Palm Coast, FL - BB&T

Description:

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, investment grade (S&P: A-), corporate guaranteed, BB&T investment property located in Palm Coast, FL (Daytona Beach MSA). The tenant, Branch Banking and Trust Company, has approximately 5.5 years remaining in their initial lease term with 4 (5-year) options to extend. The lease features 3% annual rental increases throughout the initial term and option periods, growing NOI and hedging against inflation. The lease is corporate guaranteed by Branch Banking and Trust Company (S&P: A-) and is absolute NNN with zero landlord responsibilities. BB&T/Truist Financial currently operates 2,049 branches in 15 states and Washington, D.C., becoming one of the largest banks in the United States by assets. According to the FDIC this location has approximately $47M in deposits as of June 2019.

BB&T is strategically located along Palm Coast Parkway SW, a major retail and commuter thoroughfare averaging 17,200 vehicles passing by daily. The building is equipped with 4 drive-up ATM’s, providing ease and convenience for customers. On average, buildings with drive-thrus experience more business than those without. The asset is ideally situated as an outparcel to Palm Coast Corners, a 171,994 SF community center anchored by Bealls and Winn-Dixie. The center is ideally positioned adjacent to a 24-hour Walmart Supercenter and The Home Depot, significantly increasing consumer draw to the immediate trade area and promoting crossover store exposure for the site. Palm Coast Parkway SW is the primary retail corridor serving Palm Coast, with other nearby national/credit tenants including Lowe’s Home Improvement, Kohl’s, Belk, Publix Super Market, CVS Pharmacy, Anytime Fitness, AutoZone, and more. The site benefits from direct on/off ramp access to Interstate 95 (45,500 VPD), the primary north/south freeway traveling throughout the East Coast. Palm Coast is located 26 miles south of Saint Augustine, 61 miles south of Jacksonville, and 82 miles north of Orlando. One of Florida’s newest cities (incorporated 1999), Palm Coast is a Florida paradise - situated on 70 miles of saltwater and freshwater canals and the Intra-coastal Waterway and just minutes from pristine Atlantic Ocean beaches. Palm Coast offers a dozen beautiful parks, 125+ miles of connecting trails and paths for walking/bicycling, abundant fishing and boating, a year-round Running Series, and world-class tennis and golf. The 5-mile trade area is supported by nearly 82,000 residents and 19,000 daytime employees with an average household income of $67,000.