PNC Bank
For sale12180 GA 92, Woodstock, GA 30188
Property type
Retail
Price
$5,715,000
Building size
3,417 sf
Rentable area
3,417 SF
Year built
2004
Year renovated
Occupancy
Zoning code
Lot size
1.24 Acres
CAP
5.25%
Price per SF
$1,672.52
Net Operating Income
$300,000
Property description
Franklin Street is pleased to present this soon to be redeveloped PNC Bank in Woodstock, Georgia. Woodstock is a north suburb of Atlanta 20 miles from the perimeter. Woodstock is located in Cherokee County, which is one of the fastest growing counties in the state and projected to add 160,000+ residents by 2040, bringing the population to around 400,000 residents in the county. PNC Bank has a growing market share in Atlanta and plans to add 25+ locations over the next 3 years. 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. The site is located at a major intersection with the 4 corners being occupied by Publix, Kroger, Walmart, and First Baptist Church (16,000+ members). Other traffic generating retailers at the development include Dollar Tree, Uptown Cheapskate, Chipotle, McDonalds, Starbucks, among many others.
Property highlights
- Newly Renovated PNC Bank in Woodstock, Georgia (Atlanta MSA)
- Investment Grade Guarantee Strength: A- by S&P, 7th Largest Bank
- Outparcel to Walmart Supercenter Anchored Center: 2.7M Annual Visits
- Rare NNN Fee Simple Structure Allowing for Depreciation
- Affluent Market: $164,660 Household Incomes
- Densely Populated Area of the Atlanta MSA: 160,211 Residents within 5 Miles
- Hedge Against Inflation With 10% Built-in Rent Increases Every 5 Years
- Top-Tier Banking Deposits on Corridor: Wells Fargo ($162M), Regions ($103M), Synovus ($331M), Truist ($140M), and Bank of America ($145M)