Lake Nona, 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 1,100 locations
• The lease features 10% rental increases every 5 years and at the beginning of each option period, boosting NOI and hedging against inflation

• The asset is located at the signalized, hard corner intersection of Boggy Creek Rd and Nona West Blvd
• This is part of a new 75-acre development, which will deliver a mix of single-family houses, townhomes, apartments, hotels, and commercial space.
DHI Communities, the multifamily division of D.R. Horton is wrapping up construction on the first phase of Ascend NonaWest, a two-phase project that will deliver 756 apartments and 188 townhomes
• See Pages 11 and 12 for more new development info
• This surge of development in the Lake Nona / Boggy Creek corridor highlights the strength and demand for control of land throughout the area
• Lake Nona, referred to as “the Future of Cities” by Fortune magazine, ranks among the fastest-growing, best-selling communities in America

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Listing ID: a28TP0000024rRBYAY