Melbourne, FL - Fifth Third Bank

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 1,000 locations
• The lease features 10% rental increases every 5 years and at the beginning of each option period, boosting NOI and hedging against inflation

• The asset is located at the signalized, hard corner intersection of N. Wickham Rd and Business Center Blvd
• Wickham Rd is the main North/South retail thoroughfare serving the city of Melbourne
• Outparcel at Pineda Commons, a brand new retail development anchored by Sprouts and EoS Fitness and features First Watch, Heartland Dental, Mister Car Wash, and Bojangles
• Surrounding retailers include The Home Depot, Chipotle, AutoZone, RaceTrac, and more
• 3 miles East off I-95 (108,500 VPD)
• There is a strong surrounding residential consumer base which will provide elevated traffic flow to the subject site
• Located 5 miles East of the master-planned community, Viera, which is consistently ranked among the Top 25, often Top 10, master-planned communities in the U.S., and a top-selling project on Florida’s Space Coast