Grove City, FL - SunTrust Bank

Description:

SRS National Net Lease Group is pleased to present the opportunity to acquire the fee simple interest (land & building) in a single tenant, absolute NNN leased, SunTrust Bank investment property located in Grove City, FL. According to the FDIC, Suntrust, an S&P A- investment grade tenant, had an increase of over 7% in their deposits from June 2016 to June 2017. SunTrust has approximately 7 years remaining on their initial term. The lease features annual 3% rental increases throughout the initial term, and is absolute NNN with zero landlord responsibilities.

The subject site is located at the hard corner intersection of Mississippi Ave and Placida Road, the primary thoroughfare traveling through Grove City. The bank has excellent highway frontage with multiple points of ingress/egress and excellent visibility for a corner site. In addition, the property has two drive-thru lanes, providing ease and convenience for customers. SunTrust Bank is the only bank serving the community of Grove City, allowing them to benefit from limited competition. The asset is positioned just 2 miles south of a 24-hour Walmart Supercenter and Publix Supermarket anchored center which features other tenants, Bealls, Office Depot and more. Other nearby national/credit tenants include Winn-Dixie, Goodwill, Dollar Tree, CVS, AutoZone, Walgreens, and more, further increasing consumer traffic to the subject area. The bank serves approximately 38,500 residents with an average household income of $65,000 located within a 5-mile radius. The 1-mile trade area boasts a higher average household income of nearly $73,000.