SunTrust - Rocky Top, TN

506 S Main St Lake City , TN 37769-2024

SunTrust - Rocky Top, TN - Retail for sale

Download Offering Memorandum

Overview


JLL is pleased to offer for sale the fee-simple interest in a absolute NNN, SunTrust Bank (the Property or Asset) located in Rocky Top, Tennessee (formerly known as Lake City, Tennessee). The property is a freestanding retail building that is tenanted by SunTrust 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 on the hard, signalized intersection of South Main Street and 4th Street. The Asset has $50.5 million in deposits and is the only banking institution in the surrounding 5-mile radius. In-State Licensee Russ Westlake TN Lic # 255841

Investment Highlights


• Absolute NNN Lease with Over 10 Years of Term Remaining
• Corporate Guarantee Leased to an Investment Grade Tenant (S&P: A-)
• Excellent 1031 Exchange Option at Low Price Point
• Location in Income Tax Free State
• Only Banking Institution within a 4.8 mile radius
• High and Consistent Deposit Base as Reported to the FDIC
General
Property Type Retail
Tenure Type Sale / Purchase
Property Address 506 S Main St, Lake City, TN 37769-2024
Land In Acres 0.94
Building Size 5,886  ft2
Year Built 1958
Financial
Price $1,305,617
Cap Rate 6.00%
Current NOI $78,337.00
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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