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Bank of America Ground Lease, Houston, TX

Bank of America Ground Lease

TX, USA

Price $3,800,000
Cap Rate
NOI
Lease Term 15 Years
Lease Type Absolute NNN Ground Lease, With Tenant Responsible For All Taxes, Insurance, And Maintenance, Including Roof, Structure, And Parking Lot
Rental Increases 10% Rental Increases Every Five (5) Years
Year Built 2022 (To Be Constructed)
Building Size 2,700 SF
Lot Size +/-1.44 Acres (62,809 SF)
Status Sold
Lead Broker Information Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Executive Managing Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Vincent Aicale
Executive Managing Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Executive Managing Director
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Investment Highlights

15-YEAR ABSOLUTE NNN GROUND LEASE
» New 15-year absolute ground NNN lease to growing tenant
» No landlord management, an ideal investment for an out-of-area investor
» 10% rental increases every five years, providing a hedge against inflation
» New 2022 construction featuring three-lane drive-thru ATM for added customer convenience

MAJOR NATIONAL TENANT WITH STRONG FINANCIALS
» Bank of America (NYSE: “BAC”) is currently the second-largest banking institution in the U.S., serving more than 10% of all American bank deposits
» Bank of America generated $89.1 billion in revenue in 2021
» Bank of America is rated “A3” by Moody’s and “A-“ by S&P and ranked #29 on the Fortune 500 in 2021
» Bank of America has 41.4 million active digital users at the end of 2021 (up two million year-over-year)

HIGH VISIBILITY LOCATION NEAR STRONG TRAFFIC DRIVERS
» Located on Farm to Market 1463 Road with excellent visibility and access to 20,951 vehicles per day in front of the site
» Proximity to Texas Highway 99/Grand Parkway Toll Road (285,173 AADT), a major thoroughfare traversing seven counties in the Greater Houston Area
» Near many large retail centers featuring major national tenants such as Walmart Supercenter, H-E-B, ALDI, Lowe’s Home Improvement, CVS Pharmacy, Walgreens, Chick-fil-A, Starbucks, and numerous others
» Situated near many large schools within a five-mile radius serving over 8,000 students in the immediate area
» Beneficial proximity to Memorial Hermann Katy Hospital (208-beds) and OakBend Medical Center – Jackson Street Hospital Campus (274 beds, 1,200+ employees)

STRATEGIC LOCATION WITHIN CROSS CREEK RANCH DEVELOPMENT IN AN AFFLUENT AREA POISED FOR GROWTH
» Dense residential location within Cross Creek Ranch development (3,200-acre community, 4,300+ families with plans for 6,100 homes upon build-out)
» 146,231 residents within a five-mile radius
» High average annual household income of $185,281 within one mile (over $175k within one-, three- and five-mile radii)
» Fulshear is considered the fastest-growing city in the Houston area (1,288% growth between 2010 and 2020)
» Prime location in Fort Bend County, the richest county in Texas
» 33 miles from Houston (the fourth-most populous city in the U.S. with over 2.3 million residents)


Property Description

SOLD

Bank of America is located on Farm to Market 1463 Road with excellent visibility and access to 20,951 vehicles per day in front of the site. The property maintains proximity to Texas Highway 99/Grand Parkway Toll Road (285,173 AADT), a major thoroughfare traversing seven counties in the Greater Houston Area. The site is near many large retail centers featuring major national tenants such as Walmart Supercenter, H-E-B, ALDI, Lowe’s Home Improvement, CVS Pharmacy, Walgreens, Chick-fil-A, Starbucks, and many others. The property is situated near many large schools within a five-mile radius serving over 8,000 students in the immediate area. The location maintains beneficial proximity to Memorial Hermann Katy Hospital (208-beds) and OakBend Medical Center – Jackson Street Hospital Campus (274 beds, 1,200+ employees). Additionally, the property maintains proximity to area attractions such as Sky Sports Trampoline Park Houston, Houston Funplex, and Dig World, increasing traffic in the area.

The property is centrally located in a dense residential area within the Cross Creek Ranch development (a 3,200-acre community home to more than 4,300 families with plans for 6,100 homes upon build-out). The area is poised for growth with 146,231 residents within a five-mile radius. The growing community is affluent with a high average annual house-hold income of $185,281 within one mile (over $175k within one-, three- and five-mile radii). Fulshear is considered the fastest-growing city in the Houston area (1,288% growth between 2010 and 2020). The site is 33 miles from Houston (the fourth-most populous city in the U.S. with over 2.3 million residents), providing access to the large Greater Houston trade area.

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