Fort Lauderdale, FL - Synovus Bank

Description:

• Synovus Bank has over 14 years remaining on their current term with 3 (5-year) options to extend, demonstrating their commitment to the site
• The lease features 10% rental increases every 5 years and at the beginning of each option period, generating additional NOI and hedging against inflation
• The lease is corporate signed by Synovus Bank, who operates over 340 locations nationwide
• Moodys upgrades Synovus outlook to positive and affirms Baa3 credit rating (4/22/2022)
• Tenant pays for CAM, taxes, insurance and maintains the premises
• Landlord responsibilities limited to maintaining structure
• Ideal, low-management investment for a passive investor in a state with no state income tax

• Synovus Bank is located at the signalized, hard corner intersection of NE 18th Avenue and Commercial Boulevard, featuring a combined 65,200 vehicles passing by daily
• Commercial Blvd is a major retail corridor, and is home to other national/credit tenants including ALDI, Publix Supermarket, Ross Dress for Less, Five Below, CVS, and more
• Strong surrounding tenant synergy increases consumer draw to the immediate trade area and promotes crossover shopping to the site
• The property is equipped with a drive-thru, promoting ease of access and convenience for customers
• The property is located in a residential housing dominated area, creating a direct consumer base from which to draw
• The 5-mile trade area is supported by over 300,500 residents and 247,000 employees
• $120,264 average household income in a 1-mile radius