Raleigh, NC - Fifth Third Bank (Oberlin Rd)

Description:

SRS National Net Lease Group is pleased to offer the opportunity to acquire the leased fee interest (land ownership) in an absolute NNN leased, Fifth Third Bank investment property located in Raleigh, North Carolina. The tenant, Fifth Third Bank N.A., recently signed a brand new 20 year lease with 4 (5-year) options to extend, demonstrating their commitment to the site. The lease features a 10% rental increase every 5 years throughout the initial term and at the beginning of each option period, growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management free investment opportunity for a passive investor. Fifth Third Bank N.A. is an investment grade tenant (S&P: A-) with more than 1,000 locations. Brand new construction which features high-quality materials, distinct Fifth Third design elements, and state-of-the-art bank features

The Fifth Third Bank is situated along Oberlin Rd (19,000 VPD), a major retail road serving the city of Raleigh. The site benefits from nearby direct on/off ramp access to Wade Ave, a major thoroughfare averaging over 54,000 vehicles per day. The subject property is ideally situated in close proximity to Shops at Village District, a 599,000 SF shopping center anchored by Fresh Market, Walgreens, Barnes & Nobles, Crunch Fitness, Harris Teeter, and more. Other nearby national/credit tenants include Chick-fil-A, Publix, Starbucks, Target, McDonald’s, Dollar Tree, and many more. Furthermore, the site benefits from close proximity to North Carolina State University (37,000 students), further increasing consumer traffic to the property. The 5-mile trade area is supported by over 233,000 residents and 234,000 employees, providing a direct consumer base from which to draw. Residents within a 3-mile radius of the subject property boast an affluent average household income of $131,752