Lutz, FL - Fifth Third Bank (Sunlake)

Description:

• Brand new 20-year lease with 4 (5-year) options to extend, demonstrating their long-term commitment to the site
• The tenant, Fifth Third Bank, is an investment grade tenant (S&P: A-) with more than 1,100 locations
• The lease features 10% rental increases every 5 years and at the beginning of each option period, boosting NOI and hedging against inflation

• Fifth Third is ideally located 1.5 miles East of Cypress Ranch, a 164-acre mixed-use development project
• Cypress Ranch features 598 residential units and 100,000 SF of office, generating daily revenue and long-term stability
• The development will include 11 freestanding outparcels that features tenants such as Chick-fil-A, ALDI, Circle K, The Learning Experience, Panda Express, and more
• NRP Group and Lennar Homes are in the process of constructing 332 multi-family units, 134 townhomes, and 132 single family homes
• Moffit Cancer Center recently began work on Phase 1 of their new 775-acre “Speros FL” innovation center
• Phase 1 of Speros FL will feature various facilities comprising 650,000 SF of the total 1,500,000 SF planned for Phase 1. This will include at least 300,000 SF dedicated to research space (click HERE for full article)