SunTrust - 3rd St. - Chattanooga, TN

2201 E 3rd St Chattanooga , TN 37404-2717

SunTrust - 3rd St. - Chattanooga, TN - Retail for sale

Download Offering Memorandum

Overview


JLL is pleased to offer for sale the fee-simple interest in an absolute NNN leased SunTrust Bank (the Property or Asset) located in Chattanooga, Tennessee. The property is a freestanding retail building that is tenanted by Sun Trust Bank and is corporately guaranteed by SunTrust Banks, Inc. (NYSE: STI). The tenant is on a absolute NNN lease with 10.5 years of lease term remaining. The Property is strategically positioned at the intersection of East 3rd Street and Dodson Avenue in a dense urban location, giving the Asset a large population base in its immediate vicinity. The Asset has also had upward-trending deposits over the past 4 years, increasing 22% since 2014.

Investment Highlights


• Absolute NNN Lease with Over 10 Years of Term Remaining
• Corporate Guarantee Leased to an Investment Grade Tenant (S&P: A-)
• Close proximity to two major medical centers and University of Tennessee at Chattanooga
• Excellent 1031 Exchange Option at Low Price Point
• Location in Income Tax Free State
• Improving Deposit Base as Reported to the FDIC
General
Property Type Retail
Tenure Type Sale / Purchase
Property Address 2201 E 3rd St, Chattanooga, TN 37404-2717
Land In Acres 0.71
Building Size 2,397  ft2
Year Built 1981
Financial
Price $1,160,544
Cap Rate 6.25%
Current NOI $72,534.00
Lease
Tenant's Name SUNTRUST BANKS, Incorporated
Guarantor SUNTRUST BANKS, Incorporated
Guarantor Credit Rating (S&P) A-
Lease Type NNN
Lease Expiration Date 09/30/2028
Remaining Term 9.1Yrs

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