Fifth Third Bank | 20 Yr Abs NNN Lease | Spartanburg SC

Highlights:

• Fifth Third Bancorp (NYSE: FITB) Investment grade credit with approximately $300 Billion in Assets
• Absolute NNN ground lease: Passive ownership with zero maintenance responsibilities
• 16-Years Remaining on Initial 20-Year Base Term
• Rare 2% Annual Increases
• Situated on Spartanburg's primary retail corridor - East Main Street (25k VPD)
• Traffic Drivers in trade area include: Publix, Walmart, Home Depot, Lowe's, Ingles, Hobby Lobby, Petco, etc.
• Spartanburg - 3rd fastest growing metro in the United States
• 2,294 SF branch built in 2023 on 0.85 acres
• Drive-thru lanes, ATM infrastructure, and 26 parking spaces
• Two access points along East Main Street
• Rare 20 year lease with annual 2% rent growth
• Approximately 16 years remaining through July 2042
• Four 5-year options provide up to 40 years of occupancy
• 10% rent increase at the start of each option
• Approximately 24,600 VPD on East Main Street
• Approximately 7,400 VPD on Allston Road
• Two access points along East Main Street
• Approximately three miles from Downtown Spartanburg
• Near Hillcrest Shopping Center, anchored by Publix
• Nearby tenants include Hobby Lobby, Petco, Marshalls, Ross, and Five Below
• Proximate to Walmart, Home Depot, Lowe's, Ingles, CVS, and Walgreens
• Near Spartanburg Medical Center and several area schools
• More than 82,400 residents within five miles
• More than 39,600 residents within three miles
• Average household income of $93,953 within one mile
• More than 54,700 employees within five miles
• Over 3,000 businesses within five miles
• 1,220 jobs created across 23 economic-development projects
• County population reached approximately 369,256 in 2024
• Spartanburg ranked among the nation's fastest-growing metros
• Major employers include BMW, Michelin, Milliken, and Spartanburg Regional

Description:

South Carolina Broker of Record: The Providence Group of the Carolinas LLC. License # 9359.

Faris Lee Investments is pleased to present the opportunity to acquire a Fifth Third Bank property along Spartanburg's established East Main Street retail corridor. The asset is secured by a 20-year absolute NNN ground lease with approximately 16 years remaining in the initial term. The investment features rare 2% annual rent increases throughout the remainder of the initial term. With no landlord maintenance responsibilities, the lease offers passive income that grows from $140,716 annually today to approximately $189,385 in the final year of the initial term.

The subject property features Fifth Third Bank's 2,294-square-foot drive-thru prototype, ideally situated along East Main Street, which carries approximately 24,600 vehicles per day. Nearby anchors include the Publix-anchored Hillcrest Shopping Center, Walmart Supercenter, and Spartanburg Medical Center's Mary Black Campus. The surrounding trade area is supported by more than 82,400 residents and 54,700 employees within five miles. Leased directly to investment-grade Fifth Third Bank, National Association, the property combines corporate credit, a modern branch, and contractual annual rent growth in one of Spartanburg's primary retail corridors.

The surrounding trade area is supported by more than 82,400 residents and 54,700 employees within five miles

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