course and Odyssey Escape Game await with fun and games to entertain your group. On any given weekend, you may find a farmers market, parade, event, festival or art in the park –huge attractors for visitors to enjoy and become a part of the fabric of the community. The charming downtown district of Alpharetta is being redeveloped with more shops and restaurants, bringing new energy to the heart of the city.

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