SunTrust - 3rd St. - Chattanooga, TN

Asset Type

Retail

Address
2201 E 3rd St Chattanooga, TN United States 37404-2717
Asking Price

S$1,591,000

Sq Footage

2,397

Year Built

1981

Cap Rate

6.25%

Additional Attributes
Escalations 1.5% Annually
Guarantor 0011n00001nLv19AAC
Lease Expiration 2028-09-30
Lease Type NNN
Options Six (6) Five-Year Options
S & P Credit Rating A-
Tenant SUNTRUST BANKS, Incorporated
Tenant Industry Financial Services (Banking,Investment)

Property Description

JLL is pleased to offer for sale the fee-simple interest in an absolute NNN leased SunTrust Bank (the Property or Asset) located in Chattanooga, Tennessee. The property is a freestanding retail building that is tenanted by Sun Trust 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 at the intersection of East 3rd Street and Dodson Avenue in a dense urban location, giving the Asset a large population base in its immediate vicinity. The Asset has also had upward-trending deposits over the past 4 years, increasing 22% since 2014.

Investment Highlights

• Absolute NNN Lease with Over 10 Years of Term Remaining
• Corporate Guarantee Leased to an Investment Grade Tenant (S&P: A-)
• Close proximity to two major medical centers and University of Tennessee at Chattanooga
• Excellent 1031 Exchange Option at Low Price Point
• Location in Income Tax Free State
• Improving Deposit Base as Reported to the FDIC
Listing Contacts
Peter Bauman
Peter Bauman
SVP, Capital Markets
+65 3159 4021
AZ - SA647389000 NV-186153
Russ Westlake
Russ Westlake
Managing Director
+65 3159 4021
MS - 18528 TN - 255841
Tivon Moffitt
Tivon Moffitt
SVP, Capital Markets
+65 3159 4021
AZ - BR639369000 NE - 20170674 NC - LC673 UT - 11178542-AB00 NV - 186027
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