Louisville, KY - Bank of America

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the leased fee interest (land ownership) in an absolute NNN leased, Bank of America investment property located in Louisville, Kentucky. The tenant, Bank of America, National Association, recently signed a brand new 15 year lease with 4 (5-year) options to extend, demonstrating their commitment to the site. The lease features 10% rental increases every 5 years throughout the initial term and at the beginning of option periods 1 and 2, steadily growing NOI and hedging against inflation. Options 3 and 4 are subject to increases at Fair Market Rental. The lease is an absolute NNN with zero landlord responsibilities making it an ideal, management-free investment opportunity for a passive investor.

The Bank of America is located near the signalized, hard corner intersection of US Hwy 150 and Southpointe Blvd. US Hwy 150 averages over 46,700 vehicles passing by daily and is a major retail thoroughfare serving the city of Louisville. The Bank of America will be an outparcel to a future Hy-Vee grocery store anchored center that also features national/credit tenants including Panera Bread and Bubba’s 33 pads. The asset is located less than a mile from a Walmart Supercenter and Cedar Springs Shopping Center, a 99,000+ square foot Kroger anchored shopping center. In addition, Bank of America is also located in close proximity to an 87,000+ square foot Kohl’s, with a Chick-fil-A outparcel. The property is in the center of a primary retail corridor with other nearby national/credit tenants including McDonald’s, Chipotle, Starbucks, Raising Cane’s, Cracker Barrel, Valvoline, and more, further increasing consumer traffic to the site. The 5-mile trade area is supported by a population of over 144,600 with an average household income of $99,409.