Retail•Free Standing•For Sale

Bank of America - Lutz, Florida

17455 North Dale Mabry Highway, Lutz, Florida 33548

Sale Price $3,239,500 ($704.55 /SqFt)
Sale Type Investment
Sale Condition NNN Investment
Tenant Yes
Bldg Type Single-Tenant
Class A
Status Existing
Year Built 2006
Stories 1
Cap Rate 5.75%
Gross Bldg 4,598 SqFt
RBA 4,598 SqFt
Floor Size 4,598 SqFt
Land Area .86 Acres
Net Lease Realty Partners is pleased to offer for sale a Bank of America on an NNN Ground Lease - located in Lutz, FL (Tampa MSA). The subject property is an out-lot to a Retail Center anchored by Home Goods and LA Fitness. The site benefits from high traffic exposure of over 62,500 vehicles per day (Dale Mabry Hwy) – which also serves as a busy North/South retail arterial which leads into Downtown Tampa Bay. Notable developments in the immediate area include St. Joseph’s Hospital, Kohl’s and Publix Center, Gaither High School, Sam’s Club, McDonald’s, Walgreen’s and several golf courses and housing communities. The subject property is leased to Bank of America (“BAC” on the NYSE). Bank of America is an American multinational investment bank and financial services company headquartered in Charlotte, North Carolina, with central hubs in New York City, London, Hong Kong, Minneapolis, and Toronto. Founded in San Francisco, Bank of America was formed through NationsBank's acquisition of Bank America in 1998. It is the second-largest banking institution in the United States, after JPMorgan Chase. As a part of the Big Four, it services approximately 10.73% of all American bank deposits. The property was built in 2006 and is situated on a 0.859 Acre Parcel. The Absolute Triple Net Ground Lease (NNN) commenced in November 2005 and will run through October 2025, with twelve (12), Five (5)-Year Options to extend the lease. The lease also features set rental increases of 10% adjusted every 5-years - a great hedge against inflation for a potential investor. Given the Absolute Net Lease structure of the asset, there are no landlord responsibilities - Perfect for out of area/state passive Real Estate investors!
  • Absolute Ground Lease with +/- 5 Years Remaining
  • Corporate Bank Tenant: A+ Credit
  • Over $93 Million in-branch deposits at Location
  • Out-Lot to an LA Fitness & HomeGoods Center
  • STRONG Area Traffic - 62,500+ ADT in Front of Site
2/20/2020 12:00:00 AM 2/26/2020 10:40:27 PM
Paul Bonanno
Broker
Net Lease Realty Partners
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