SunTrust - Rocky Top, TN

Asset Type

Retail

Address
506 S Main St Lake City, TN United States 37769-2024
Asking Price

S$1,789,000

Sq Footage

5,886

Year Built

1958

Cap Rate

6.00%

Additional Attributes
Escalations 1.5% Annually
Guarantor 0011n00001nLv19AAC
Lease Expiration 2028-09-30
Lease Type NNN
Options Six (6) 5-Year Options
S & P Credit Rating A-
Tenant SUNTRUST BANKS, Incorporated

Property Description

JLL is pleased to offer for sale the fee-simple interest in a absolute NNN, SunTrust Bank (the Property or Asset) located in Rocky Top, Tennessee (formerly known as Lake City, Tennessee). The property is a freestanding retail building that is tenanted by SunTrust 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 on the hard, signalized intersection of South Main Street and 4th Street. The Asset has $50.5 million in deposits and is the only banking institution in the surrounding 5-mile radius. In-State Licensee Russ Westlake TN Lic # 255841

Investment Highlights

• Absolute NNN Lease with Over 10 Years of Term Remaining
• Corporate Guarantee Leased to an Investment Grade Tenant (S&P: A-)
• Excellent 1031 Exchange Option at Low Price Point
• Location in Income Tax Free State
• Only Banking Institution within a 4.8 mile radius
• High and Consistent Deposit Base as Reported to the FDIC
Listing Contacts
Peter Bauman
Peter Bauman
SVP, Capital Markets
+65 3159 4021
AZ - SA647389000 NV-186153
Tivon Moffitt
Tivon Moffitt
SVP, Capital Markets
+65 3159 4021
AZ - BR639369000 NE - 20170674 NC - LC673 UT - 11178542-AB00 NV - 186027
Russ Westlake
Russ Westlake
Managing Director
+65 3159 4021
MS - 18528 TN - 255841
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