Bank of America Ground Lease

Highlights:

• The Lease is corporate guaranteed by Bank of America National Association, an Investment Grade (S&P: A+, Moodys: Aa2 )
• Extremely Rare 12.5% Rental increases every 5 years and within the option periods
• Build to Suit construction for Bank of America in 2021, with the company’s new prototype building including a 3,953 SF Banking Center, 24-hour ATM, and Two-Lane Drive Thru.
• Pittsburgh is home to over 80 regional colleges and universities. The property is 8 miles from the prominent Carnegie Mellon University and the University of Pittsburgh
• Absolute NNN Lease with Tenant paying all expenses.
• Bank of America has over $3 Trillion in Assets and a Market Cap of $361 Billion.
• Pittsburgh is the fifth largest technology hub in the nation, with over 7,200 high-tech firms making up over 23% of the workforce.

Description:

RDO Investments and DZ Net Lease Realty, LLC, PA Broker is pleased to present 12012 Frankstown Road, a 3,953 SF freestanding Bank of America located in Pittsburgh, Pennsylvania.
 
The Bank of America provides the rare opportunity to acquire an absolute NNN ground lease interest in a new class “A” Bank of America retail banking location. The building was delivered in 2021 and features a 3,953 square foot retail banking center, two-lane drive through, 24/7 ATM access, a stunning modern façade, and beautiful new landscaping. Bank of America’s 15-year Absolute NNN ground lease includes rare, attractive 12.5% rental increases every five years throughout the primary term and each of its two (2) five-year renewal options.
 
In September 2018 Bank of America opened its first location in the Pittsburgh MSA and announced plans to expand in this highly desirable market with an additional 15 financial centers over the course of two years. The Pittsburgh site is the banks 68th in the Commonwealth of Pennsylvania, and the 10th in the region. By June 2020, Bank of America had climbed to #5 in deposits by market share in the Pittsburgh MSA (Federal Deposit Insurance Corp).
 
Bank of America is strategically located with excellent access and visibility along Frankstown Road/PA Route 380 (18,700 AADT). PA Route 380 is a major east/west corridor into downtown Pittsburgh. In the five-mile radius of the property, the bank serves a densely populated community of 171,794 people earning an average household income of $76,835. This heavily-populated trade area provides Bank of America with a stable built-in customer base well into the foreseeable future.

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