Rogue Valley Mall - Sale
1600 N Riverside Ave, Medford, OR, 97501-4652, US
59,860 sm
Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer the opportunity to acquire the ground leased interest in a freestanding single-tenant PNC regional bank branch located at 10649 Main Street in Fairfax, VA (“Property” or “Asset”).
Initially constructed as a build-to-suit for the Tenant in 2009, the Asset features an investment grade corporate guaranty from PNC Bank (S&P: ‘A-’), 5 years of lease term remaining, highly replicable contract rent and limited landlord responsibilities. Notably, the Property is the only PNC Bank branches in the city of Fairfax, VA.
Located in the Fairfax submarket of the Washington, D.C. metropolitan statistical area, this community is home to retailers, restaurants, hotels, commercial and multifamily developments, and George Mason University. The University, which is less than a mile from The Property, has an annual enrollment of 40,000 students and employs over 10,000 faculty and staff. The Property is positioned on a hard corner in an affluent and dense commercial corridor with access to traffic counts of 65,000+ VPD and 267,000 residents that earn over $210,000 in average household income (five-mile radius). Fairfax is one of the top 5 wealthiest counties in the nation and, as a result, the Property has seen over 39% deposit growth since 2018 , per the Federal Department of Insurance Corporation.
This unique and rare opportunity allows investors the ability to acquire an infill regional bank branch with high value intrinsic real estate situated the affluent Fairfax submarket. The asset offers secure, long-term cash flow backed by an investment grade financial services firm that contains over $76.9 million in managed assets.