SouthState Bank NNN Dallas (d/b/a Independent Bank)

Highlights:

• Strong $18 billion bank tenant
• Explosive growth market and affluent customer base
• Recent clean title, environmental and property inspection reports
• Absolute triple-net ground lease with15 years remaining
• Low comparable rent that increases every 5 years
• Low comparable bank rent and cost PSF

Description:

This is an opportunity to invest in a long term, single tenant bank property offering a solid return that is both recession resistant and an inflation hedge  The building was constructed in 2008 on a 1.35-acre site located in highly desirable area of Grapevine, a suburb of income tax free Dallas, TX. The property is 100% leased to SouthState Bank (NYSE: SSB), d/b/a Independent Bank on an absolute NNN ground lease with approximately 13 years remaining and 10% rent increases every 5 years. SouthState and Independent bank recently merged with SouthState assuming all liabilities and obgligations of Independent Bank. The combined bank have approximatley $65 billion in assets. SouthState Corporation reports a Moody's investment grade credit rating of Baa3 and a Kroll Bond Rating of BBB+. The property has been well maintained with no deferred maintenance.


The property has solid real estate fundamentals, located near the intersection of Hwy 114 and Texan Trail, 2 miles from the Dallas-Fort Worth Airport and 1 mile from the $500 million Gaylord Texan Resort and Conference Center and the Great Wolf Lodge. This is a high growth market. There are 105,000 people residing within 5 miles with an average household income of $147,535. Over 18,000 vehicles per day pass the site. The rent and cost per sq. ft. are well below average for similar bank properties.



Strong investment grade bank tenant in an explosive growth market and affluent customer base.
Outstanding location with solid real estate fundamentals. 
Recent clean title, environmental and property inspection reports. 
Secured by an absolute triple-net ground lease with approximately13 years remaining and low comparable rent that increases every 5 years.
SouthState Bank is a NYSE bank (NYSE: SSB) with $65 billion in total assets with a Moody's investment grade credit rating of Baa3 and a Kroll Bond Rating of BBB+
Low comparable bank rent and cost PSF. $109 milllion in deposits, up from $89 million in 2021, growing by 22% year-over-year.

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