Kroger Plaza
1822 Republic Rd, Virginia Beach, VA, 23454, US
6,275 m²
Description
Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer the opportunity to acquire the fee simple interest in Pinnacle Bank located at 8 East Main Street in Salem, 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.
...
Attributes
Asking price
MYR 13,970,000
Cap rate
6%
NOI
MYR 839,000
WAULT
12 years
Building area net
629 m²
Media
Investment Highlights
- Operating on an absolute NNN lease with ±12.1 years of lease term remaining and 1.9% annual rent escalations
- Pinnacle Financial Partners is the 2nd largest bank holding company in TN with an investment grade rating (Moody's: Baa2)
- Prime location adjacent to the #1 ranked Roanoke College and near the Salem VA Medical Center (78,000 annual patients)
- Only Pinnacle Bank in Salem ($46M deposits), located near a top 5 most visited retail center in a 50-mile radius
- Affluent demographics with $99K average household incomes and direct visibility on Main Street (13,000 VPD)
Contact brokers
Pinnacle Bank – Salem, VA (0 Properties)
JLL can help you finance and manage your portfolio. Email us today to see how we can help achieve your ambitions.
Last updated
21 Oct 2025
