Bank of America - Dallas

6085 Campbell Rd Dallas , TX 75248-1206

Bank of America - Dallas - retail for sale

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Overview



JLL is pleased to offer for sale the fee simple interest in a freestanding, single-tenant Bank of America (the “Property” or “Asset”) located in Dallas, Texas less than 0.5 miles from Preston Trail Golf Club and in a Kroger anchored grocery center. The Property is on a ground lease to Bank of America, N.A. (the “Tenant”), the second-largest bank in the United States by deposits. The Tenant features an ‘A+’ credit rating from Standard & Poor’s, offering investment-grade tenancy. This high-performing location boasts deposits of $137 million with deposits growing at a compounded annual growth rate of nearly eight percent since 2014. The ground lease features zero landlord responsibilities, more than five years of primary term remaining, and ten percent rental increases during each of the four, five-year renewal periods. Located in an affluent neighborhood approximately 15 miles north of Downtown Dallas, the Property possesses strong real estate fundamentals and long-term intrinsic value. The offering presents the opportunity to acquire a property leased to one of the nation’s leading financial institutions within one of the fastest-growing cities in the United States.

Investment highlights



Leased to Bank of America, N.A. (S&P: ‘A+’), the second-largest bank in the United States with $1.4 trillion in total deposits.

This location holds $137 million in deposits with deposit growth of 143 percent since 2007.

The Property has served as a successful banking center since 1988 and has incredible intrinsic land and building value.

Outparcel to Kroger anchored grocery center.

Bank of America is operating on a ground lease, offering a passive investment opportunity with absolutely zero landlord responsibilities.

The lease features a contractual ten percent rental increases in each of the four, five-year renewal options.

Bent Tree Country Club and Preston Trail, two of the most exclusive private golf courses in Dallas, are both located in immediate proximity.

Densely populated and affluent community with 378,000 residents in a five-mile radius and an average household income of over $151,000 in a one-mile radius.

Dallas-Fort Worth is the fastest-growing metropolitan statistical area in the entire country with a population gain of two percent in 2018.

Dallas has no state income tax and numerous business incentives resulting in a 3.2 percent employment increase in 2018, ranking among the best in the U.S. 


General
Property type Retail
Property subtype Single tenant/Standalone
Tenure type Sale/Purchase
Property address 6085 Campbell Rd, Dallas, TX 75248-1206
Land in acres 0.68
Building size 3,415  ft2
Year built 2007
Financial
Price $2,043,000
Cap rate 5.25%
Current NOI $107,250.00
Lease
Tenant's name Bank of America Corporation
Credit rating (S&P) A+
Lease type NNN
Annual rent $107,250.00
Lease expiration date 11/30/2024
Remaining term 5.2Yrs

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