Pinnacle Bank – Roanoke, VA (Hershberger Rd)

1518 Hershberger Road, Roanoke, VA, 24012, US

Description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer the opportunity to acquire the fee simple interest in Pinnacle Bank located at 1518 Hershberger Road in Roanoke, Virginia (“Property” or “Asset”). Pinnacle is operating on 15-year absolute NNN lease with ±12.1 years of primary lease term remaining, 1.9% annual rent escalations, two, five-year renewal options and zero landlord responsibilities.

This unique opportunity allows investors the ability to acquire long-term passive income from an investment grade bank tenant with a significant deposit base from its local community.

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Attributes

Asking price

€1,061,000

Cap rate

NOI

€64,000

WAULT

12 years

Building area net

235 m²

Media

Investment Highlights

Tenancy: The tenant is Pinnacle Financial Partners, which holds an investment-grade rating of Baa2 with a stable outlook.
Lease Term: There are approximately 12.1 years remaining on the primary lease term.
Airport Proximity: The property is adjacent to the Roanoke-Blacksburg Airport, which accommodates over 756,000 annual passengers.
Retail Environment: It is surrounded by shopping centers that generate 10 million visits annually.
Market Share: Pinnacle ranks #3 in deposit market share in Roanoke out of 16 banks.
Corporate Strength: A merger with Synovus created the largest bank holding company in Georgia and the largest bank in Tennessee.
Nearby Retail Anchor: The site is adjacent to Towne Square, which is the most visited shopping center within a 30-mile radius.
Lease Structure: The lease is Absolute NNN, which means there are zero landlord responsibilities.
Rent: The property has a low rent of $74,000.
Accessibility: Located just off Interstate 581, the property has direct accessibility to 93,000 vehicles per day (VPD).