Fifth Third Bank | 20 Yr Abs NNN Lease | Spartanburg SC

Fifth Third Bank | 20 Yr Abs NNN Lease | Spartanburg SC Property Images & Information

Fifth Third Bank | 20 Yr Abs NNN Lease | Spartanburg SC Property Description

South Carolina Broker of Record: The Providence Group of the Carolinas LLC. License # 9359. Faris Lee Investments is pleased to present the opportunity to acquire a Fifth Third Bank property along Spartanburg's established East Main Street retail corridor. The asset is secured by a 20-year absolute NNN ground lease with approximately 16 years remaining in the initial term. The investment features rare 2% annual rent increases throughout the remainder of the initial term. With no landlord maintenance responsibilities, the lease offers passive income that grows from $140,716 annually today to approximately $189,385 in the final year of the initial term. The subject property features Fifth Third Bank's 2,294-square-foot drive-thru prototype, ideally situated along East Main Street, which carries approximately 24,600 vehicles per day. Nearby anchors include the Publix-anchored Hillcrest Shopping Center, Walmart Supercenter, and Spartanburg Medical Center's Mary Black Campus. The surrounding trade area is supported by more than 82,400 residents and 54,700 employees within five miles. Leased directly to investment-grade Fifth Third Bank, National Association, the property combines corporate credit, a modern branch, and contractual annual rent growth in one of Spartanburg's primary retail corridors.

Exclusive Investment Highlights

• Fifth Third Bancorp (NYSE: FITB) Investment grade credit with approximately $300 Billion in Assets
• Absolute NNN ground lease: Passive ownership with zero maintenance responsibilities
• 16-Years Remaining on Initial 20-Year Base Term
• Rare 2% Annual Increases
• Situated on Spartanburg's primary retail corridor - East Main Street (25k VPD)
• Traffic Drivers in trade area include: Publix, Walmart, Home Depot, Lowe's, Ingles, Hobby Lobby, Petco, etc.

Area Overview

The surrounding trade area is supported by more than 82,400 residents and 54,700 employees within five miles

Financial Snapshot

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