PNC Bank
Closed1335 Holcomb Bridge Rd, Roswell, GA 30076
Property type
Retail
Price
$4,750,000
CAP
5.16%
Building size
3,943 sf
Rentable area
3,943 SF
Year built
1986
Year renovated
Occupancy
Zoning code
Lot size
1.20 Acres
Sold/status
Sold · Date unknown
Sale price
$4750000
Net Operating Income
$245,000
Property description
Franklin Street is pleased to present this newly redeveloped PNC Bank in Roswell, Georgia. Roswell is a northern suburb in the Atlanta MSA and is one of the most densely populated and affluent suburbs in the MSA. The property is ideally located near the Holcomb Bridge and GA-400 interchange, which sees 70,000 VPD. Driving additional traffic to the corridor are retailers including PGA Superstore, Planet Fitness, Home Depot, LA Fitness, among many others. The branch is located on a highly visible outparcel to King's Market, a Publix anchored center that is scheduled for redevelopment to a mixed use community center. PNC Bank has a growing market share in Atlanta and plans to add 25+ branches to market in the next 4 years. Through the new and renovated branches, the bank is also eyeing opportunities to deepen relationships with customers with products such as credit cards and auto and home loans. The offering allows fee simple ownership versus a traditional ground lease structure, which allows significant tax advantages by offering the ability to depreciate the asset. PNC has a long term commitment to the site with a fully guaranteed 15 year lease structure with 10% bumps every 5 years.
Property highlights
- New 15 Yr NNN Lease with PNC Bank Located In One of Atlanta's Strongest Submarkets - Roswell
- Investment Grade Guarantee Strength: A- by S&P. 7th Largest Bank
- Outparcel to Kings Market: Planned Large Scale Mixed-Use Redevelopment
- Out Positions Competitor Banks: first national bank once you get off GA-400
- Rare NNN Fee Simple Structure Allowing For Depreciation
- Affluent Market: $185,860 Average Household Income
- Densely Populated: 193,090 residents within 5 mile radius
- Hedge Against Inflation With Built In Rental Increases