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Fifth Third Bank Ground Lease, Valrico, FL

Fifth Third Bank Ground Lease

Valrico, FL

Price $4,534,000
Cap Rate 3.75%
NOI $170,000
Lease Term 20 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
Building Size 1,901 SF
Lot Size 0.64 Acres (27,797 SF)
Status Available
Lead Broker Information 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

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

Investment Highlights

NEW 20-YEAR ABOLUTE NNN GROUND LEASE TO INVESTMENT GRADE TENANT
» New 20-year absolute NNN ground lease to investment grade tenant (NASDAQ: “FITB”)
» 10% rental increases every five (5) years in initial term and option periods, providing an excellent hedge against inflation
» Absolute NNN lease requires no landlord management, ideal for an out-of-area investor
» Fifth Third Bank holds $211 billion in assets (NASDAQ: “FITB”) and is rated “Baa1” by Moody’s and “BBB+” by S&P
» Fifth Third Bank provides its customers with access to approximately 54,000 fee-free ATMs across the U.S.

PROMINENT LOCATION WITH A STRONG AND GROWING VALRICO CUSTOMER BASE
» Prime location at the signalized hard-corner of East State Road 60/East Brandon Boulevard and South Valrico Road (74,277 AADT), one of Valrico’s busiest intersections
» Proximity to major Florida thoroughfares, including Interstate 4 and Interstate 75 (combined 281,000 AADT)
» Population of 185,253 within a five-mile radius, creating a large customer base for the site
» Average annual household income of $98,580 within three miles of the location
» Projected population and income increase within 1-, 3-, and 5-mile radii over the next five years, poising Fifth Third Bank and Valrico for steady concurrent growth

CENTRAL LOCATION NEAR MAJOR FLORIDA EMPLOYERS AND COMMUNITY HUBS
» Outparcel location within Valrico Commons, a 125,000-SF community shopping center anchored by Publix in the heart of Valrico’s trade area
» Surrounded by a strong mix of local and national retailers, including Walmart Supercenter, The Home Depot, Lowe’s Home Improvement, Publix, ALDI, Winn-Dixie, and many more
» Four miles from HCA Florida Brandon Hospital (436 beds, 2,361 employees), one of Valrico’s largest employers
» Surrounded by high-density, single family housing developments and large townhouse complexes
» Common gateway to Downtown Tampa, the third-most populated city in Florida (384,959 residents)

NEW 2022 CONSTRUCTION IN A TAX-FREE STATE
» New 2022 construction featuring the latest Fifth Third Bank prototype and a dual-lane ATM drive-thru
» Florida is an income tax-free state


Property Description

This Fifth Third Bank is located at the signalized hard-corner of East State Road 60/East Brandon Boulevard and South Valrico Road (74,277 AADT), one of Valrico’s busiest intersections. The site maintains beneficial proximity to major Florida thoroughfares, including Interstate 4 and Interstate 75 (combined 281,000 AADT). The site is in a densely populated community, with 185,253 residents living within a five-mile radius of the property, creating a large and consistent customer base for the site. The property also resides in an affluent area, with an average annual household income of $98,580 within three miles. This Fifth Third Bank is poised for growth as well, with projected population and income increase within 1-, 3-, and 5-mile radii over the next five years.

Visibility to the property is increased by the site’s centralized location near large Florida employers and community hubs. The property features a prime outparcel location within Valrico Commons, a 125,000-SF community shopping center anchored by Publix in the heart of Valrico’s trade area. The site is surrounded by a strong mix of local and national retailers, including Walmart Supercenter, The Home Depot, Lowe’s Home Improvement, Publix, ALDI, Winn-Dixie, and many more. This Fifth Third Bank is four miles from HCA Florida Brandon Hospital (436 beds, 2,361 employees), one of Valrico’s largest employers, and the property greatly benefits from its strategic location immediately surrounded by high-density single-family housing developments and large townhouse complexes. Additionally, the property serves as a common gateway to Downtown Tampa, the third-most populated city in Florida (384,959 residents).

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