Thursday, October 9, 2014

Net Lease Bank for Sale | The Boulder Group

The Boulder Group is pleased to exclusively market for sale a single tenant net leased Bank of Bartlett property located within an affluent area of the Memphis MSA. The property is strategically located at a heavily trafficked signalized intersection along a primary thoroughfare. The Bank of Bartlett lease has five years remaining and expires November 30, 2019. The absolute net lease features 1.5% annual rental escalations. Bank of Bartlett is a community bank with eight branches and has been operating since 1980.

The one acre Bank of Barlett property is strategically located at the signalized intersection of Poplar Avenue and Kirby Parkway, which experiences traffic counts of approximately 60,000 vehicles per day. Poplar Avenue is the primary east-west thoroughfare in the area. The property is located approximately twelve miles east of downtown Memphis. The surrounding area is affluent with average annual household incomes in excess of $121,000. There are over 217,000 people living within five miles of the property earning average annual household incomes in excess of $81,000. International Paper, a $20 billion publicly traded company (NYSE: IP), is headquartered approximately one-half mile from the Bank of Bartlett property. The surrounding area is densely concentrated with suburban office buildings. St. Francis Hospital, a 519-bed full service hospital, is located approximately one and one-half miles west of the property. A Kroger grocery anchored development is located across the street from the property. Additional retailers located within the immediate vicinity include Target, Best Buy, Sports Authority, Walgreens, Ann Taylor, Hobby Lobby and McDonald’s.

There is potential increase to the residual value of the real estate as ownership is working on having the property rezoned. The property is 1/3 of the way through approvals that would allow up to 10 stories and 0’ setback from the road front as part of the Western Gateway Smart Growth
area. The property is centrally located within the East submarket; Memphis’ largest office submarket with over 8.6 million square feet of office space.

There are five years remaining on the Bank of Bartlett lease that expires on November 30, 2019. The lease features 1.5% annual rental escalations and no landlord responsibilities. Bank of Bartlett is a local bank with eight locations and they have been operating since 1980.