TD Bank - Maspeth (Queens), NY

7355 Grand Ave Maspeth , NY 11378-1523

TD Bank - Maspeth (Queens), NY - Retail for sale

Download Offering Memorandum

Overview


JLL is pleased to offer for sale the fee-simple interest in a single tenant, freestanding TD Bank (the ?Property? or? Asset?) located in Maspeth (Queens), New York. The Property is subject to an absolute net lease to TD Bank, N.A. (Moody's:Aa2) (the ?Tenant?), for a primary lease term of 20 years with approximately 15 years remaining (as of 11/1/2018), providing an investor with long-term cash flow from one of North America?s leading financial institutions. In addition to no maintenance, repair, or replacement obligations or any cancellation options, the lease is subject to 10.0% escalations every five years and includes two, 5-year renewal options. Located on the intersection of Grand Avenue and 74th Street, the Property is strategically positioned within the densely-populated borough of Queens, NY. Constructed in 2013, the Property totals approximately 2,950 sf of prime retail real estate and is situated on a 0.28-acre site inclusive of 16 parking spaces and drive-thru banking lane. The TD Bank branch has a growing deposit base of nearly $50 million, a number which increased by 22% over the previous year.

Investment Highlights



TD Bank is operating on a triple-net lease with 15 years of primary term remaining, offering a completely passive long-term investment.

The lease features ten percent rent escalations every five years throughout the primary term.

Deposits have grown significantly on an annual basis since this branch opened in 2013. Over the past five years, deposits have grown from $3.25 million to $45.73 million.

The tenant carries an investment-grade ‘Aa2’ Moody’s credit rating, providing security to the underlying cash flows. TD Bank is one of the ten largest banks in the United States with over 1,200 bank branch locations.

Located within the borough of Queens near the Long Island Expressway (162,000 VPD), the Asset has exposure to a dense consumer base of over 107,000 residents within a one-mile radius. 

General
Property Type Retail
Property Subtype Single Tenant / Standalone
Tenure Type Sale / Purchase
Property Address 7355 Grand Ave, Maspeth, NY 11378-1523
Building Size 2,950  ft2
Year Built 2013
Financial
Price $10,000,000
Cap Rate 3.85%
Current NOI $385,000.00
Lease
Tenant's Name TD Bank
Credit Rating (S&P) AA-
Credit Rating (Moody's) Aa2
Lease Type NNN
Annual Rent $385,000.00
Lease Expiration Date 11/30/2033
Remaining Term 14.3Yrs

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