Bank of America
5676 Thomasville Rd.
Tallahassee, FL 32312
- Low Rent Ground Lease - $86,515.08
- Priced at or below replacement cost
- Impact fees for a bank branch geographic area are in excess of $200,000
- Bank Branches are in high demand in northeast Tallahassee
A single tenant freestanding Bank of America Bank Branch located in Tallahassee, FL – the state Capitol of Florida. The absolute net ground lease has 5.5 years remaining on the original term, through December 29, 2023. The base rent will increase to $86,515.08 on December 29, 2018 (Buyer will be credited for rent difference at closing). The lease has 8-5 year options with 10% increases in each 5 year term. The Lease is guaranteed by Bank of America NA (NYSE: BAC), with a Standard & Poor’s Rating A+ and a Moody’s rating of Aa3.
The bank branch is located along the Thomasville Road corridor (45k average daily traffic) surrounded by the most affluent incomes in the city - average household incomes of $115,960 within 1 mile and $108,7891 within 5 miles,. The site has excellent access and visibility from Thomasville Road and has left turn access off Thomasville Rd via Roanoke Dr. The bank branch has 161 lineal feet of frontage on Thomasville Road.
The largest Wal-Mart Super Center in the city, 210,275 square feet, is located immediately south of the Chili’s Restaurant. Other retailers in the area are: Target Super Center, CVS, Walgreens, Capital City Bank, Centennial Bank, StarBucks, Dunkin Doughnuts, Firehouse Subs, AT&T and Verizon. The bank branch sits at the front of the Bull Run residential development and south of the prestigious Golden Eagle Development master planned community and Lake McBride residential development.