Old Saybrook, CT - Bank of America

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NN leased, Bank of America investment property located in Old Saybrook, Connecticut. The tenant, Bank of America, N.A., has 2+ years remaining with 2 (5-year) options to extend, demonstrating their commitment to the site. The lease features 14% rental increases at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is NN with limited landlord responsibilities making it an ideal, low-management investment opportunity for a passive investor. The property is equipped with a double drive-thru along Main St, providing ease and convenience for customers. This location reported over $240 million in deposits.

The Bank of America is strategically located on Main St, which averages over 13,300 vehicles passing by daily and is a major retail thoroughfare serving the city of Old Saybrook. The site is additionally located right off of Interstate 95, which sees an average of over 50,500 vehicles passing by daily. The property is within walking distance to Old Saybrook Shopping Center, a 330,000+ square foot shopping mall, featuring tenants such as Walmart, Marshalls, HomeGoods, Stop & Shop, and more. The property is in the center of a primary retail corridor with other nearby national/credit tenants including Tractor Supply Co, CVS Pharmacy, ACE Hardware, Anytime Fitness, Starbucks, Dunkin’, Burger King, and more, further increasing consumer traffic to the site. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure to the site. The 5-mile trade area is supported by approximately 24,000 residents and 18,800 employees, providing a direct consumer base from which to draw. Residents within 5 miles of the subject property boast an affluent average household income of $154,947.