Bank of America

Highlights:

• NEW 2023 CONSTRUCTION I LONG TERM LEASE WITH INCREASES I 14+ YEARS REMAINING Bank of America signed a brand new 15-year lease, with six 5-year options, and constructed a brand-new prototype building. The lease contains 10% rent escalations every 5 years over the current term in addition to the option periods.
• BEST IN CLASS TENANCY I HIGH CREDIT PROFILE Bank of America is a high credit tenant boasting an S&P rating of A- and a Moody’s rating of A1. Bank of America has approximately 3,800 retail banking locations with assets of $2.5 trillion making it the second largest banking institution in the US.
• GROUND LEASE STRUCTURE I $132K ANNUAL RENT The Bank of America lease structure is a ground lease with zero landlord responsibility coupled with a base rent of $132k annually. The subject offering allows a low basis entry into a long-term lease with an investment grade tenant.
• SHADOW GROCERY ANCHOR I #1 ALDI IN STATE AND #3 NATOINALLY PER PLACER.AI The shadow grocer, Aldi, is among the most highly trafficked locations in the entire chain and ranks #1 in the state of Nebraska and #3 nationally out of 2,200 locations based on annual visits (Placer.Ai). Aldi attracts nearly 1 million visits.
• OUTSTANDING DEMOGRAPHIC PROFILE I $120K AVG HOUSEHOLD INCOMES + 83K POPULATION WITHIN 3 MILES The property is positioned in a mature submarket of Omaha with 83k consumers within a 3-mile radius and average household incomes of $120k. Beyond the immediate submarket, the 5-mile demographics are strong with a population of 255k and average household incomes of $121k. The population within a 3-mile radius is expected to grow by 2.5% over the next five years.

Description:

Bank of America signed a brand new 15-year lease, with six 5-year options, and constructed a brand-new prototype building. The lease contains 10% rent escalations every 5 years over the current term in addition to the option periods.

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