Long-Term NNN Lease with Wells Fargo Bank

Highlights:

• Wells Fargo subleased part of the building to Verizon Wireless. This provides Wells Fargo with its ideal branch size prototype while supplementing their rent through a corporate lease with national cellular provider, Verizon Wireless.
• Investors get the benefit of two (2) corporate tenants occupying a 6,500 sq. ft. building under one, corporate NNN lease with Wells Fargo. The subdivided units allow for greater rent appreciation and leasing options in the future.
• Wells Fargo Bank is an ideal management-free investment for a passive investor. The Tenant pays for CAM, taxes, insurance, and maintains most aspects of the property.
• The large 23,500+ sq. ft. lot possesses a highly desirable C3 zoning, which allows for a wide range of future redevelopment opportunities.
• The property is situated at the signalized intersection of Foothill Boulevard and Lowell Avenue in Glendale, CA. The site boasts ±154 feet of frontage on Foothill Boulevard and ±150 on Lowell Avenue. This prime location ensures high foot traffic and visibility, making it an attractive location for businesses and customers alike.
• Wells Fargo Bank is adjacent to a dominant grocery store, Albertsons, and across the street from in-N-Out. Numerous national retailers and businesses are nearby along Foothill Boulevard, including Del Taco, Harbor Freight, Big 5 Sporting Goods, McDonald’s, CVS, Chase Bank, Smart & Final, and more.
• Glendale boasts a diverse and dense population, with over 73,200 residents within a three (3)-mile radius. The neighborhood’s demographics include a mix of young professionals, families, and long-term residents, providing a stable customer base for businesses..
• Glendale is experiencing ongoing economic growth and development, with new residential and commercial projects continually enhancing the area’s appeal. This upward trend in development ensures that property values and rental incomes are likely to appreciate over time.

Description:

Wells Fargo Bank has occupied the branch since 2006 and has approximately six (6) years of lease term remaining. The Tenant signed a ten (10)-year renewal in 2021 with two (2), five (5)-year options to extend, demonstrating their long-term commitment to the site.

The site is a strong performing location with total deposits of over $220 million (as of 6/2024). The bank’s established reputation and consistent operations contribute to the property’s stability and long-term investment potential.

Wells Fargo Bank (NYSE: WFC) has a market cap of over $238 billion and over $82 trillion in annual revenue (as of YE 2024).

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